Bitfinex – the 11th largest cryptocurrency exchange in the world by daily volume, will eliminate nearly 50 coin trading pairs by the end of this week.
According to one posts On the blog on March 2, Bitfinex announced that it would cancel the listing of 46 cryptocurrency trading pairs on Friday (March 6) due to poor liquidity.
The cryptocurrency exchange emphasized that canceling these pairs is a common measure to improve liquidity on the Bitfinex platform and provide a “streamlined, optimized trading experience for our users. “
The majority of trading pairs included in the cancellation plan on Friday included an extensive list of altcoins paired with Ether (ETH) – the second largest coin by market capitalization. That list includes about 30 trading pairs of altcoins, such as OKEx token (OKB), Verge (XVG) and Nucleus Vision (NCASH).
Meanwhile, there are 16 trading pairs including altcoins paired with Bitcoin (BTC), including pairs like Hydro Protocol (HOT) / BTC and Medicalchain (MTN) / BTC. Other trading pairs include two altcoins traded with Dai (DAI): OmiseGO (OMG) / DAI, 0x (ZRX) / DAI, and a pair trading with Japanese Yen – XVG / JPY.
Bitfinex recommends that users cancel all open orders with these trading pairs before March 6 at 10:00 am UTC, for orders that remain open will be automatically canceled by the system.
According to data from cryptocurrency tracking service CoinGecko, Bitfinex currently supports about 350 trading pairs on its platform. As of the time of writing, Bitfinex's daily trading volume is about $ 118 million, according to data from Coin360.
Liquidity in the cryptocurrency market refers to the degree of ease of conversion of a cryptocurrency asset to cash without affecting its price. Listing delays are a common measure to increase the liquidity of cryptocurrency exchanges. Back in 2019, Binance was delisting about 30 trading pairs to improve liquidity and trading experience for users, and emphasized that the choice of trading pairs is “at the request of most. project groups. "
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According to CoinTelegraph
Translated by ToiYeuBitcoin