As we come to the end of another week in the cryptocurrency market, the market is on track to close the year with gains. However, negative news for some tokens upsets investors. In a recent development, Coinbase, one of the major crypto exchanges, announced that it will remove 4 altcoins from its list. Following this announcement, token prices saw a vertical decline. Meanwhile, Coinbase has received approval for its digital asset operations in France.
Coinbase delists ATA, DREP, MONA and SYLO
cryptokoin.comAs you can see from , the market started an active day. Starting the day fast, Solana managed to surpass Binance Coin (BNB) in the crypto league. Thus, a new image was created at the forefront of the league. In addition, most altcoins, including the leading crypto Bitcoin, are moving in the green zone. However, there are those who fall deep into the red zone with the bad news they receive. Leading cryptocurrency exchange Coinbase announced that it will delist 4 altcoins. In this context, the crypto exchange made the following announcement:
We regularly monitor assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading of ATA, DREP, MONA, and SYLO on or around 14:00 on January 4, 2024.
Boorsa also stated that he moved the ATA, DREP, MONA and SYLO order books to limit only mode. Therefore, he noted, limit orders can be placed and canceled and matches can occur.
With the announcement, token prices fell off the cliff!
Following Coinbase’s announcement, altcoin prices witnessed sharp declines. In particular, Sylo (SYLO) price saw a vertical decline. The token was trading at $0.003339 during the day before suddenly diving to $0.002353. At press time, SYLO was trading at $0.002638, down approximately 21% on a daily basis.
In addition, the prices of other unlisted altcoins started to move south. Automata Network (ATA), which was delisted from Coinbase, saw a drop of up to 10% in initial reaction. Although the token later recovered slightly, at press time it was trading down around 4% on a daily basis. Similarly, Drep (DREP) and Monavale (MONA) prices lost over 10%. While the MONA price was around $446 during the day, it suddenly fell off the cliff and fell to $314.
Coinbase receives approval for digital asset operations in France
According to CNBC, Coinbase registered with France’s market regulator and received approval as a virtual asset service provider. VASP registration will allow the company to offer custody of digital assets, purchase or sale of digital assets in legal tender, and trading of digital assets against other digital assets, the statement said.
Earlier this month, Coinbase’s plan to expand outside the US took another step by allowing institutions outside the US to use the cryptocurrency exchange for spot trading. Coinbase began offering derivatives trading to institutional clients outside the US earlier this year. Additionally, the company’s international arm said it plans to begin providing more comprehensive services to individual customers as well as adding additional digital assets to the platform.
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