Coinbase, the largest cryptocurrency exchange in the USA, announced in an official statement on Friday, February 9, that it will delist the altcoin project called Status (SNT) from the platform. The delist transaction is planned to take place on February 23, 2024 at 22:00 Turkish lira. Here are the details…
Altcoin is leaving Coinbase
A critical decision came from Coinbase, the largest cryptocurrency exchange in the USA. Because the stock exchange announced that it had reached a delist decision for the altcoin named Status. Coinbase explained the reason behind the delist decision as Status no longer complying with the platform’s listing standards. In the statement made on the stock exchange’s official Twitter account, the following statements were made:
We regularly monitor the assets on our exchange to ensure they comply with listing standards. Based on recent reviews, we will be suspending Status (SNT) trading around 11 AM ET on February 23.
Price drop occurred
Before the delist transaction takes place, only limit transactions will be allowed in trading with SNT. This means that investors cannot buy or sell at the market price. SNT is currently still listed by some cryptocurrency exchanges such as Binance, OKX and Upbit. According to CoinMarketCap data, the price of SNT suddenly dropped by 4.5% following the delist news. It decreased from $0.04063 to $0.03879. At the time of writing, SNT is trading at $0.0388.
Coinbase’s delisting decision has created concern among SNT investors. Experts predict that the delisting process may negatively affect the liquidity and price of SNT. SNT’s delisting is considered as a new example of the risks and uncertainties in the cryptocurrency market. Investors need to make their investments by taking such risks into consideration. It is also important that they always do research. Things to consider during the delisting process are as follows:
- Investors holding SNT in Coinbase must move their assets to another platform before February 23, 2024 at 22:00 ET.
- After the delisting process, the price of SNT carries the risk of falling further. Therefore, it is important for investors to consider their risks.
- The fact that SNT continues to be listed on other cryptocurrency exchanges offers an alternative for investors.
Why did Coinbase decide to delist?
Coinbase did not clearly explain the reasons behind its delist decision. However, the possible reasons behind the delist decision are:
- Low liquidity: SNT’s transaction volume and liquidity have the potential to remain quite low recently.
- Legal compliance: Coinbase may decide to delist some crypto assets on the grounds that they do not comply with US securities laws.
- Technical problems: Technical issues or security vulnerabilities with SNT may have led to the delist decision.
Coinbase’s delist decision is important news for investors who closely follow the developments in the cryptocurrency market. Investors need to carefully consider how delisting will affect SNT and how they should direct their investments. Coinbase’s delisting of SNT is considered a new example of the risks and uncertainties in the cryptocurrency market. It is important for investors to make their investments by taking such risks into consideration and to always do research.
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