"Perhaps Coinbase feels that this altcoin is not worth it and wants to keep it for a long time."
After conducting an internal audit for March, cryptocurrency exchange giant Coinbase in the United States (US) announced it will suspend trading of six major altcoins from its platform.
Coinbase states that it is publicly monitoring digital assets to ensure they meet its listing standards.
Following that, Coinbase decided to remove the trading of Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM) and Augur (REP).
Trading will be suspended across all tiers and platforms including Coinbase Pro, Coinbase Exchange and Coinbase Prime.
Despite that, customers still have access to their respective funds and are able to make withdrawals until the suspension date set on March 29, 2023.
In response to the news of the delisting of the digital asset by Coinbase, the six cryptos experienced significant declines as Augur was seen plunging by 2% to trade at $8.20 with a market cap of $91 million.
While YFII and OMG saw similar declines as they fell 1% and 1.12% respectively in the same timeframe, LOOM made the opposite move following a rise of around 0.24% in the past few hours.
