Bitfinex cryptocurrency exchange revealed its plans to delist dozens of virtual asset trading pairs from March 6th, 10:00 AM UTC.
Trading pairs will be ceased due to the low liquidity, Bitfinex, the world’s largest exchange by volume for trading Bitcoin against the US Dollar, tweeted yesterday:
Due to their low liquidity, on Friday, March 6th, we will remove several trading pairs. This measure serves to consolidate and improve liquidity on Bitfinex, leading to a more streamlined and optimized trading experience.— Bitfinex (@bitfinex) March 2, 2020
Full announcement ⬇️https://t.co/2WZijtrNjN
According to the company’s blog, the delisting mainly includes trading pairs of various altcoins trading against Ether (ETH). The list consists of 27 altcoins along with such coins as Verge (XVG), Nucleus Visions (NCA), OKEx (OKB), Lympo (LYM) and others.
Sixteen of the pairs being removed are trading against Bitcoin (BTC), the largest crypto asset by market cap. The list includes AidCoin (AID), Hydro Protocol (HOT), Medicalchain (MTN).
In the meantime, other trading pairs to be ceased by the exchange include Verge (XVG) against Japanese Yen and two pairs trading against DAI: OmiseGo (OMG) and 0x (ZRX).
Bitfinex also advised its users to cancel any open orders with the above-mentioned trading pairs before the 10:00 AM UTC, March 6th. The company noted, that all remaining open orders will be canceled by the system.
For a current moment, Bitfinex supports over 360 trading pairs on its trading platform, including 138 coins. The daily trading volume aims at approximately 121 million USD, according to CoinGecko, the coin market ranking chart app.
Delisting is a common measure to improve liquidity, according to Bitfinex. Liquidity refers to the ability of an asset to be converted into cash easily and is one of the most important subjects in cryptocurrency.