The Poloniex crypto exchange delisted eight assets: PotCoin (POT), Einsteinium (EMC2), Bitcoin Dark (BTCD), Bitmark (BTM), GridCoin (GRC), NeosCoin (NEOS), VeriCoin (VRC), and Bitcoin Plus (XBC). Traders still have 30 days to withdraw coins to the third-party wallets.
The platform did not explain the exact reasons for such decision. However, all these assets, with the exception of BitcoinDark, are not included in the first hundred of the CoinMarketCap rating by market capitalization. This indicates an extremely low demand for coins in the market. This fact could also force the events and push the platform to delict the altcoins.
Also, delisting of these cryptocurrencies may be due to the fact that scammers like to use them for pumps. Earlier this year Bitcoin Dark was pumped up by 277%, with 97% of all trading volumes of this cryptocurrency being passed through Poloniex. Because of this, the exchange began to suspect that it was manipulating the market.
However, for representatives of some cryptocurrencies this decision was still a surprise. For example, Einsteinium reported that such a turn of events is a complete shock to them. Representatives of PotCoin also expressed their surprise and said that they "were given no communication or advance notice by the Poloniex team & are still unsure."
1/3 Poloniex delisting announcement came as a complete shock to us. We were not notified ahead of time and given no warning that this might occur. In fact, we were in process with members of Poloniex’s dev team resolving an issue with our wallets, which is still in progress.
— Einsteinium (@einsteiniumcoin) September 20, 2018
WHY IS IT IMPORTANT?
- Delisting inevitably led to an increased volatility of altcoins. This was due to the fact that digital coins are now supported by fewer markets.
- However, Poloniex itself is experiencing technical difficulties from time to time. Also, once it was the largest crypto trading platform. Currently, the exchange is only 27th in terms of trading volume. The platform is rapidly losing ground to its Asian rivals.
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