worldcoinindex.com
Cryptocurrency exchange Coinbase has taken measures to enhance liquidity on its platform by suspending trading on 80 non-USD trading pairs, including assets like Bitcoin (BTC), Tether (USDT), and the Euro. The move aims to improve market health and liquidity, following previous efforts to monitor markets and ensure a more robust trading environment.
Affected users in eligible regions can still access these trading pairs through the exchange's more liquid USD order books using their USDC balances. Additionally, users can trade these pairs using USD unification, utilizing their "USDC balances to trade in both USD or USDC order books." Coinbase introduced the USDC unification experience earlier this year, simplifying deposits, withdrawals, and trading with USDC.
While these 80 non-USD markets constitute a small portion of Coinbase's global trading volumes, the exchange's focus on liquidity improvement remains crucial as it deals with declining trading volume and ongoing regulatory challenges with the Securities and Exchange Commission (SEC). Coinbase reported a 52% decrease in spot trading volumes in Q3 2023, and its legal battle with the SEC continues, with the regulator alleging improper registration and other issues. Similarly, Binance's market share has been decreasing amid global regulatory hurdles.