How to buy ripple on Bitfinex
Crypto exchange Bitfinex will conduct a general cleaning among cryptocurrencies
Bitfinex Removes 87 Cryptocurrency Pairs from Its Trading Platform.
A number of well-known altcoins also come under attack, including QTUM, Bancor (BNT) and Zilliqa (ZIL).
Users welcomed the exchange’s decision to remove illiquid currencies from the platform.
The Bitfinex exchange announced its intention to remove 87 cryptocurrency pairs from the listing to optimize and improve the efficiency of its trading platform.
Large exchanges often suffer from the dominance of an excessive number of illiquid trading pairs, which are absolutely not in demand from traders. However, as a rule, the management of trading platforms prefers to simply ignore the presence of such ballast..
However, the Bitfinex platform decided not to turn a blind eye to this situation and to carry out a spring “spring cleaning”. As a result of this cleanup, 87 trading pairs will be completely removed from the trading platform at once..
Bitfinex gets rid of ballast
Recently, the exchange made an official statement on this topic, warning that the changes will take effect next week, on March 26. As the project team explained, this will be done to improve the quality of customer service and due to the illiquidity of these currency pairs.
Bitfinex will remove 87 trading pairs, commencing on 03/26/2020, to optimize the trading experience for our user base.
Find the list of trading pairs at https://t.co/9ZVoJ9SMBd
– Bitfinex (@bitfinex) March 20, 2020
Admittedly, some of these currencies are fairly well known in the crypto industry. These include, for example, Bancor (BNT), Request (REQ), Polymath (POY), Storj (STJ), QASH (QSH), Zilliqa (ZIL), SpankChain (SPK), and UTRUST (UTK). However, they will no longer be paired with Bitcoin (BTC) on Bitfinex.
In addition, the number of trading pairs with the participation of ETH will also be reduced – for example, Decentraland (MANA) and Qtum (QTM).
Some of the deleted cryptocurrency projects can now be remembered only by those who have been actively interested in the cryptoindustry since 2017. Many of these currencies at one time were distinguished by decent trading volumes, but over time, interest in them completely faded away..
Many community members have already responded with enthusiasm to this news, suggesting that the industry has long needed such a cleanup and that it could benefit Bitcoin..
Cleanup should be good for Bitcoin. &# 128578;
– Gabor Gurbacs (@gaborgurbacs) March 20, 2020
The full list of removed trading pairs can be found in the official exchange announcement.
Altcoin trading volumes decline
It remains unclear whether this decision by Bitfinex is dictated by the current situation or whether the exchange has been preparing for this step for some time..
If at the beginning of this year there was a surge of optimism on the crypto market, now the global crisis has painfully hit the trading volumes of all digital currencies. However, according to some experts, small-cap cryptocurrency projects weathered the crypto market crash better than anyone else..
As a reminder, Bitfinex continues to be the leader among bitcoin traders. Often it is she, along with BitMex, who sets the tone for the general mood in the market. In December last year, the Bitfinex platform was one of the first to integrate the Lightning Network payment protocol for instant transactions with BTC.
On the other hand, over the past year, Bitfinex has been embroiled in a protracted court case over an alleged collusion with the Tether project. As the editorial staff of BeInCrypto said earlier, US law enforcement officers accused Tether of issuing USDT to deliberately conceal losses of Bitfinex in the amount of $ 850 million.
All information, contained on our website, published in good faith and objectivity, and for informational purposes only. The reader bears himself full responsibility for any actions, committed by him on the basis of information, obtained from our website.