blockchain Characteristics of Delisted Cryptocurrencies
23-02-19
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Delisting of Cryptocurrencies from Major Exchanges
The legality and volatility of cryptocurrencies have come under intense examination in recent years. The delisting of cryptocurrencies from significant exchanges is one topic that keeps coming up. The value and liquidity of the impacted coins may be significantly impacted by this. In this piece, we'll look more closely at a few recent delisting situations and investigate the reasons behind them.
Partially Delisted from Binance is Helium (HNT) [1]
Blockchain technology is employed by the cryptocurrency project Helium (HNT) to create a decentralized wireless network. The project was eagerly anticipated in the cryptocurrency community, but Binance announced on October 7, 2022 that it would partially delist HNT. For the delisting, the exchange cited reports of market manipulation and worries about the project's liquidity and market stability.
LUNA Delisted from Upbit and Bithumb [2]
LUNA is a cryptocurrency project that aims to create a stablecoin ecosystem. It has gained a lot of attention and was even endorsed by Elon Musk in 2021. However, in September 2021, LUNA was delisted from two major South Korean exchanges, Upbit and Bithumb. The delisting was reportedly due to concerns about the project's stability and liquidity.
WEMIX Delisted from Bithumb [2]
WEMIX is a blockchain-based music platform that allows artists to sell their music and merchandise directly to fans. The project's native token, WEMIX, was delisted from Bithumb, a major South Korean exchange, in October 2022. The exchange cited concerns about the token's liquidity and market stability as reasons for the delisting.
Reasons for Delisting
The reasons for delisting cryptocurrencies can vary, but some common issues include concerns about liquidity, stability, and market manipulation. Cryptocurrencies can also be delisted if they fail to meet the listing requirements of a particular exchange. This can include things like having a certain level of trading volume or meeting certain technical requirements.
Affected by Delisting
Delisting may significantly affect a cryptocurrency's price and liquidity. A coin's value may decrease and trading may become more challenging if a major exchange delists it. Other coins in the same ecosystem may also be affected by this. Investors should thus follow delisting cases and monitor the market in order to prevent future losses.
Conclusion
Investors should put together a portfolio of cryptocurrencies they think are secure based on the examples above, despite the fact that various cryptocurrencies get delisted from exchanges for a variety of reasons.
Source:
[1] Forbes - Helium Crypto Delisted from Binance Amid Reports of Market Manipulation: https://www.forbes.com/sites/davidjeans/2022/10/07/helium-crypto-delisted-binance-andreessen-horowitz/
[2] CoinMarketCap - LUNA (LUNA) and WEMIX (WEMIX) Delisted from Bithumb: https://coinmarketcap.com/currencies
