Coinbase Delists OMG Network & Augur, Prices Drop Amid Suspension

• Coinbase announced that it will suspend trading of six cryptocurrencies from its platform.
• OMG Network (OMG) and Augur (REP) have seen price drops following the announcement.
• The rest of the crypto market is also in red with Bitcoin (BTC) down 0.8% and Ethereum (ETH) down 0.2%.

Coinbase Delists Six Cryptocurrencies

Coinbase recently announced that it would suspend trading of six cryptocurrencies from its platform as they failed to meet listing standards, effective from March 29. These cryptos included OMG Network (OMG) and Augur (REP). The decision follows a routine internal review Coinbase did for March, looking into cryptos failing to meet the listing standards.

Impact on Prices

Unsurprisingly, the suspension was met with significant price drops for the cryptos. Augur’s market cap has fallen by 4% to $92 million while its 24-hour trading volume has risen by 80.2% to $24 million. It is now trading at $8.24. Meanwhile, OMG Network(OMG)’s market cap dropped by 8% to $192 million and its 24-hour trading volume rose 62% to $40 million, currently trading at $1.37.

Rest of Crypto Market in Red

The rest of the crypto market also trades in the red with global market cap decreasing by 0.36% to $1.08 trillion and Bitcoin (BTC) dropping 0.8% in last 24 hours at $24,908 . Ethereum (ETH), second largest cryptocurrency, decreased 0.2%, currently at $1,661 . Other delisted tokens RLY dropped 15%, LOOM 9.68%, MIR 13%, and YFII 7%.

Why Was Coinbase Delisting?

Coinbase gave no specific reasons for initiating the crypto suspension however exchanges regularly monitor assets on their platform over time to ensure they meet specific standards .

Conclusion

As a result of Coinbases delisting six cryptocurrencies including OMG Network (OMG) and Augur (REP), these coins have experienced a significant drop in prices as well as an increase in their 24-hour trading volumes compared to before the announcement was made . The rest of the crypto market has also suffered losses with Bitcoin dropping by 0..8 % while Ethereum dropping by 02%. Despite this Coinbase did not give any detailed explanations as to why they were delisting these coins but they are known for their regular reviews of cryptos on their platform over time .