Coinbase, a prominent cryptocurrency exchange, recently made headlines by removing Enjin Coin (ENJ) from its platform. Despite being a well-publicized move, the decision has sent ripples throughout the market. Renowned for its considerable trading volumes, Coinbase's action has immediately impacted ENJ's market performance.
Reasons Behind Coinbase's Delisting of ENJ
The decision to cease Enjin Coin trading on Coinbase has sparked widespread curiosity. The exchange clarified that while trading has been suspended, users retain the ability to withdraw their funds at their convenience. This development underscores the authority wielded by major exchanges over specific cryptocurrencies, often resulting in significant market responses.
Impact on ENJ's Price
Subsequent to the delisting announcement, Enjin Coin witnessed a notable price downturn. Currently, ENJ is valued at $0.2085, indicating an 8.51% decline over the past 24 hours. This downturn has also led to a decrease in the altcoin's market capitalization, now standing at $306 million, causing it to slide to the 182nd place in CoinMarketCap's volume rankings.
Despite the price slump, trading activity concerning ENJ exhibited an intriguing pattern. The 24-hour trading volume registered a modest uptick of 1%, surpassing $19 million, suggesting active investor participation in trading the asset amidst uncertain conditions.
Considerations for Investors
- Stay vigilant regarding exchange notifications as they can swiftly influence asset prices.
- Monitor trading volumes as they can indicate shifts in market sentiment.
- Acknowledge that delistings by major exchanges can profoundly impact an asset's market capitalization and ranking.
Investors are currently monitoring unfolding developments following Coinbase's decree. The market's reaction to this delisting episode underscores the cryptocurrency industry's volatility and swift transformations.
This article first appeared on BH NEWS.