The delisting of cryptocurrencies from exchanges is already happening at a record pace this year.

Oct 25
A record number of digital tokens have been delisted from exchanges like Coinbase Global Inc. this year, even though Bitcoin is experiencing a stunning recovery. also Binance.

At least 3,445 tokens or trading pairs have been delisted or idle for so long that they are likely to be delisted as a result of the volatility in the cryptocurrency market during the past few years, according to statistics provided by Kaiko. This is already double last year's amount and 15% higher than 2022 as a whole.

Coinbase and Binance have gotten rid of more than 100 tokens this month alone. According to researcher CCData, Coinbase delisted 80 pairs in October, more than in any other month this year and at least since 2021. According to CCData, Coinbase delisted 176 pairs, and Exchange OKX delisted 172 tokens so far this year.
Although the number of coins continued to rise and more than 1.8 million tokens are listed on centralized and decentralized exchanges, allowing users to trade directly with each other, trading volume on most platforms declined drastically last year.

Following a slew of scandals and bankruptcies, including FTX, liquidity has virtually evaporated from the cryptocurrency market. As a result, many exchanges have started to pool it among trading pairs that are more well-liked by users.

Even though most cryptocurrencies have just partially recovered from the severe losses experienced in 2022, delistings are picking up steam. Since December, the 100 largest tokens have increased by around 60% after declining by 66% in the previous year.

Bitcoin has increased by about 30% over the previous two weeks, making up more than half of the $1.3 trillion market value of cryptocurrencies, as investors grow more hopeful that an exchange-traded fund dealing in cryptocurrencies will be approved shortly.

Delisting has existed for a while in the cryptocurrency world. Hundreds of tokens were deemed invalid during the previous bear market in 2018, mostly as a result of failed initiatives by thousands of firms that raised billions of dollars through initial coin offerings, as well as earlier global governmental crackdowns on dubious business practices and swindles.

According to Riyad Carey, an analyst at Kaiko, "This is the result of a sharp increase in the number of tokens, as well as the aggressive listing of these tokens during the most recent bull market." Since liquidity and volumes are at multi-year lows and exchanges will delist pairs that do not produce enough fees, many of these coins have simply vanished or shuttered in bear markets.

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