Crypto Giant OKEx Has Delisted a Quarter of Crypto Tokens
OKEx, one of the world’s most popular cryptocurrency trading platforms, has delisted more than 180 trading pairs and 150 plus bad-performing tokens so far amid the slump of the crypto market.
As the crypto markets are seeing large corrections, the lucrative crypto exchanges have been removing batches of dying tokens from their platform. OKEx, the world’s second largest crypto exchange by trading volume, has recently taken off nearly one quarter of listed tokens, involving more than 180 trading pairs and 150 tokens, according to rough statistics. The total trading volume of the whole market also slumped 80% from the all-time high last year.
On Nov 27, Hong Kong-based crypto exchange OKEx announced to delist 49 trading pairs and 38 tokens with weak performance. This is the third batch removal from the platform in the past four months starting from August. A total of 155 tokens has been taken off its order book. According to coinmarketcap, there are so far 457 tokens traded on the exchange, which means that in these four months, OKEx has removed or hidden a quarter of the total projects (155/612).
The past months have seen swathes of altcoins be removed for their weak performance. For example, the coin MTL among the latest delisting, has fallen from an all-time high of $14 down to $0.3; CIT went all the way down nearly to zero upon listing.
Apart from dropping prices, weak liquidity is another factor to be considered. The entire market cap of cryptocurrencies has dropped nearly 85% from a year-high of $813.9 billion on Jan 8, 2018 down to $126 billion as of press time.
In fact, OKEx is not the only exchange delisting trading pairs. Earlier this year in March, Bittrex removed 84 altcoins with low trading volumes; Last month, Binance also delisted 4 cryptocurrencies; The past couple months have also seen Liqui exchange removing 25 trading pairs.
Although it is no surprise to see so many crypto removals in a bearish year, it is a process of the market to make self correction, which would hopefully help to upgrade the crypto industry.