Cryptocurrency exchange Poloniex gets rid of seven coins, causes price crash

Poloniex announces delisting of seven coins, no explanations given.
The price of the affected assets drops significantly.

Tanya Abrosimova Independent Analyst

A US-based trading platform for digital assets announced delisting of seven coins - Pascal (PASC), Steem (STEEM), Navcoin (NAV), GameCredits (GAME), LBRY Credits (LBC) и Clams (CLAM). The announcement to that effect has been made in the regular newsletter to cryptocurrency customers.

“On Tuesday, October 15th, at 16:00 UTC, trading for Pascal (PASC), Steem (STEEM), Navcoin (NAV), GameCredits (GAME), LBRY Credits (LBC), and Clams (CLAM) will be permanently disabled on Poloniex. Please finalize all trades in these assets prior to October 15th. Once delisted, there will be a window of time provided to withdraw the remaining balance in these assets,” the announcement says as quoted by a Reddit user.

The trading will become unavailable as of October 15, however, users will have time to withdraw LBRY Credits (LBC) until October 28; PASC, STEEM, NAV, GAME, CLAM - until November 15.

The exchange does not explain the decision to delist the above-said coins;

Notably, CLAM and PASC crashed by over 47% in recent 24 hours with many traders believe that Poloniex decision might have exacerbated the sell-off. LBC lost over 15%, GameCredits is down 25%.

Earlier this year Poloniex delisted 23 trading pairs with low liquidity.

Author

Tanya Abrosimova

Independent Analyst

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