As a researcher with experience in the cryptocurrency market, I find Poloniex’s current state of activity to be alarming based on the data available. The exchange, which was acquired by Justin Sun in 2019, seems largely abandoned with over half of its trading pairs showing no trading volume at all. This is concerning since it represents approximately 53% of all pairs listed on the exchange.
As a data analyst, I’ve examined Poloniex’s exchange data recently published on crypto.news. The information presented suggests a somewhat deserted trading environment, with approximately 500 trading pairs revealing little to no trading activity.
As a cryptocurrency market analyst, I’ve noticed that Poloniex, which was acquired by Justin Sun in 2019, exhibits a concerning level of inactivity. The vast majority of its spot trading pairs have minimal to no trades occurring.
Based on the data from the exchange’s spot trading records over the last 24 hours up to May 13, about 53% of the 981 trading pairs (or 521 in particular) showed minimal daily trading volume, with less than $1 or even no trades recorded.
As an analyst, I’ve delved deeper into the data, and my findings reveal a significant dependence on Tether’s stablecoin, USDT, on Poloniex. A total of 810 trading pairs are linked to USDT, accounting for a staggering 82.7% of all spot trading pairs available on the exchange. In contrast, only eight spot trading pairs involve Ethereum (ETH), and 72 with Bitcoin (BTC), which equate to a mere 0.819% and 7.43% respectively.
Poloniex’s extensive use of USDT warrants apprehension given recent comments from Ripple CEO Brad Garlinghouse about regulatory scrutiny possibly targeting Tether. While Tether head Paolo Ardoino downplayed these allegations, there’s still a risk that Poloniex could face consequences if issues surrounding USDT arise.
If USDT-USD trading is unavailable on Poloniex, a significant increase in USDT withdrawals due to regulatory pressure might cause operational difficulties for the platform during a hypothetical bank run scenario. Currently, Crypto.news has attempted to contact Poloniex for clarification but has yet to receive a response. This article will be updated once we receive more information.
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2024-05-13 13:56