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John Kiguru
Dec 17, 2019
by John Kiguru

Oldest Crypto Exchange In UK To Delist ETH And Focus Solely On BTC

crypto exchange
U.K's oldest cryptocurrency exchange has announced that it will no longer support Ethereum. Its announcement to delist Ethereum further explains that the exchange will now only focus on Bitcoin. The U.K's longest-running exchnange cited unclear future hard forks as the reason for delisting Ethereum. Coinfloor, the exchange, was founded in 2013 and despite recording low volumes compared to Coinbase, Binance and several other top exchanges, remains the longest-running exchange in the U.K.

Coinfloor's announcement comes just weeks after Ethereum's successful hard fork. The Ethereum project a few weeks ago successfully implemented the Instanbul hard fork which is one of several upgrades that will end with the release of Ethereum 2.0. These upgrades means that exchanges supporting the asset need to keep making vigorous technical upgrades. For Coinfloor, the uncertainty around the upgrades, and the upgrades in themselves, are not worth the low Ethereum volumes on the exchange.

“You have to maintain that currency, every time they make an update or a change, and ethereum has got a long way to go with updates and changes to the platform,”

Another Delisting By The Crypto Exchange

Notably, the exchange also delisted Bitcoin Cash a while ago citing the same reason. The delisting of Ethereum now means that the exchange will solely focus on Bitcoin. Also, the CEO says that the crypto exchange will also look into new ventures such as lending come next year.

Market Update; Bloodbath, Again?

The market is so far having a bad week. After posting negative results on Monday, this has extended into Tuesday and began to look like a capitulation. In the wake of the delisting by the crypto exchange, Bitcoin has shed around 4% and is trading at around $6,800. Investors are hoping that this support holds with the risk of falling to $6K now in play.

Altcoins are similarly taking a beating with most shedding more than 5% in the last 24 hours. Ethereum and XRP have both shed over 7% at the time of press. Trading for $130 and $0.19, both are on edge and looking like they will break below key supports. If this is the case, Ethereum could retest the $120 long term support and XRP fall to a new 2 year low of $0.18.

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Oldest Crypto Exchange In UK To Delist ETH And Focus Solely On BTC
John Kiguru
John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

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