Coinbase suspends trading of these two cryptocurrencies, prices fell by 15%

Crypto exchange Coinbase made a surprise announcement on Friday that it would stop trading Enjin Coin (ENJ) starting in mid-June. As a result, ENJ price plummeted by 10% in a matter of hours, with the drop this week totaling over 20%. The crypto exchange also announced a suspension of trading in Metal (MTL), which led to a price drop of more than 8%.

Coinbase announces suspension of ENJ and MTL trading

In the latest posts on X on May 31, Coinbase said it would suspend trading of Enjin Coin (ENJ) due to recent reviews. Users will no longer be able to trade Enjin Coin (ENJ) starting at approximately 2:00 p.m. ET on June 14.

“We regularly monitor the assets on our exchange to ensure they meet our listing standards,” Coinbase said in explaining the reason for the suspension.

Specifically, trading is suspended on Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and Native DEX. This indicates a general removal of Enjin Coin from the crypto exchange and is causing concern among ENJ holders as they panic sell their tokens.

Coinbase also stated that it has moved ENJ order books to limit-only mode, which allows limit orders to be placed and canceled, and matches to occur.

ENJ price fell by more than 15% following the announcement and is currently trading at $0.316. Derivatives trading also saw a massive drop in ENJ open interest following Coinbase’s move.

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Metal Dao (MTL) price plunges 9%

Coinbase urged users to transfer their MTL tokens to a self-custodial wallet that supports MTL V2 by June 23 at 11 p.m. ET to ensure access to the airdropped assets. “If you do not transfer your MTL assets by this date, you will not be able to access the V2 assets,” the exchange explains.

Coinbase will not support MTL token airdrops. Metal DAO (MTL) trading will cease at 2:00 p.m. ET on June 14. The exchange has put MTL order books into limit-only mode, similar to Enjin Coin (ENJ).

MTL price fell 9% following the news, extending the decline of over 12% this week. Currently, the price is trading at $1.67. The 24-hour low and high are $1.61 and $1.82, respectively. Moreover, the trading volume has declined by 42% in the last 24 hours, indicating a waning interest among traders.

Also read: Will Bitcoin, ETH, SOL, XRP and SHIB prices rise in June as CPI and PCE inflation ease?