Coinbase recently announced the suspension of futures trading for three altcoins.
According to the company's announcement, trading for TRIA-PERP, NEO-PERP, and IMX-PERP will cease on June 4 at approximately 13:00 UTC (16:00 UTC+3).
The announcement stated that all open positions on the exchange will be automatically closed at the time of the trading suspension, with the final settlement price calculated based on the average index price over the 60 minutes prior to the suspension.
Additionally, Coinbase indicated that the funding rate will be set to zero during the last funding period before the final settlement.
In related news, Bloomberg analyst James Seyffart commented on the reasons behind Hyperliquid (HYPE) reaching an all-time high, as well as expectations for Bitcoin's performance this summer.
Among the suspended altcoins, all except NEO (NEO) are already trading on Coinbase's spot market. NEO, once referred to as 'China's Ethereum,' is currently trading at a price that is 98% lower than its all-time high of $196 reached in 2018.
While TRIA is a relatively new altcoin, IMX was one of the fastest-growing altcoins during the DeFi News bull market of 2021.
*The above content does not constitute investment advice.