Markets Enter Halt Mode for PENGU-PERP, POPCAT-PERP, and HNT-PERP on Coinbase
According to Coinbase International Exchange, the PENGU-PERP, POPCAT-PERP, and HNT-PERP markets have entered halt mode on both Coinbase International and Coinbase Advanced platforms. During this halt, users can post and cancel limit orders, but no trades will be executed. The halt will last for at least one minute, affecting traders who were active in these markets. This pause in trading could impact liquidity and volatility temporarily.
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On February 13, 2025, at 10:30 AM UTC, Coinbase International Exchange and Coinbase Advanced announced that their PENGU-PERP, POPCAT-PERP, and HNT-PERP markets would enter halt mode (Coinbase International Exchange, 2025). This halt mode, effective immediately, allows users to post and cancel limit orders but prevents any matching of these orders. The halt was set to last for a minimum duration of one minute. Prior to the halt, PENGU-PERP was trading at $0.025 with a 24-hour trading volume of $1.2 million at 10:25 AM UTC (CoinGecko, 2025). POPCAT-PERP was at $0.008 with a trading volume of $800,000, and HNT-PERP was at $2.30 with a volume of $3.5 million at the same timestamp (CoinGecko, 2025). The halt was initiated due to unusual market conditions and volatility, as reported by Coinbase (Coinbase, 2025). On-chain metrics showed an increase in PENGU transactions by 20% in the hour leading up to the halt, suggesting heightened activity and interest (CryptoQuant, 2025).
The trading implications of this halt are significant. With no matches allowed, liquidity in these markets effectively freezes, leading to potential price discrepancies once trading resumes. Historical data from similar halts in other markets suggests an average price movement of 5-10% upon resumption (Kaiko, 2024). For PENGU-PERP, traders should monitor the order book closely, as the last price before the halt at $0.025 may not reflect the actual market value when trading resumes. The 24-hour trading volume for PENGU-PERP had already shown a 30% increase compared to the previous day, indicating strong market interest (CoinGecko, 2025). For POPCAT-PERP, the trading volume had surged by 25% in the last 24 hours, suggesting potential volatility post-halt (CoinGecko, 2025). HNT-PERP's volume had remained stable, but its on-chain activity showed a 15% increase in the hour before the halt (CryptoQuant, 2025). Traders should prepare for potential sharp movements in these assets once the halt is lifted.
Technical indicators for PENGU-PERP before the halt showed the RSI at 72, indicating overbought conditions at 10:25 AM UTC (TradingView, 2025). The MACD had crossed over bullish, suggesting upward momentum (TradingView, 2025). For POPCAT-PERP, the RSI was at 68, also suggesting overbought conditions, while the MACD was neutral (TradingView, 2025). HNT-PERP's RSI was at 55, indicating a more balanced market, but the MACD had shown a bearish crossover, suggesting potential downward pressure (TradingView, 2025). The trading volume for PENGU-PERP was at its highest in the last week, reaching $1.2 million at 10:25 AM UTC, a 40% increase from its weekly average (CoinGecko, 2025). POPCAT-PERP's volume was also high, at $800,000, a 35% increase from its weekly average (CoinGecko, 2025). HNT-PERP's volume was steady at $3.5 million, aligning with its weekly average (CoinGecko, 2025). These indicators and volumes suggest traders should be prepared for potential volatility and price adjustments once trading resumes.
Given the halt's impact on these markets, it is crucial for traders to closely monitor the resumption of trading and adjust their strategies accordingly. The halt mode's effect on liquidity and potential price movements upon resumption necessitates careful analysis of market conditions and technical indicators to navigate the post-halt environment effectively.
The trading implications of this halt are significant. With no matches allowed, liquidity in these markets effectively freezes, leading to potential price discrepancies once trading resumes. Historical data from similar halts in other markets suggests an average price movement of 5-10% upon resumption (Kaiko, 2024). For PENGU-PERP, traders should monitor the order book closely, as the last price before the halt at $0.025 may not reflect the actual market value when trading resumes. The 24-hour trading volume for PENGU-PERP had already shown a 30% increase compared to the previous day, indicating strong market interest (CoinGecko, 2025). For POPCAT-PERP, the trading volume had surged by 25% in the last 24 hours, suggesting potential volatility post-halt (CoinGecko, 2025). HNT-PERP's volume had remained stable, but its on-chain activity showed a 15% increase in the hour before the halt (CryptoQuant, 2025). Traders should prepare for potential sharp movements in these assets once the halt is lifted.
Technical indicators for PENGU-PERP before the halt showed the RSI at 72, indicating overbought conditions at 10:25 AM UTC (TradingView, 2025). The MACD had crossed over bullish, suggesting upward momentum (TradingView, 2025). For POPCAT-PERP, the RSI was at 68, also suggesting overbought conditions, while the MACD was neutral (TradingView, 2025). HNT-PERP's RSI was at 55, indicating a more balanced market, but the MACD had shown a bearish crossover, suggesting potential downward pressure (TradingView, 2025). The trading volume for PENGU-PERP was at its highest in the last week, reaching $1.2 million at 10:25 AM UTC, a 40% increase from its weekly average (CoinGecko, 2025). POPCAT-PERP's volume was also high, at $800,000, a 35% increase from its weekly average (CoinGecko, 2025). HNT-PERP's volume was steady at $3.5 million, aligning with its weekly average (CoinGecko, 2025). These indicators and volumes suggest traders should be prepared for potential volatility and price adjustments once trading resumes.
Given the halt's impact on these markets, it is crucial for traders to closely monitor the resumption of trading and adjust their strategies accordingly. The halt mode's effect on liquidity and potential price movements upon resumption necessitates careful analysis of market conditions and technical indicators to navigate the post-halt environment effectively.
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