$ICP Internet Computer (ICP) experienced a significant 10–11% drop over the last day, driven by multiple factors including Coinbase's removal of key non-USD trading pairs, a sharp correction following a 60–70% rally, and a broader crypto market pullback.
Coinbase recently removed six non-USD trading pairs, including ICP/USDT and ICP/GBP, while keeping USD markets. This move reduced convenient liquidity for many traders who prefer USDT or fiat pairs other than USD. CryptoPotato directly links the current drop to Coinbase changing its markets, noting that ICP became the worst performing coin in the top 100, down about 10% daily, with price briefly falling below 3 dollars and market cap near 1.6 billion dollars around May 14. AMBCrypto also mentions that an exchange delisted the ICP/USDT non-USD pair, pointing to the same event as a likely contributor to recent weakness.
Removing prominent pairs on a major US exchange usually has two effects: liquidity on that venue becomes thinner and more fragmented, and traders interpret it as a negative signal, especially when it coincides with a broader market pullback, which can trigger additional selling. Alerts about unusually high ICP volume spikes on centralized exchanges in short intervals further indicate a one-way liquidity shock and exit flow rather than slow, organic selling.
$ICP the roughly 8.89 percentage point worsening in ICP’s 24 hour performance over the last 25 hours is not a random move without explanation. It lines up with three overlapping drivers: Coinbase’s removal of key non-USD ICP pairs, which directly reduced liquidity and undermined confidence on a major venue; a natural and in many ways anticipated correction after a 60–70 percent rally fueled by strong AI and tokenomics catalysts, with on-chain metrics already signaling profit taking risk; and a broader crypto market pullback where high beta winners are retracing more sharply than the average coin.
There is no evidence of a protocol failure, hack, or fundamental collapse. The move looks like structural and sentiment driven selling in a fragile area after an aggressive run, amplified by an exchange level liquidity decision. Confidence: High, because multiple independent news analyses and on-chain focused reports consistently tie ICP’s drop to Coinbase pair removals, prior overextension, and the concurrent market wide correction.