Altcoins
Bitcoin Crash, Binance Flags Altcoins, More
The broader cryptocurrency market has seen a dramatic decline this week, with Bitcoin falling to $53,500, a four-month low. At the same time, altcoins have also fallen by double digits.
Bearish developments dominated throughout the week. However, the popularity of Hamster Kombat and the Phase 1 of the Artificial Superintelligence (ASI) merger stand out as some of the positive developments in the cryptocurrency industry.
Binance expands Altcoin Monitoring
On Monday, Binance added 11 altcoins to its list of tracking tags, raising concerns about potential delistings. Tokens such as Balancer (BAL)Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX)Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polka Starter (POLS)Status (SNT) and Sun (SUN) are now under scrutiny, which has led to significant price drops.
For example, immediately after the announcement, Cortex dropped by 8.09%, while PowerPool and Dock dropped by 12.66% and 11.71%, respectively. Binance’s action aims to manage tokens that show higher values than usual volatility or risk, warning investors of possible non-compliance with the exchange’s listing standards in the near future.
“Please note that tokens with the tracking tag are at risk of no longer meeting our listing criteria and being removed from the platform,” Binance warned.
To know more: Binance Review 2024: Is It the Right Cryptocurrency Exchange for You?
CTXC, CVP and DOCK price action on Monday. Source: Trading View
Upcoming $3 Billion Token Unlocks
Furthermore, July is expected to be a critical month with over $3 Billion Worth of Tokens UnlockedThese events could increase selling pressure on the market.
Among these, it is significant Alt Level (ALT)which will release tokens worth approximately $119 million on July 25. This represents approximately 22% of its market capitalization.
Furthermore, platforms such as Aptos (APT) AND Referee (ARB) will continue their monthly token releases, potentially impacting their market values. These two platforms will cumulatively release $150 million worth of tokens into circulation.
To know more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
Insights into Vitalik Buterin’s Wealth
Ethereum Co-Founder Vitalik Buterin Has Seen His Wallet Go Public rise to $707.70 million, largely due to his Ethereum holdings and strategic investments. Despite market volatility, Buterin’s financial health remains strong, reflecting his pivotal role within the Ethereum ecosystem.
Public reaction to the revelation of his wealth was mixed, with some in the community pointing out his focus on technological progress rather than personal wealth.
“I believe Vitalik Buterin does not care how much money he has. His wealth lies in the blockchain and his belief in what he is doing. Therefore, I do not care if he is the richest man in the world or the poorest. Get into his mind, not his wallet,” a user X She said.
To know more: Who is Vitalik Buterin? An In-Depth Look at the Co-Founder of Ethereum
ASI Alliance Launches Token Merger
Furthermore, the ASI Alliance has started phase 1 of its token merger engaging Fetch.ai (FET)SingularityNET and Ocean Protocol. The merger aims to unify these tokens under the ASI banner, which should simplify operations and improve governance.
The merger process temporarily halted deposits and withdrawals for AGIX and OCEAN, paving the way for a smooth transition. Additionally, cryptocurrency exchanges delisted them.
To know more: How to invest in AI-powered cryptocurrencies?
The explosive popularity of Hamster Kombat
On a lighter note, Hamster Kombat, a blockchain-based game, has gained popularity, potentially setting a new Guinness World Record for the rapid growth of YouTube subscribers. This game demonstrates how blockchain technology can intersect with entertainment, offering new mechanisms for user engagement.
Its success on YouTube is particularly notable, as it has surpassed popular content creators like Mr. Beast in terms of new subscriber growth. Additionally, the game claims to have reached 200 million users.
The Hamster Kombat Token Generation Event (TGE) is expected to take place this month.
To know more: Tap-to-Earn: What to Know About the Crypto GameFi Trend
Top 10 Cryptocurrencies of the Week
This week marks the fourth consecutive week of decline in the cryptocurrency market. The total cryptocurrency market capitalization has shrunk from $2.28 trillion last Friday to $1.99 trillion, indicating a strengthening of the bearish trend in the market.
Major cryptocurrencies such as Bitcoin and Ethereum have also dropped by 11.51% and 16.28% respectively in the last seven days. Dogecoin has faced the maximum drawdown among the major cryptocurrencies. It has dropped by 24.16% in the same period.
This decline was influenced by major global financial maneuvers, including the start Mt. Gox Creditors Refunds and the The German government’s decision to move its Bitcoin to centralized exchanges.
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