Coin Realm reports:
This week, the cryptocurrency market has seen a significant downturn, with Bitcoin falling to a four-month low of $53,500. Altcoins were not spared either, experiencing double-digit losses across the board. Despite the bearish trend this week, there have been some positive developments, particularly the rising popularity of Hamster Kombat and the initial stages of Artificial Super Intelligence (ASI) integration.
Why has Binance added Altcoins to its watchlist?
On July 1st, Binance announced the addition of 11 alternative tokens to its watchlist, sparking concerns about potential delistings. Following the announcement, the prices of projects such as Balancer (BAL), Cortex (CTXC), and PowerPool (CVP) saw significant declines. For instance, Cortex fell by 8.09%, while PowerPool and Dock plummeted by 12.66% and 11.71%, respectively. Binance’s move aims to address tokens with exceptionally high volatility or risk, alerting investors that they may not comply with the platform’s listing standards in the future. Visit NEWSLINKER for the latest tech news.
What impact will token unlocking have?
July will be a pivotal month, with over $3 billion worth of tokens being unlocked, which could exacerbate market selling pressure. Among them, AltLayer (ALT) is set to release tokens valued at approximately $119 million on July 25th, accounting for about 22% of the project’s market value. Additionally, Aptos (APT) and Arbitrum (ARB) will continue to release tokens monthly, cumulatively introducing $150 million worth of tokens into circulation.
Key Insights for Investors
Actionable Points
Monitor Binance’s watchlist to stay informed about potential altcoin delistings, as this could significantly impact token prices. Prepare for increased market volatility due to the upcoming token unlocks in July. Evaluate investment strategies based on significant token releases from AltLayer, Aptos, and Arbitrum.
In other developments, the investment portfolio of Ethereum co-founder Vitalik Buterin has risen to $707.7 million, largely thanks to his substantial Ethereum holdings and strategic investments. Despite market turbulence, Buterin’s financial status remains robust, highlighting his key role in the Ethereum ecosystem. His wealth disclosure has elicited varied responses, with some community members emphasizing his focus on technological progress over personal gain.
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