Altcoin
6 Cryptos To Duck Trading This Week As Price Risks Fall
![](https://coin2049.io/wp-content/uploads/2024/06/crypto.webp.webp)
The ever-evolving world of cryptocurrencies appears to be bracing for yet another seismic shift in the prices of certain tokens. As massive token unlocks loom over the horizon, 6 cryptos prepare to take the heat of increased market supply in the coming week.
Token unlocks, the periodic release of locked tokens into the market, can significantly impact the supply and demand dynamics. This event, often seen as a potentially bearish signal, is urging traders and investors to exercise caution and avoid trading specific cryptocurrencies. Here’s an overview of 6 cryptos that are about to face massive token unlocks in the coming days.
$45M Worth Token Unlocks Approaches
According to the data revealed by the Token Unlocks App, $45.72 million worth of cliff unlocks are set to occur over the coming week. The cryptos that will bore the brunt include AltLayer (ALT), Yield Guild Games (YGG), Ethena (ENA), SIngularityNET (AGIX), Acala (ACA), and 1inch (1INCH). So, let’s look at these unlocks that are approaching.
AltLayer (ALT)
As per the data, the AltLayer (ALT) crypto is set to face an unlock of a whopping 105.21 million ALT tokens, worth $20.03 million, on June 25. This totals a significant 6.92% of AltLayer’s circulating supply, signaling that a notable price dip ahead is possible with the unlock.
ALT price traded at $0.1903 today, down 4.15% in the past 24 hours.
Yield Guild Games (YGG)
Meanwhile, YGG will face an unlock of 16.69 million tokens, worth $1067 million, on June 27. The unlock is equivalent to 4.48% of the total circulating supply, posing a significant threat to price.
YGG price traded at 0.6387, a slip of 0.44% over the past day.
Ethena (ENA)
Simultaneously, ENA will encounter an unlock of 14.89 million coins, worth $8.88 million, on June 23. This totals 0.87% of the circulating supply, also emerging as a threat to future price actions.
ENA price tumbled 2.71% from yesterday to $0.5956.
SingularityNET (AGIX)
The AI coin that is set to witness a token merger to become ‘ASI’ will also witness a significant token unlock in the coming week. Notably, 8.57 million tokens, worth $5.51 million, will be unlocked on June 28. The unlock amount equals 0.67% of the circulating supply, a potential threat to price.
Meanwhile, AGIX traded at $0.6476, a slight 0.55% jump from yesterday.
Also Read: XRP Price: Whales Hoard 130M Coins As Ripple Lawsuit Goes To Magistrate Judge, What’s Next?
Acala (ACA)
The Acala crypto is set to experience an unlock of 4.66 million tokens, worth $328.52K, on June 25. This is equivalent to 0.46% of the circulating supply.
ACA traded at $0.07021, down 2.99% in the past 24 hours.
1inch (1INCH)
The 1INCH crypto will face a comparatively smaller 64.28K tokens unlock, worth $25.80K, on June 27. The amount is marginal, totaling 0.01% of the token’s circulating supply.
However, it’s worth noting that the 1inch price chart shows a monthly pullback. Further bearish factors might cause additional price dips.
Meanwhile, it’s worth noting that CoinGape Media earlier reported similar token unlocks over the past week, including Arbitrum (ARB), Space ID (ID), and other tokens. CoinMarketCap’s data shows that ARB plunged nearly 13% over the past week while ID dipped nearly 22% during the same duration.
Also Read: YieldMax Applies For Ether Options ETF Amid Spot Ethereum ETF S-1 Amendments
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Why Bitcoin And Altcoins Are Falling
![](https://coin2049.io/wp-content/uploads/2024/07/Crypto-Market-Crash.webp.webp)
Crypto market swings back to bear market as the global crypto market cap has now dropped 20% to a low of $2.15 trillion today. The market cap tumbled more than 4.20% over the last 24 hours. Bitcoin price hit a 24-hour low of $57,800, falling back to the key support level risking a collapse to $52,000.
Altcoins including Ethereum, BNB, Cardano, XRP, and Toncoin dropped more than 5%. Whereas, Solana ecosystem tokens and meme coins, as well as some AI coins witnessed a double-digit drop in the last 24 hours.
Crypto market sentiment falls back to fear amid panic selling by investors ahead of Mt. Gox’s $10 billion in BTC and BCH repayment starting this week. JPMorgan and CoinShares have warned about market shake-up on concerns of potential selloff by creditors.
Crypto Market Officially In Bear Market
As per Coinglass, $300 million worth of cryptocurrencies were liquidated in the last 24 hours. Over 102k traders were liquidated, with the largest single liquidation order on OKX crypto exchange as someone swapped ETH to USD valued at $4 million.
Nearly $250 million in long positions and $50 million in short positions were liquidated in the last 24 hours. Investors have lost over 90 billion in the last 24 hours as the crypto market cap dropped from $2.24 trillion to $2.15 trillion.
Meanwhile, over 17,500 BTC options of notional value $1.02 billion are set to expire, with a put-call ratio of 0.76. The max pain point is 62,500, indicating Bitcoin price will remain under selloff pressure as BTC fell below $59k today.
Notably, the put/call ratio in the last 24 hours climbed over 1.09, with put volume above 17,200 and call volume near 15,793. This indicates options traders have turned highly bearish on Bitcoin.
![Bitcoin options expiry](https://coingape.com/wp-content/uploads/2024/07/deribit-metrics-6-1224x612.png)
![Bitcoin options expiry](https://coingape.com/wp-content/uploads/2024/07/deribit-metrics-6-1224x612.png)
Implied volatility (IV) in all terms shows significant declines, which means a market recovery in uncertain price movements will see BTC price tumble below $70,000.
Also Read: XRP Lawsuit – Lawyers Claim Ripple Case Is In SEC Favor, Chevron Ruling Irrelevant
Macro Impacts Continue To Build Up
Fed Chair Jerome Powell’s latest speech and FOMC Minutes release confirmed the hawkish stance of Fed officials on rate cuts this year. Election saga with Trump leading after the latest debate has heightened pressure and Fed officials awaits further data on US inflation and the labor market.
CME FedWatch indicates two rate cuts this year. The probability of a 25 bps rate in September has jumped to 66.5% from 59% last week. The weak US economic data bolstered bets for Fed interest rate cuts this year.
US dollar index (DXY) held around 105.3 on Thursday after hitting a three-week low in the previous session. Also, the US 10-year Treasury yield dropped to 4.35% after the latest ISM and jobs data showed a slowing labor market.
Analysts predict a market rebound could come anytime and shorting Bitcoin and altcoins could prove to be the worst decision. Thus, they believe a consolidation near the current level and a rebound above $61k by the end of the week.
“A drop in USDT liquidity will not stimulate BTC growth, conversely, growth will demonstrate demand for purchasing coins,” according to an on-chain analyst.
Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves, Says Bitcoin Maxi
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
BitMEX Expands Support For Dogecoin, Shiba Inu, Pepe Coin & Others
![](https://coin2049.io/wp-content/uploads/2024/07/Meme-Coin2-1-2-1-1-1-1.jpg)
Today, BitMEX has launched a new product: the MEMEMEXTUSDT. This is a Basket Index perpetual swap contract. It is designed to give traders exposure to top 10 meme coins. Moreover, these coins include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe Coin (PEPE), and other popular meme cryptocurrencies.
BitMEX Meme Coin Perpetual Contract Index
Furthermore, the contract is margined in USDT and traders can leverage up to 25x. For context, basket Index perpetual contracts are derivatives. They are tied to a group of underlying assets. Moreover, this new product lets traders speculate on the overall performance of meme coins. It also helps them diversify their risk. It is similar to the S&P 500 in traditional finance.
The MEMEMEX Basket Index, also called .BMEMEMEXT, is a key part of this new product. It includes the top 10 meme coins by market cap. As of now, these coins and the share in the index are:
- Dogecoin (DOGE): 20%
- Shiba Inu (SHIB): 20%
- Pepe Coin. (PEPE): 20%
- Dogwifhat (WIF): 8.81%
- Floki Inu (FLOKI): 8.31%
- Brett (BRETT): 7.31%
- Bonk (BONK): 7.38%
- Book of Meme (BOME): 3.18%
- Memecoin (MEME): 2.50%
- Mog Coin (MOG): 2.50%
Furthermore, the market caps of these tokens will be reviewed monthly. Therafter, the index will be adjusted to always include the top 10 meme coins. The MEMEMEX Basket Index by BitMEX uses a weighted average price of these coins. The index multipliers are updated on the last Friday of each month. Any changes are announced four days before the rebalance.
Also Read: Crypto Trader Bags $59M In PEPE, SHIB, ETH, & 5 Others Hinting Gains Inbound
Features Of The Basket Memecoin Index
According to the latest announcement, the MEMEMEXTUSDT contract on BitMEX has specific features:
- It is a linear perpetual swap.
- It is margined in USDT.
- Users don’t need to hold the actual meme coins.
- Symbol: MEMEMEXTUSDT
- Margin Currency: USDT
- Contract Size: 0.0001 MEMEMEXT
- Lot Size: 1000
- Minimum Trade Amount: 0.1 MEMEMEXT
- Underlying: .BMEMEMEXT
- Maximum Leverage: 25x
- Maker Fees: -0.015%
- Taker Fees: 0.075%
- Base Initial Margin: 4.00%
- Base Maintenance Margin: 2.00%
The MEMEMEXTUSDT allows traders to easily gain exposure to meme coins. They can do this without holding the individual coins. The product is ideal for those looking to speculate on the meme coin market as a whole. It provides a way to leverage their positions up to 25 times. This can amplify gains but also increases risks.
The latest move by BitMEX move comes as meme coins continue to gain popularity. Dogecoin and Shiba Inu, for instance, have massive followings. Moreover, they have seen significant price movements lately. Hence, the MEMEMEX Basket Index could attract more traders to the platform. It simplifies access to the meme coin market.
Also Read: Shiba Inu Coin Burn Rate Skyrockets 30000%, SHIB Reversal Soon?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Bitwise Files Amended S-1 for Ethereum ETF Ahead of Launch Deadline
![](https://coin2049.io/wp-content/uploads/2024/05/Ethereum-ETF.jpg)
Bitwise has filed an amended S-1 form for its Ethereum exchange-traded fund (ETF) just days before its July 8 deadline. This move indicates that the product is nearly ready for launch. Analysts predict that these ETFs could begin listing within the next two weeks.
Bitwise Submits Amended S-1 for Ethereum ETF
Bitwise’s updated registration form was submitted on Wednesday. Analysts suggest that these products be listed by mid-July. A source close to the situation indicated the SEC might approve the final drafts by the end of next week.
The SEC approved 19b-4 forms for eight spot Ethereum ETFs, including Bitwise, on May 23. However, issuers need their S-1 statements to become effective before trading can begin. This two-step process has kept the market eagerly awaiting the launch.
Despite the light comments on the S-1 forms, the SEC has taken its time to get approvals. A single problematic issuer may need to be on time to process. Nevertheless, expectations remain high for a launch this month.
Also Read: Federal Reserve Forecasts “AI Will Be Deflationary” To Boost Economy
Analysts Confident in Near-Term ETF Launch
Bloomberg ETF analyst James Seyffart noted the frequent amendments in S-1 forms. He expects more filings from other issuers throughout the week. This pattern suggests a coordinated effort to meet regulatory requirements.
UPDATE: We’ve got another amended S-1 from @BitwiseInvest for their #Ethereum ETF. Expect more from other issuers throughout the rest of the week. We’re thinking these things could potentially list later next week or the week of the 15th at this point. pic.twitter.com/xqVlt9lSGy
— James Seyffart (@JSeyff) July 3, 2024
Senior Bloomberg ETF analyst Eric Balchunas expressed surprise at the SEC’s slow pace. He speculated on possible reasons, including summertime vacations. Despite this, he confirmed indications of a launch this month.
The SEC’s return of S-1 forms with light comments suggests minimal hurdles remain. Analysts view this as the final round of feedback. This has increased confidence in a near-term launch.
Bitwise made significant updates to its S-1 form. One notable change includes waiving the sponsor fee for the first $500 million assets. However, the firm still needs to disclose the fee after this threshold.
Another issuer, VanEck, also announced that fees would be waived initially. These moves suggest competitive strategies to attract initial investors. By waiving fees, these firms aim to lower the entry barriers for new investors.
The recent amendments highlight Bitwise’s proactive approach to regulatory compliance. The firm’s updates reflect a strategic positioning ahead of the anticipated market entry. This aligns with the broader trend among issuers to streamline their offerings.
Also Read: US Lawmaker French Hill Doubles Down On Trump’s Pro-Crypto Stance
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
-
Blockchain2 months ago
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Regulation2 months ago
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation2 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Market3 weeks ago
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
NFT3 weeks ago
New And Upcoming NFT Projects
-
Market2 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Altcoin2 months ago
10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss
✓ Share: