Altcoin
Friend Tech Faces Backlash as Token Price Crashes After Airdrop
![](https://coin2049.io/wp-content/uploads/2024/05/1714757093_friendtech_token_720.png)
The introduction of the Friend token by FriendTech, a Web3 social media platform, has been met with market turbulence as the price significantly dropped after its airdrop event. Having originally been launched at a value of more than $10, the token’s value went down to $1 before slightly correcting to $1.4. This precipitated loss of value came as a result of several operational hitches in the airdrop operation.
Technical Challenges and Market Reactions
Several technical problems were reported during the airdrop, making it difficult for many users to claim their tokens smoothly. Luke Martin, a crypto investor, made his grievance known on social media platform X by saying that the value of his airdrop decreased to his surprise while he was claiming it. This situation has contributed to the general discontent of the token holders and possible investors, which is manifested in the token’s price volatility.
Watching the value of my airdrop go from 7 figs to 5 figs in the span of 2hrs while I keep refreshing the page trying to claim….still can’t claim.
Meanwhile I gotta watch this guy cashout while my wallet won’t even load.
Adds insult to injury 💀💀💀
— Luke Martin (@VentureCoinist) May 3, 2024
In addition, market players expressed the initial non-liquidity as one of the causes of the price volatility with the token price briefly reaching $169 before it went down. In the beginning, the token lacked liquidity, however, it was rectified by pumping the liquidity pool to over 4 million dollars. However, this move came after significant market value was lost, negatively influencing investor sentiment.
FriendTech Token Launch
The release of FriendTech’s Friend token was expected to be a revolutionary move for the decentralized platform, especially with the introduction of its Version 2. This new version added features such as “Clubs,” which are a fundamental part of its Version 2, in which trades that involve Friend tokens have a nominal 1.5% fee that goes to liquidity providers. However, the launch was distracted by the quick drop in token value and user issues during the airdrop.
this has to be a joke, friendtech only added $0.01 in liquidity??
so first you milk your users with fees, then u get them to add liquidity so that they can dump on each other
top class team here https://t.co/yFXPwHcAlV pic.twitter.com/ckzqM5pMU5
— mcSleuth (@0xSleuth_) May 3, 2024
Market analysts have opined that the dramatic drop in price was caused by technical problems in the course of the airdrop and the initial lack of liquidity. These circumstances made the token market quite sensitive to price volatility, which was caused by large sale commands. The platform’s liquidity approach made the situation worse since it heavily relied on user contributions and caused the investors to become discontented.
As Friend Tech overcomes these first obstacles, attention will probably turn towards working on stabilization the outlook of the token market and dealing with the technical issues that have caused the airdrop to fail.
Read Also: HK Firm Becomes Top Holder In BlackRock Bitcoin ETF (IBIT)
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.
Altcoin
Market Fluctuations Take Uniswap Exits Near Weekly Double-Digits
![](https://coin2049.io/wp-content/uploads/2024/07/uniswap-logo-02.jpg)
UNI, the native token of the decentralized crypto exchange Uniswap is down alongside the other coins. The crypto market has declined again after a slight recovery at the start of the month. Digital assets continue a downward trajectory that saw losses last month reducing the overall sentiments in altcoins.
UNI price soared this year against the market as the community anticipated a vote amongst other factors. In the past weeks, the bullish drive for the asset has plunged leading to sharp losses. A major reason for the downward trend of Uniswap is the reduced transaction activity as assets take a tumble.
Uniswap Nears Double Digit Losses
Uniswap is down 2.12% in the last 24 hours while its price stands at $8.66. This slump takes weekly figures above 7% above other top assets with v slight numbers. UNI soared above multiple resistance levels this year after a strong crypto performance in Q1 2024. At the moment, a chunk of gains are lost with bears becoming main characters in the last 39 days.
Last month, UNI tanked over 9% longer-term figures. Despite sell-offs recorded these weeks, UNI holders on social media spaces express optimism towards an improved price this month. While several commentators believe a market rebound might occur in July, industry and macro factors must flip positively an upward price trajectory.
Interest rate cuts remain a major talking point this year as firms expect cuts between September and October. These factors can swing the tide in favor of the market.
Wider Assets Plunge
Like Uniswap, other crypto assets have plunged with the bearish sentiment. Market leader Bitcoin (BTC) fell below $60,000 before making a slight recovery above the mark. This downtrend for BTC has caused similar movements in altcoins. Ethereum trades at $3,288 plummeting 3.89% today while BNB and Solana are down 4% and 7% respectively.
Also Read: These Crypto Stocks Are Falling Amid Q2 2024 Optimism
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, ETH, DOGE, SHIB Prices Are Falling Today?
![](https://coin2049.io/wp-content/uploads/2024/05/Crypto-Market-Is-Down-Today.jpg)
Crypto Market Selloff: The digital asset sector has noted a sharp decline today, with the overall market retreating nearly 3% today in the last 24 hours. Meanwhile, the recent slump in the major cryptos like Bitcoin, Ethereum, DOGE, BNB, LINK, and others, has sparked discussions in the market over the potential reasons.
So, let’s take a look at the possible reasons that have fueled the recent crypto market selloff.
Potential Reasons Behind The Recent Crypto Market Selloff
A series of factors could have triggered the recent crypto market selloff today. Here we explore the top reasons that might have impacted the sentiment of the broader crypto market.
Bitcoin ETF Outflow Fuels Concern
The U.S. Spot Bitcoin ETF has reversed its track after noting inflows for five straight days through July 1. Over the last five days, the U.S. Bitcoin ETF has recorded the highest influx of $129.5 million on July 1. This move has fueled the market sentiment over regaining the confidence of the institutional interests towards the flagship crypto.
However, the overall scenario took a different turn on July 2, with U.S. Spot Bitcoin ETFs recording an outflow of $13.7 million. Despite inflows of $14.1 million and $5.4 million from BlackRock IBIT and Fidelity’s FBTC, the outflux of $32.4 million from GrayScale has allayed the gains.
This move might have once again weighed on the investors’ sentiment, who are still seeking clarity on the market momentum. The recent outflux after a five-day winning streak also indicates that the institutions are taking a pause before making further bets in the sector.
Friday Options Expiry
The Bitcoin ETF outflow has triggered volatility in BTC, potentially impacting the broader crypto market. Apart from that, the massive upcoming options expiry also seems to have impacted the risk-bet appetite of the investors.
Notably, the recent crypto market selloff could be primarily attributed to the upcoming expiration of significant BTC and ETH options. Data from Deribit reveals that BTC options with a notional value exceeding $1.04 billion and a put/call ratio of 0.80 are set to expire on Friday, July 5, with a maximum pain price of $63,000.
![Bitcoin Options Expiry](https://coingape.com/wp-content/uploads/2024/07/Bitcoin-Options-Expiry-July-5.png)
![Bitcoin Options Expiry](https://coingape.com/wp-content/uploads/2024/07/Bitcoin-Options-Expiry-July-5.png)
Similarly, ETH options worth $479.30 million, with a put/call ratio of 0.38 and a max pain price of $3,450, will also expire. The impending expiries are creating uncertainty and influencing market behavior, as traders adjust their positions ahead of the deadline.
![Ethereum Options Expiry](https://coingape.com/wp-content/uploads/2024/07/Ethereum-Options-Expiry-July-5.png)
![Ethereum Options Expiry](https://coingape.com/wp-content/uploads/2024/07/Ethereum-Options-Expiry-July-5.png)
Also Read: Ripple and Coinbase Use Binance Win to Contest SEC Claims
Ethereum ETF Launch Delay
The crypto market was highly anticipating the Spot Ethereum ETF approval by the U.S. SEC this week. However, a potential delay might have sparked concerns among the investors.
Meanwhile, looking at the latest market trends, ETF Store president Nate Geraci said that the U.S. Spot Ethereum ETF might launch on July 15. Besides, Bloomberg also hinted at a mid-July launch for the Ether ETF to go live in the U.S.
Crypto Market Faces Over $120M Liquidation
The recent selloff in the crypto market has caused a liquidation of $123.62 million over the last 24 hours, CoinGlass data showed. In the same timeframe, around 45,000 traders were liquidated with the largest single liquidation taking place on OKX – ETH-USDT-SWAP worth $3.36 million.
Bitcoin faces liquidation of $34.74 million, while Ethereum’s liquidation stood at $32.87 million. However, despite the recent crypto market selloff, some analysts are still optimistic about the future performance of the market. Given the declining value and anticipation over Ethereum ETF approval this month, the crypto market might witness robust gains in the coming days.
However, with Bitcoin price currently crossing the brief $61,000 mark, the risk still prevails in the market. In a recent analysis, popular crypto market expert Ali Martinez warned of over $1 billion liquidation if BTC hits the $62,600 mark.
As of writing, Ethereum price dropped nearly 3% in the last 24 hours, while Dogecoin price fell 1.3%. Simultaneously, the BNB price noted a slump of 2.5% to $566.23, and Shiba Inu price slipped 1.34% to $0.00001695.
Also, CoinGlass data showed that Bitcoin Futures Open Interest (OI) fell about 4% from yesterday, while Ethereum OI slipped about 1.4%. This data also highlights the gloomy sentiment dominating the crypto market.
Also Read: Genesis Digital Is Considering Going Public Via IPO In US
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
-
Regulation2 months ago
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Market3 weeks ago
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
NFT3 weeks ago
New And Upcoming NFT Projects
-
Altcoin2 months ago
10 Years Old Dogecoin Stash Sale Leaves DOGE Owner With Million-Dollar Loss
-
Market2 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
✓ Share: