Altcoin
Over $138M Token Unlocks Risks Liquidation Next Week
Altcoins News: The latest update from the Token Unlocks App reveals that six altcoins are readying to take the heat of increased market supply in the upcoming week. This is attributable to massive token unlocks, a phenomenon wherein previously locked tokens are released periodically into the market.
Notably, $138.8 million worth of cliff unlocks are looming to hit certain altcoins in the coming days. These tokens include AltLayer (ALT), Sace ID (ID), Ethena (ENA), Galxe (GAL), Yield Guild games (YGG) and Acala (ACA).
Here’s a brief report on the token unlocks that may serve as important Altcoin news for crypto market participants.
AltLayer (ALT)
The AltLayer crypto is set to witness an unlock of a staggering 684.21 million ALT, worth $111.01 million, on July 25. This is equivalent to 42.08% of the circulating supply, raising severe investor concerns over future market implications.
ALT price traded at $0.1619 at press time, up 5.29% over the past day. Its 24-hour lows and tops are $0.1572 and $0.1729, respectively.
Space ID (ID)
The Space ID token will witness an unlock of 18.49 million ID, worth $9.01 million, on July 22. This equals 4.29% of the coin’s circulating supply.
ID price traded at $0.4875, an increase of 5.70% from yesterday. The token’s 24-hour lows and highs were $0.4607 and $0.5011, respectively.
Ethena (ENA)
Ethena prepares for an unlock of 14.89 million ENA, worth $7.32 million, on July 21. This totals 0.87% of the coin’s circulating supply.
ENA price traded at $0.493 today, an upswing of 6.97% over the past day. Ethena’s 24-hour slumps and peaks were recorded as $0.4699 and $0.5116, respectively.
Yield Guild Games (YGG)
The Yield Guild Games crypto will experience an unlock of 14.08 million YGG, worth $7.56 million, on July 27. This amounts to 3.74% of the coin’s circulating supply.
YGG price traded at $0.5369, up 2.97% over the past day. The token’s 24-hour bottoms and tops were $0.5183 and $0.555, respectively.
Also Read: $149 Million of Altcoins Sold By WazirX Hacker to Buy 43,799 Ethereum
Galxe (GAL)
The altcoin Galxe readies for an unlock of 1 million GAL, worth $3.60 million, on July 24. This is equivalent to 0.85% of the circulating supply.
The GAL price rested at $3.58 today, a decline of 5.78% over the past day. Its 24-hour bottoms and highs were $3.54 and $3.92, respectively.
Acala (ACA)
Acala is set to face an unlock of 4.66 million ACA, worth $340.03k, on July 25. This totals 0.46% of the coin’s circulating supply.
ACA price stood at $0.07291, an upsurge of 2.53% from yesterday. The cryptocurrency’s 24-hour bottoms and peaks were $0.07132 and $0.0759, respectively.
Notably, the abovementioned token unlocks remain much eyed by market participants as investor concerns persist over this altcoin news, primarily due to supply increase.
Also Read: SHIB News: Massive 2.7 Tln Accumulation Fuels Hope For Shiba Inu To $0.0000386
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.
In an effort to fuel market optimism, the leading crypto exchange Binance revealed an important update, sparking phenomenal gains in DEGEN price. A public announcement on Friday revealed that the crypto exchange is launching a perpetual contract for the mentioned crypto, sparking market discussions over its future price action. Meanwhile, traders also appear to have reacted positively to the listing announcement, as the coin’s intraday trading volume surged over 100%.
DEGEN Price Rallies On Binance Announcement
As per an official Binance announcement dated November 15, the crypto exchange is adding a DEGENUSDT (USD-Margined) perpetual contract today at 11:30 UTC. The announcement revealed that users on the platform remain poised to enjoy 75x leverage trading the asset.
Meanwhile, the exchange also plans to support Multi-Assets Mode for the crypto, offering enhanced flexibility and risk management for users. Further, the capped funding rate set by the exchange was at +2.00% / -2.00%. However, the leading crypto exchange also added that it could make potential changes in the contract ahead based on market risk conditions. These potential changes encompass adjustments in the funding fee, tick size, maximum leverage, initial margin, or maintenance margin requirements.
Nevertheless, the announcement appears to have set off optimistic waves for the token across the industry as DEGEN price rocketed amid a bull market.
DEGEN Soars 46%
At the time of reporting, DEGEN price surged 46% to trade at $0.02981. The coin’s intraday low and high were $0.01983 and $0.03272, respectively. Notably, intraday trading volume for the crypto soared 137% to $411.77 million. This bullish trajectory aligns with the aforementioned listing announcement.
Further, in light of the perpetual contract launch, the token’s futures OI witnessed gains worth 43% to $37.58 million. Moreover, the derivatives volume witnessed a 153% uptick to $125.94 million. Overall, this data showcases heightened investor increase in the asset.
In another similar chronicle, CoinGape Media reported recently that Sudeng (HIPPO) price skyrocketed following its perpetual contract launch on the same exchange. Notably, the token rallied 127% to date in the aftermath. This past chronicle has ignited substantial optimism over DEGEN price ahead. Crypto market enthusiasts continue to extensively eye the token for further gains ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: 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.
Upbit, the leading South Korean crypto exchange, is under investigation for KYC violations during its license renewal process. The Financial Intelligence Unit (FIU) discovered over 500,000 cases of improper customer verification.
The violations have raised concerns about money laundering risks. The exchange’s ability to renew its license is now in jeopardy. Authorities are closely examining the full extent of the issue and its potential impact on the exchange future.
Major KYC Violations Found During Upbit License Renewal Process
Since the South Korea regulators, the Financial Intelligence Unit (FIU), started inspecting Upbit business license renewal applications in August, they’ve uncovered troubling violations. The KYC (Know Your Customer) process, a crucial measure to prevent money laundering, has reportedly been poorly executed.
According to a report by MK, over 500,000 accounts were flagged for failing to meet proper verification standards. These issues were primarily caused by blurred identification documents, which were submitted by users but still accepted. This raises concerns about Upbit’s commitment to maintaining regulatory standards.
The number of suspicious cases continues to grow as investigations proceed. The blurry IDs submitted by users, often with illegible names and registration numbers, were processed without proper verification. Such lapses not only undermine the integrity of the exchange’s KYC system but also leave the platform vulnerable to criminal activity. As the FIU delves deeper, the focus will be on how these violations will affect the platform’s future and its business license renewal.
The ongoing review will ultimately determine if Upbit’s license renewal is at risk, with potential fines and severe repercussions depending on the findings.
Regulatory Landscape and Future Outlook
The exchange is facing mounting pressure as its KYC violations threaten its license renewal. This scrutiny comes after Upbit faced an investigation for its dominant market position and ties to K-Bank, which further complicates its regulatory landscape. The ongoing investigation highlights the risks associated with unchecked growth in the crypto sector, leading to potential market instability.
In addition to the exchange’s ongoing issues, Radiant Capital (RDNT) is facing a trading suspension by the South Korea Digital Asset Exchange Association (DAXA). This move comes after the exchange failed to address security concerns following a recent breach.
DAXA has decided to halt RDNT trading, aiming to safeguard investors until the security issues are resolved. This action underscores the growing regulatory oversight in South Korea, where exchanges are facing heightened scrutiny to ensure compliance with financial regulations and protect users.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: 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.
After six consecutive days of inflows, the spot Ethereum ETF flows flipped negative again on Thursday, as the bullish sentiment driven by Trump-trade subsided. The ETH price also dropped 6% in the last 24 hours moving all the way to $3,000 losing over $22 billion in market cap.
Spot Ethereum ETF Flips Negative
After six consecutive days of inflows, the US Spot Ethereum ETF is once again seeing outflows. On November 14, Ethereum ETFs experienced a minor outflow of $3.24 million, the first since the Donald Trump victory on November 5.
Despite this, BlackRock’s Ethereum ETF (ETHA) saw a net inflow of $18.87 million in a single day. However, Grayscale’s ETHE played the spoilsport with nearly $22 million in outflows yesterday. Besides, inflows in other Ether ETFs have dried up significantly, as per the data from SoSoValue.
Following the Donald Trump victory on November 5, the spot Ether ETFs saw strong inflows as the ETH price rallied 40% on the weekly timeframe all the way to $3,400. However, since the November top, the ETH price has corrected nearly 10% as bulls try to defend $3,000 levels.
ETH Price Action in Choppy Market
Amid the recent ETH price action, popular crypto trader Credibull Crypto has started to build a position in Ethereum (ETH) and add further if Ethereum drops to $2,800, amid the current low-time-frame (LTF) price action and crypto market drop. The decision to increase their exposure is based on Bitcoin’s recent stability, which may prevent a quick pullback to the low $80k range and allow ETH to continue upward.
The trader notes that a small range is forming, pushing into local demand, with untapped local highs above. They are eyeing potential gains toward the $3,500+ level before reassessing. However, the trader emphasizes that the invalidation point for their higher-time-frame (TF) ETH strategy is at $2,350.
Watching this LTF PA develop on $ETH and have started positioning here. If we make it down to the ideal entry zone (sub $2800) I’ll add to my position.
Reason for going in more aggressively here is that BTC is holding up decently atm and if we don’t get a pullback to low 80k’s… https://t.co/681HswOBoI pic.twitter.com/TmwCxBLgbu
— CrediBULL Crypto (@CredibleCrypto) November 14, 2024
Popular trading account IncomeSharks suggests that traders who missed the initial entry opportunity might find a second chance near Supertrend support just under $3,000. The trader also added that the swift shift in market sentiment, as “a few red candles” have led to widespread pessimism and negativity toward the asset. However, he believes that there’s a strong potential for a rebound moving ahead. This can again lead to resuming the inflows for spot Ethereum ETFs.
A recent Ethereum price analysis hints that analysts have been making bullish predictions for the crypto, potentially hitting $4,000, by November end. However, it will require the support of the broader market to continue this rally ahead.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: 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.
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