Crypto News This Week: Bitcoin Falls, Binance Cautions on Altcoins

sevval05/07/20241 Mins read311

Crypto News This Week: Bitcoin Falls, Binance Cautions On Altcoins

Crypto News This Week: Bitcoin’s Drop, Binance Alerts on Altcoins, and Vitalik Buterin’s Portfolio

Crypto News This Week– This week, the broader crypto market saw a significant downturn, with Bitcoin dropping to $53,500, marking its lowest point in four months. At the same time, altcoins also recorded double-digit declines.

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Despite prevailing bearish trends, notable highlights included the rising popularity of Hamster Kombat and the completion of phase 1 of the Artificial Superintelligence (ASI) merger, providing positive developments in the crypto sector.

Binance Enhances Monitoring of Altcoins

Binance has expanded its watchlist to include 11 new altcoins, raising concerns about potential delistings. Tokens like Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT), and Sun (SUN) are now under scrutiny, leading to significant price declines.

Following the announcement, Cortex dropped by 8.09%, while PowerPool and Dock fell by 12.66% and 11.71%, respectively. Binance’s move aims to address tokens showing heightened volatility or risk, signaling potential future actions regarding compliance with the exchange’s listing standards.

FAQs

Why did Bitcoin fall?

Bitcoin’s fall can be attributed to several factors including general market uncertainty, regulatory concerns, and global economic factors. Additionally, profit-taking by investors and technical analysis factors could also have played a role.

Why did Binance caution about altcoins?

Binance warned about altcoins because the altcoin market tends to be more volatile, and investors need to be cautious. Particularly, low-liquidity altcoins can experience significant price fluctuations, increasing risks.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Crypto News This Week

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sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.