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Binance Warns Of Delisting These Tokens, Price Drop Ahead?

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4 days ago

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Binance has issued a new warning that has taken the crypto community by storm. The leading cryptocurrency exchange announced plans to extend its Monitoring Tag to 11 tokens, putting them at risk of future delisting.

Meanwhile, tokens affected include Balancer (BAL), and Cortex (CTXC), among others, while Enzyme (MLN) and Horizon (ZEN) will be removed from the risk list. Notably, this development could signal potential price volatility for the affected tokens.

Binance Adds Monitoring Tag To 11 Tokens

Binance’s recent announcement about its Monitoring Tag has sent ripples through the crypto market. As of July 1, the exchange will add several tokens, including Balancer (BAL), Cortex (CTXC), and Convex Finance (CVX), to its Monitoring Tag list.

Meanwhile, as per the announcement, tokens with this tag are considered high-risk and are closely monitored for volatility and compliance with Binance’s listing criteria. The tokens newly added to the Monitoring Tag list are:

Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT), Sun (SUN).

In contrast, Enzyme (MLN) and Horizon (ZEN) will be removed from the Monitoring Tag list. This shift indicates a reassessment of the risks and stability associated with these tokens. However, Binance’s decision to tag these 11 tokens highlights their increased volatility and potential for not meeting the platform’s listing criteria in the future.

Meanwhile, according to Binance, the Monitoring Tag serves as a warning that the listed tokens are under scrutiny and may face delisting if they fail to meet specific standards. These standards include the project’s commitment, development activity, trading volume, network stability, public communication, and ethical conduct.

Binance emphasizes that the Monitoring Tag aims to maintain a healthy and sustainable cryptocurrency ecosystem.

Also Read: 900M SHIB Burn Sparks Optimism Over $0.00003 Price Target Ahead

Price Drop Ahead?

The introduction of the Monitoring Tag for these tokens has significant implications for investors. Historically, announcements of this nature from major crypto exchanges like Binance tend to impact market sentiment and token performance. Positive announcements usually boost market confidence, while warnings and potential delistings can weigh on investors’ sentiment.

Meanwhile, the affected tokens could experience increased price volatility and reduced trading volume as investors respond to the perceived risk. Tokens under the Monitoring Tag are also subject to additional trading restrictions on Binance.

In addition, users must complete a quiz every 90 days to trade these tokens, ensuring they understand the associated risks. This additional layer of scrutiny aims to protect users and promote informed trading decisions.

The announcement underscores the importance of due diligence in the rapidly evolving crypto market. Investors must stay informed about the status and compliance of their holdings, particularly in light of such warnings from leading exchanges. In other words, Binance’s criteria for the Monitoring Tag emphasize the importance of project transparency, network stability, and ethical conduct.

Also Read: Elon Musk Announces JARVIS-Inspired xAI Grok 2 AI Chatbot Release Date

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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MATIC Price Crash: Reaching A Two Year Low

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2 hours ago

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July 5, 2024

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The last two days have not been easy on the investors, as the crypto market crash has wiped $260 Billion from the market cap. Additionally, based on the Coinglass data, around 230K traders have lost around $662.90 Million in liquidation in the last 24 hours. Out of which, $565.08 Million liquidation is from the long-position crypto investors. Overall, the investors have lost most of their profits due to cryptocurrencies hitting rock bottom. Polygon (MATIC) is among those cryptocurrencies that are struggling the most today. Officially, MATIC’s price has hit a two-year low after a 20% loss over the week.

MATIC Price Maintains Loss Throughout The Year

Despite being among the most popular blockchain networks, Polygon’s position in the market has continuously declined since the last year. Polygon was in trend when the market was down last year, but with the bullish conditions this year, other cryptos took over, limiting the MATIC price.

MATIC Price AnalysisMATIC Price Analysis

The MATIC price charts clearly show the continuation of the loss from a day to a year interval, Out of which the last 24 hours have been the most crucial as an 11% value dropped during this period, whereas over the year, it has maintained a 33% decline. It is currently trading at $0.4565, hitting the two-year low, despite its March rally to $1.2714.

This decline is the result of the drastic change in the daily active addresses over time. The token price-DAA Divergence return, which is at -35.59%, clearly indicates the declining network activity as the main reason behind this drop. The last time the value went below the zero mark was on October 24, 2023, which later led to an uptrend.

The MATIC Price Might Continue To Drop

Based on a few crypto analysts’ predictions, it is just the start of the MATIC price crash and might continue to decline another 15-20%.

#MATIC Weekly Chart Update

After reaching a local high of $1.29 in March 2024, MATIC has been on a downtrend for almost 112 days. With the current market scenario, it is likely to see MATIC dropping a further 15% to 20% from the CMP.

The lower support ranging between $0.316 and… pic.twitter.com/6F9nssm53m

— Cryptorphic (@Cryptorphic1) July 5, 2024

The technical indicators hint at the strong selling zone for the altcoin as the MACD (12,26) is −0.0357, followed by Momentum (10) at −0.1084. The Moving averages are indicating the same, as the time frames from 5 to 200 intervals are in the selling zone. Only the Williams Percent Range (14) is in the buy zone, which is a sign of the overselling of the token and upcoming trend reversal. However, the Relative Strength Index is at 25.0396, which is neutral, indicating the continuation of the ongoing trend.

Lastly, the MATIC price has already crossed the second support level at 0.4656 and is moving towards the third at 0.3788. If it fails to bounce from that, the downtrend will likely continue.

Continue Reading Is Bitcoin Price Crash Far from Over? Here is the Untold Story

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With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.

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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FTX Founder Sam Bankman-Fried’s Family Accused Of $100M Illicit Political Donation

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5 hours ago

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July 5, 2024

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New allegations have surfaced surrounding Sam Bankman-Fried (SBF), the founder of the now-collapsed crypto exchange FTX. SBF’s family is now accused of being involved in a $100 million illicit political donation scheme. Moreover, these claims can lead to intense legal trouble for the accused.

Sam Bankman-Fried’s Family Accused Of Illegal Political Donation

Emails disclosed by The Wall Street Journal (WSJ) have brought to light the extensive involvement of SBF’s family in orchestrating these political contributions. Furthermore, an important point to note is that these donations were allegedly funded by misappropriated FTX customer assets.

Prosecutors asserted that Bankman-Fried orchestrated a sprawling influence campaign ahead of the 2022 election, leveraging stolen customer funds to the tune of over $100 million. The newly revealed emails suggest that key family members played pivotal roles in the scheme. These include SBF’s parents, Joe Bankman and Barbara Fried, along with his brother, Gabriel Bankman-Fried. They managed these funds and directed donations to various political causes and candidates.

Moreover, Joe Bankman, a Stanford University law professor, is accused of advising on financial strategies to facilitate these political donations. The WSJ reports that emails show Joe Bankman’s direct involvement in the illicit operations, indicating he was well aware of the illegal straw-donor scheme.

Barbara Fried, who co-founded the political action committee (PAC) Mind the Gap, allegedly used her position to channel funds towards progressive groups and initiatives. Meanwhile, Gabriel Bankman-Fried is accused of directing donations to pandemic prevention efforts. This coordinated effort to disperse funds across the political spectrum aimed to amplify their influence and support favored causes without drawing attention to the origin of the donations.

Also Read: Fmr Obama Solicitor Says Regulators Are “Deliberately Debanking Crypto”

Former FTX Execs Also Involved

David Mason, ex-chairman of the Federal Election Commission (FCE), weighed in on the matter. Mason highlighted that the evidence presented in the emails constituted “strong evidence” of Joe Bankman’s knowledge and participation in the scheme.

The political donation scheme, as detailed by the WSJ, also involved Ryan Salame and Nishad Singh, two former FTX executives. They have already pleaded guilty to participating in the illegal straw-donor scheme. According to prosecutors, Salame directed funds to Republican candidates to dissociate the contributions from Bankman-Fried, while Singh supported liberal candidates.

The allegations have led to several legal proceedings, with the potential for significant legal liabilities for those involved. Moreover, Mason’s remarks underscore the gravity of the situation. It suggests that Joe Bankman could face direct legal consequences under campaign finance laws if the allegations are substantiated.

Despite the mounting evidence, a spokesperson for Joe Bankman has refuted claims of his involvement. They stated that Bankman had “no knowledge of any alleged campaign finance violations.” This defense, however, stands in stark contrast to the detailed emails that have surfaced.

Also Read: Just-In: Mt. Gox Starts Repaying Creditors, Bitcoin To Dip Further?

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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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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Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License

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10 hours ago

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July 5, 2024

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Taiwan Mobile, the second largest telecom operator in Taiwan, has become the 26th virtual asset service provider (VASP) in the country. The move positions Taiwan Mobile to potentially launch its cryptocurrency exchange, a massive step ahead for the integration of digital assets within mainstream services.

Taiwan Mobile Enters Crypto Exchange Space

431.90 billion TWD-valued telecom company Taiwan Mobile has become the 26th VASP operator in Taiwan, according to the latest details on the Financial Supervisory Commission website on July 5.

As per local media, Taiwan Mobile submitted an application with the agency with Zhichen Lin, general manager of Taiwan Mobile, as the person in charge. The move has positioned the company to become a member of the VASP Association. Also, it signals a massive step forward in the integration of digital assets within mainstream services.

“We also look forward to the future, where the combination of Taiwan Mobile and exchanges will bring about different cryptocurrency application scenarios.”

There have been reports of Taiwan Mobile exploring opportunities for collaboration with local crypto platforms, including investing in a crypto business. With the latest move, the company may open a crypto exchange in the country as demand surges.

Also Read: Over 18000 Bitcoin Options to Expire, Real Panic Selloff Isn’t Even Here Yet

Crypto Resurgence in the Country

In June, Taiwan established the Taiwan Virtual Asset Service Provider Association to regulate its cryptocurrency sector, aiming to enhance oversight, combat fraud, and ensure AML compliance. It will develop guidelines for classifying and managing virtual asset service providers.

Meanwhile, Taiwan’s Financial Supervisory Commission (FSC) intends to submit a revised draft of digital asset rules in September. The regulator has been monitoring Bitcoin ETFs throughout to assess public demand and readiness. The FSC could greenlight Taiwanese investors to resume buying overseas Bitcoin ETFs, reflecting an openness to crypto innovations within proper regulatory guardrails.

Also Read: Labour Party Wins UK Election, What It Means For Crypto?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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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