- Unhashed Newsletter
- Posts
- Binance to delist these tokens
Binance to delist these tokens
Reading time: 5 minutes
Germany still holds $2.2 Billion worth Bitcoin, analysts expect more selling pressure
Key points:
German government's Bitcoin sales and Mt. Gox repayments have shaken the crypto market.
Germany still holds a substantial amount of Bitcoin (39,826 BTC).
News - The crypto market is experiencing turbulence due to two major events: sales of seized Bitcoin by the German government and repayments from the defunct Mt. Gox exchange.
Germany, the Eurozone's economic leader, still holds a significant amount of Bitcoin – 39,826 BTC, valued at roughly $2.2 billion. This remaining stash represents a potential future source of selling pressure, as it's nearly 9% of Bitcoin's daily trading volume.
How did Germany acquire these coins? The German Federal Criminal Police Office (BKA) confiscated these Bitcoin earlier this year from a now-defunct piracy website. Since then, the government has sold over 10,000 BTC, contributing to a decline in Bitcoin's price.
In just four weeks, Bitcoin's spot price has dropped nearly 20% to $55,490, with a steeper decline of 13% in the past week alone. In an attempt to mitigate the price drop, Tron founder Justin Sun recently offered to buy Germany's remaining Bitcoin off-market. Some analysts believe Germany's decision to sell is a strategic mistake.
Blockware Intelligence, a crypto research firm, argues that selling Bitcoin for fiat currency is unwise, considering the ease with which governments can print fiat. Bitcoin, in contrast, has a finite supply and requires significant energy to mine, making it a more scarce asset.
Key player from Ethereum's ICO boom, Golem, sends $100M ETH to exchanges
Key points:
The move raises concerns about potential selling pressure in the crypto market.
Golem was a successful ICO project in 2016 but has seen declining popularity.
News - Golem, a project on the Ethereum blockchain, has moved over $100 million worth of Ether to exchanges in the past month. This significant transfer has raised concerns about potential selling pressure in the already volatile market.
ICOs, a fundraising method popular between 2016 and 2019, allowed crypto projects to raise billions. However, regulatory issues and declining investor interest have dampened their appeal in recent years.
More details - Data from Arkham Intelligence shows Golem's main wallet sending millions of ETH to other wallets, eventually reaching major exchanges like Binance, Bitfinex, and Coinbase. These transactions, typically below $10 million each, occur daily.
Independent journalist Colin Wu first identified these movements. Golem's official communication channels haven't responded to inquiries, nor have they announced any major product releases recently.
Golem, once a major beneficiary of the 2016 ICO boom, raised over $8.7 million worth of ETH. Its focus on decentralized computing garnered significant social media attention. The project positioned itself as a marketplace for computing power, allowing users to rent out unused resources for Golem's GLM tokens.
However, Golem's popularity has dwindled. Currently, GLM trades at a mere 30 cents with a market cap of $300 million, a far cry from its January 2018 peak of $1.32.
Canada moves to penalize LiquiTrade over Securities Act violation
Key points:
BCSC finds LiquiTrade's Latoken exchange violated Canadian securities laws.
The exchange operated unregistered and facilitated derivatives trading without authorization.
News - The British Columbia Securities Commission (BCSC) has ruled against LiquiTrade after finding that its Latoken crypto exchange violated Canadian securities laws.
The investigation began in November 2022 when Latoken, processing $300 million daily transactions for its 1.5 million users, raised red flags. After nearly two years, the BCSC determined that LiquiTrade:
Operated without registering under the Securities Act.
Facilitated trading of derivative contracts for crypto assets, requiring registration.
Functioned as an unauthorized exchange within British Columbia.
What’s more? This decision adds LiquiTrade to Canada's growing list of banned crypto exchanges, joining Catalyx, KuCoin, Poloniex, and xt.com. Currently, only 15 platforms like Bitbuy, Coinbase, and Fidelity operate legally in the region.
LiquiTrade faces potential sanctions ranging from fines to a complete service ban. The BCSC will finalize these penalties by 14 August.
Binance announces delisting of four altcoins, their prices plummet
Key points:
Binance delists four altcoins: BOND, DOCK, MDX, and POLS.
Delisting triggers significant price drops for the affected tokens.
News - Binance announced the delisting of four altcoins: BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastar (POLS). This decision, effective 22 July, has sent shockwaves through the market, causing sharp price drops for the affected tokens.
Following the announcement, DOCK took the biggest hit, plummeting nearly 30%. MDX and BOND both witnessed losses exceeding 17%, while POLS faced a decline of over 17%. The incident highlights the significant impact exchange delistings can have on cryptocurrency prices.
Why is Binance delisting though? This move is part of Binance's regular review process, where they assess listed digital assets. Before delisting, tokens are often flagged for monitoring. In this case, DOCK and POLS were placed under such monitoring on 1 July.
The delisting will result in the removal of trading pairs like BOND/BTC and DOCK/USDT. All existing trade orders for these tokens will be automatically canceled. Users have until 22 October to withdraw their delisted holdings.
Beyond trading, Binance is making adjustments across various services. This includes removing delisted tokens from Binance Simple Earn, Auto-Invest, margin trading, Binance Convert, and Binance Pay by specific dates.
More stories from the crypto ecosystem
Did you know?
Solana’s monthly DEX volume climbed to an all-time high of $60 billion in March. This represented a 172% uptick from the $22 billion recorded in DEX volume in February. The surge in trading volume across DEXes on Solana in March was due to the significant interest in meme coins during that period.
Over 15,000 companies worldwide accept Bitcoin as a payment method. Out of these 15,000, over 2000 of these companies are based in the United States.
To mine one Bitcoin, you would need 9–13 years of household electricity. This is because the process of creating BTCs to spend or trade consumes around 91 terawatt-hours of electricity annually.
Top 3 coins of the day
Notcoin (NOT)
Key points:
On a macro-frame, NOT has been trading with a bullish momentum.
It was up by over 21.28% over the last seven days.
What you should know - Notcoin (NOT) has defied the odds, surging 22% over the past week and outperforming the top 50 coins. Bulls are eyeing $0.02615 as their next target, a successful break above which could see NOT challenge resistance at $0.02992. However, bears shouldn't be ignored. If the market turns sour, NOT could tumble back to its support level of $0.00877. The RSI currently sits at 59, indicating upward momentum and supporting a bullish short-term outlook.
Bitcoin Cash (BCH)
Key points:
At press time, BCH was trading at $330.
It was down 15% over the past week.
What you should know - Bitcoin Cash has fallen a steep 58% since its April peak of $719. The once-promising support at $520 has now become stubborn resistance. Lower lows on the daily chart paint a bearish picture, with a potential supply zone looming between $463 and $495. However, a glimmer of hope remains. The $290 level could act as a strong support floor, and the MACD indicator offers a mixed signal, avoiding a clear confirmation of bearish momentum. This suggests a potential short-term reversal is still on the table. BCH's future trajectory hinges on overcoming the $520 resistance and breaking the pattern of lower lows.
Avalanche (AVAX)
Key points:
AVAX has been trading close to its near-term support of $24.
The coin was up 1.41% over the past day.
What you should know - Avalanche has been under bearish pressure in the short term. Despite finding support at $20 for over three months, recent gains have been very modest with lower trading volume. However, a silver lining exists. The coin's 1.41% daily rise suggests some short-term demand, even if volume remains subdued. Bollinger Bands indicate low volatility, and the RSI reading hints at potential short-term gains. For a more sustained rise, AVAX needs to overcome the resistance above $20 and see a significant increase in trading volume. Otherwise, the current consolidation pattern may persist.
How was today's newsletter? |