Cryptocurrency The current stagnant atmosphere in the market has left most altcoins not moving in a clear direction. The market did not react much to the July personal consumption expenditures (PCE) data released yesterday. In particular, the July inflation data showed that price growth continued to slow in line with the Federal Reserve’s 2% target. This raises the possibility of interest rate cuts in September.
3. Stay Away From Cryptocurrencies
Despite the potential for interest rate cuts, risk assets like cryptocurrencies remain stable. Bitcoin (BTC) continues to consolidate below the $60,000 resistance level. While the current situation may present an investment opportunity, there are cryptocurrencies that investors should avoid trading due to the possibility of increased volatility in the coming week. The first of these is Immutable. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Cryptocurrency Immutable (IMX) has been resilient recently, rising by about 8% in the past month despite the overall market volatility. However, an upcoming token unlock on September 6, 2024 will see 32.47 million IMX released into the market. The tokens will account for 2.06% of the cryptocurrency’s market cap, worth about $47.23 million. While technical indicators are mostly bullish for IMX, the increased supply from the unlock could cause a shift in sentiment and trigger new volatility.
Beware of HFT and SUI
Altcoin Hashflow (HFT) is also facing a similar situation. Accordingly, a token unlock will be released on September 7, 2024. 15.83 million HFT tokens will be released to the market. This release, which will constitute 4.33% of the current market value, is worth approximately $ 2.27 million. Historically, tokens with significant unlocks such as HFT often experience increased selling pressure. At the time of writing, Hashflow was trading at $ 0.14 and has fallen by more than 23% in the past month.
Cryptocurrency Sui (SUI) is facing a token unlock on September 3, 2024. The unlock will release 83.88 million SUI into the market. This release, which corresponds to 3.23% of the current market value, will be worth approximately $67.97 million. At the time of writing, SUI was trading at $0.81.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
