📉 6 Altcoins in Freefall after Binance Delisting

Sponsor Our Newsletter | Trade Crypto

Good Morning & Happy Monday.

Bitcoin and the wider Crypto market retraced some of the huge gains that were made towards the end of last week, traders are now looking towards this week’s CPI data for indications on the wider economy.

Meanwhile, Binance delisted 6 Altcoins, sending them into a tailspin.

Let’s get into it. 👇️ 

Markets

Bitcoin Nears $58K as Market Slides Ahead of Busy Data Week (3 minute read)
Bitcoin took a hit over the weekend, tumbling 4.8% to just above $58,500 by Monday morning. This drop triggered a broader crypto selloff, with traders eyeing a busy week ahead with lots of economic data.

US listed ETFs tracking crypto saw significant outflows on Friday—$89 million from BTC ETFs and $15.7 million from ETH ETFs. Solana and toncoin were among the hardest hit alts, both sliding 7%. Meanwhile, Aptos (APT), Arbitrum (ARB), and The Sandbox (SAND) also fell up to 7% ahead of token unlocks expected to flood the market with over $120 million in assets.

This week’s economic indicators, including U.S. and U.K. Consumer Price Index readings, could be further catalysts to the upside or downside.

Binance’s Delisting Decision Sends 6 Altcoins Into Freefall (3 minute read)
Binance just dropped the hammer on six altcoins: PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). The impact was immediate and brutal, with each token nosediving by double digits. EPX led the plunge, tanking 22%, while REEF and FOR weren’t far behind, dropping over 20% each.

Binance’s delisting decisions pack a punch because they signal a token’s perceived viability. The exchange reviews factors like team commitment, trading volume, and regulatory compliance. For these altcoins, the verdict was clear, and the market responded accordingly.

Crypto liquid funds bet big on Solana (2 minute read)
Early last week, the crypto market saw a steep decline, with Bitcoin plunging over 15% and Ether experiencing its worst drop since the FTX collapse. This selloff, driven by economic and geopolitical concerns, raised questions about how crypto funds are adjusting their strategies.

Despite the turbulence, several leading crypto funds remain bullish, particularly on Solana and the DeFi sector. Joe McCann, CEO of Asymmetric Financial, which manages two liquid funds, emphasized his firm’s continued investment in Bitcoin and overweight position on Solana. He stated, “We’ve owned zero ETH all year and see no reason to change that. SOL’s outperformance against ETH validates our thesis.”

Ryan Watkins, co-founder of Syncracy Capital, echoed this, noting Solana's strong metrics compared to Ethereum, despite trading at just 1/5 of its valuation. He also highlighted the potential in Solana’s ecosystem, which he believes is significantly undervalued.

Misc

Tether Slams Celsius Lawsuit as a 'Shakedown' (3 minute read)
Tether has fired back at Celsius Network’s lawsuit over disputed Bitcoin, calling it a "shakedown" and "baseless." The lawsuit, filed on August 9 in the U.S. Bankruptcy Court for the Southern District of New York, seeks to reclaim $2.4 billion in Bitcoin that Celsius claims was improperly liquidated by Tether before its bankruptcy.

In a statement released Friday, Tether responded, "No good deed goes unpunished," vowing to defend itself vigorously in court. Tether maintains it acted according to a 2022 agreement requiring Celsius to post additional Bitcoin as collateral. When Celsius failed to do so, Tether says it was instructed by Celsius to liquidate the Bitcoin to cover an $815 million debt. Tether argues that this lawsuit is an attempt to shift the blame for Celsius’ mismanagement onto them.

Canto chain targets fix amid 33-hour outage caused by consensus issue (1 minute read)
Cosmos-based layer-1 blockchain Canto has been offline for over 33 hours due to a consensus issue, according to the CantoScan block explorer.

The last recorded transaction, block 10847516, occurred at 2:29 am on August 11. With no new transactions since, Canto confirmed the problem in an update on their social media account, attributing the outage to a consensus issue.

Thanks for reading, if you enjoyed, tell your friends!

P.S: If you're interested in the wider investing world. Check out our flagship publication.