After falling by over 8% from the local top at $8,460, Bitcoin (BTC) has started to mount a comeback over the past few hours. The cryptocurrency, since hitting prices just under $7,700 earlier today, is now trading around $8,100, seemingly trying to retake the key $8,000 support region, which has been of historical relevance.
(This surge comes shortly after Elon Musk — yes, the Elon Musk that runs SpaceX and Tesla and also co-founded PayPal and a bajillion other companies — mentioned Bitcoin on Twitter. More information on that can be found at this link. We’re not saying this is correlated, but it is somewhat eerie.)
Related Reading: Analysts Think Ripple’s (XRP) Price Chart is “Absolute Trash”: Here’s Why While this move is recent, what are analysts thinking of this latest move in the BTC price? Do they expect it to have a wider effect on the crypto market’s trajectory?
What’s Next for Bitcoin After Move Back to $8,000 While not an entirely explosive move higher, the bounce from the $7,700 region is notable. Prominent cryptocurrency trader Josh Rager noted that Bitcoin “bounced and closed at support,” as marked on his chart.
This means that the “price doesn’t look bad [as it] held where it needed [to],” before adding that the recent close sets the stage for a tight Bitcoin range to form between $7,700 and $8,400, which could be a precursor to an explosion high ahead of Bitcoin’s May 2020 block reward reduction.
Prominent Bitcoin trader Storm noted that according to a key trend indicator on the four-hour BTC chart, bulls remain in control (as of 20 hours ago), adding that he thinks it’s thus worth buying the cryptocurrency between $7,700 to $7,900 to factor in the potential upside.
Very nice 4H trend change on the accATR, definitely worth picking up spot 7700-7900 pic.twitter.com/hSLPM7iQtg
— storm (@stormXBT) January 9, 2020
It appears that a number of key indicators remain bullish as well, seemingly signifying that the recent 8% drop was a to-be-expected correction after a dramatic surge higher.
Price Needs to Retake $7,870 on Weekly Basis Sure, the daily outlook for Bitcoin is starting to look positive again. Though, prominent trader HornHairs has noted that the cryptocurrency will need to close above $7,870 on Sunday (the weekly candle close), or else he will expect a dramatic ~25% move down to $6,000, for that close would confirm that BTC was trading in a clear macro bull trap.
$BTC
We got the breakout, which was a good start, but as the weekly chart stands, it looks like a bull trap.
If we close below $7870 on Sunday, my expectations will be a move down to $6k. Very important next few days. Nothing conclusive until Sunday. pic.twitter.com/9V4Gia3b4n
— HornHairs 🌊 (@CryptoHornHairs) January 9, 2020
Related Reading: A Big Plunge to Sub-$100 for Ethereum Is Imminent If This Happens Featured Image from Shutterstock
Since hitting $6,800 over a week ago, Bitcoin (BTC) has exploded higher, registering massive gains against the U.S. dollar as bulls have made their presence known in this new year. At the recent rally’s peak, the price of the leading cryptocurrency was $8,450, up some 25% from the bottom.
Related Reading: Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu’s Blockchain Beta Despite this strong surge, a key indicator, the Tom DeMark Sequential (better known as the TD Sequential), recently printed a bearish signal. According to a Telegram alerts channel tracking the time-based indicator, which predicted Bitcoin’s bottom at $3,200 in 2018 and the top at $14,000, the BTC/USD chart just printed a “Sell Quasi 9” on the daily.
Although “Sell 9” candles are often lead to strong reversals, for they show that a trend has exhausted, analysts aren’t too concerned, for there is a flurry of other technical signals suggesting that bulls are decisively in control.
Related Reading: Ethereum’s Price Chart Just Printed This Extremely Bullish Signal Bitcoin Bulls Decisively In Control There are a number of signals suggesting Bitcoin is poised to head higher, no matter what the TD Sequential suggests.
Per previous reports from NewsBTC, a trader going by Storm remarked that according to a key trend indicator on the four-hour BTC chart, bulls remain in control, adding that he thinks it’s thus worth buying the cryptocurrency between $7,700 to $7,900.
The indicator he mentioned is relevant as it flipped green in the middle of February and didn’t flip over to a bearish reading until September or so, giving those tracking it a chance to bag 300% profits on a Bitcoin trade.
Not to mention, the Lucid Stop and Reversal system recently printed a buy signal on the weekly candle for Bitcoin, which was a signal last seen in March of 2019, and has outperformed BTC by over 1,000% since August 2018, per trader Financial Survivalism.
Historical chart analysis agrees with the positive fundamentals. As noted by analyst Nunya Bizniz, in previous cycles the four months out from Bitcoin’s halvings have always been extremely bullish for the price of BTC.
This simple historical analysis, which is backed up by the fact that investors attempt to “front-run” the halving by buying Bitcoin beforehand, suggests that the crypto market may soon explode higher ahead of the halving, potentially entering into a parabolic uptrend.
Bitcoin is about 120 days away from the halving.
What was price action like 120 days prior to the first two halvings?
Whether you believe its priced in or not, if past is prologue – volatility may be expected. pic.twitter.com/7peG6Ir0m4
— Nunya Bizniz (@Pladizow) January 10, 2020
So even if there is understandably some bearish retracement from current prices levels, analysts are still bullish on Bitcoin from a more medium-term perspective.
Related Reading: This Late Night Host Just Exposed Millions to Bitcoin, Again Featured Image from Shutterstock
StormX has expanded its range of crypto rewards services into mobile online shopping. Users of the micro-task platform can now earn cashback in cryptocurrencies when they shop with their favorite brands on their smartphones. StormX has expanded its range of crypto rewards services into mobile online shopping. Users of the micro-task platform can now earn cashback in cryptocurrencies when they shop with their favorite brands on their smartphones. StormShop connects with over 400 leading online retailers, offering users up to 40% cashback on their purchases.
Cashback rewards for online shopping are already available via browser plugins from StormX or other platforms such as Lolli or Bitcoin Rewards. However, StormX has built a global 2.5 million-strong user base by offering the opportunity to earn rewards through micro-tasking - completing small tasks such as participating in short surveys and getting paid in crypto for doing so. Given how well this service lends itself to a smartphone app, it makes sense that StormX is now integrating its StormShop feature into the existing mobile app.
Like the micro-task platform StormPlay, StormShop also offers users the opportunity to redeem their rewards in Bitcoin, Ether, Litecoin, Dai, or STORM tokens. StormShop has already onboarded big-name brands such as Samsung and Microsoft, and it seems likely that more will be added over time.
Speaking to CryptoDaily about the mobile rollout of StormShop and its effect on crypto adoption, CEO and co-founder Simon Yu said:
“There has been an interest among many people on Bitcoin and cryptocurrencies but it has always tied to a speculative investment. Through our products at Storm, we’re allowing users to earn cryptocurrency easily without having to risk their money.”
Driving AdoptionOffering users rewards in cryptocurrency could be a powerful way to increase adoption. The most obvious draw is free cryptocurrency - a user only needs to enter their wallet address, and they can start earning. However, there are other potential attractions, one of the most notable being brand endorsements. The involvement of prominent tech firms such as Microsoft is likely to create trust among other retailers, making them more likely to sign on for a crypto rewards program.
Furthermore, if users see their favorite brand names on crypto reward programs, they’re more likely to participate, thus becoming crypto users. It’s a safe and straightforward way to get into crypto that doesn’t involve having to use an exchange at the first step.
Integrated Mobile WalletsAlong with participating in crypto cashback programs, Samsung is doing much to drive cryptocurrency adoption among its smartphone users. The next edition of the flagship Galaxy phone, the 5G-enabled S20, will come with a cryptocurrency wallet pre-installed. It will enable users to buy Bitcoin and other cryptocurrencies with just a few taps on their screen. The wallet also provides secure storage for private keys to other wallets.
The impact of this shouldn’t be underestimated. Samsung boasts the largest share of the smartphone market, having shipped close to 300 million units over 2019. By providing a built-in wallet, Samsung is removing one of the last barriers to entry for newcomers to cryptocurrency. Using an app to earn free rewards in digital assets, users can start accumulating cryptocurrencies without having to open any other wallet or exchange accounts.
The number of cryptocurrency wallets has been increasing steadily over recent years. However, integrating blockchain and cryptocurrencies into mainstream devices already owned by billions of people, combined with the trust factor in brands like Samsung, could be the catalyst needed to propel cryptocurrency into the mainstream.
In a plea for financial assistance, Roman Storm, one of the founders of the crypto mixer Tornado Cash (TORN), is facing a daunting legal battle in the United States. Storm, who was arrested last year and charged by the U.S. Department of Justice (DOJ) with alleged money laundering of $1 billion in criminal proceeds, is now seeking donations to support his legal defense. His arrest and the subsequent trial have raised significant questions about the future of digital assets.
Arrest and legal defense appeal Roman Storm, a passionate software developer and co-founder of Tornado Cash, an open-source non-custodial privacy protocol built on the Ethereum network, finds himself in dire straits. Despite his ongoing cooperation with U.S. authorities, Storm’s life took a dramatic turn when heavily armed FBI agents raided his home at dawn, leading to his arrest, all in front of his three-year-old daughter.
In a video plea posted on the social media platform X, Storm appealed to the crypto community and privacy advocates for support. He emphasized the importance of his trial, not only for his family’s sake but also for the future of software developers and financial privacy. Storm stated, “Folks, I need your help. Whether you’re a passionate developer like me involved with web3 or simply care about software and privacy, this legal battle will affect you.”
Significant implications for digital assets The outcome of Roman Storm’s trial could have far-reaching consequences for the cryptocurrency world and the concept of financial privacy. Tornado Cash, the project he co-founded, was sanctioned by the U.S. government in 2022, citing national security concerns. Storm’s arrest and subsequent legal battle have intensified the scrutiny surrounding crypto mixers and their potential use in money laundering and illicit activities.
To aid in his legal defense, JusticeDAO (decentralized autonomous organization) has established multiple options for donations. Storm urged individuals to contribute, highlighting that every contribution counts in this critical moment. He emphasized the broader implications of his case, stating that it would set a major precedent for years to come.
Tornado Cash, the Ethereum-based coin mixing system co-founded by Storm, has faced legal challenges beyond his arrest. Last year, Roman Semenov, another Tornado Cash founder, was charged by the DOJ with conspiracy to assist the North Korean hacking group Lazarus in money laundering activities. Also, in August 2022, a third co-founder of Tornado Cash, Alexey Pertsev, was arrested on money laundering charges in the Netherlands.
In a plea for financial assistance, Roman Storm, one of the founders of the crypto mixer Tornado Cash (TORN), is facing a daunting legal battle in the United States. Storm, who was arrested last year and charged by the U.S. Department of Justice (DOJ) with alleged money laundering of $1 billion in criminal proceeds, is now seeking donations to support his legal defense. His arrest and the subsequent trial have raised significant questions about the future of digital assets.
Arrest and legal defense appeal Roman Storm, a passionate software developer and co-founder of Tornado Cash, an open-source non-custodial privacy protocol built on the Ethereum network, finds himself in dire straits. Despite his ongoing cooperation with U.S. authorities, Storm’s life took a dramatic turn when heavily armed FBI agents raided his home at dawn, leading to his arrest, all in front of his three-year-old daughter.
In a video plea posted on the social media platform X, Storm appealed to the crypto community and privacy advocates for support. He emphasized the importance of his trial, not only for his family’s sake but also for the future of software developers and financial privacy. Storm stated, “Folks, I need your help. Whether you’re a passionate developer like me involved with web3 or simply care about software and privacy, this legal battle will affect you.”
Significant implications for digital assets The outcome of Roman Storm’s trial could have far-reaching consequences for the cryptocurrency world and the concept of financial privacy. Tornado Cash, the project he co-founded, was sanctioned by the U.S. government in 2022, citing national security concerns. Storm’s arrest and subsequent legal battle have intensified the scrutiny surrounding crypto mixers and their potential use in money laundering and illicit activities.
To aid in his legal defense, JusticeDAO (decentralized autonomous organization) has established multiple options for donations. Storm urged individuals to contribute, highlighting that every contribution counts in this critical moment. He emphasized the broader implications of his case, stating that it would set a major precedent for years to come.
Tornado Cash, the Ethereum-based coin mixing system co-founded by Storm, has faced legal challenges beyond his arrest. Last year, Roman Semenov, another Tornado Cash founder, was charged by the DOJ with conspiracy to assist the North Korean hacking group Lazarus in money laundering activities. Also, in August 2022, a third co-founder of Tornado Cash, Alexey Pertsev, was arrested on money laundering charges in the Netherlands.
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Roman Storm, one of the three co-founders of the cryptocurrency mixing service Tornado Cash, is appealing to the crypto community for financial support to aid the impending legal defense against the US government.
Storm Appeals To The Web3 Community For Financial Help Taking to X on January 22, Storm said 2024 would be definitive and that he is “scared.” However, the developer hopes the community cares “with a passion” and will donate to support the legal team defending against the US government’s allegations.
All donations will be channeled through JusticeDAO, a decentralized autonomous organization (DAO) leading legal matters relating to Tornado Cash.
The call for assistance comes after Storm’s arrest by US authorities in 2023. This arrest occurred despite the developer’s willingness to cooperate in the US Department of Justice’s (DOJ) investigation into Tornado Cash’s alleged illicit usage and violation of US laws.
In August 2022, Dutch authorities arrested Alex Pertsev, a co-founder of Tornado Cash, and now Storm has also been arrested.
Tornado Cash price trending sideways on the daily chart | Source: TORNUSDT on MEXC, TradingView Both arrests followed sanctions imposed against Tornado Cash by the US Treasury Department’s Office of Foreign Assets Control (OFAC) over accusations of money laundering and sanctions violations. Notably, it marked the first time OFAC treated open-source software as an entity or a person that can be sanctioned.
In an indictment, the US DOJ accuse the two co-founders of “helping facilitate” the laundering of over $1 billion of funds received from criminal proceeds. The Justice Department maintains that some of the funds laundered were for North Korea enabled by Lazarus Group, a hacking cell reportedly funded by the state.
In a statement when the indictment was unsealed at the Southern District of New York, Attorney General Merrick B. Garland said the charges leveled against the two co-founders served as a warning to elements who aim to conceal their criminal activities through crypto and mixers like Tornado Cash.
What Does It Mean For DeFi And Open-Source Protocols? Considering the impact of this case, especially on developers contributing code to open-source and public protocols, including Bitcoin and even decentralized finance (DeFi) projects, crypto advocates argue their arrests were an overreach. Most importantly, in their arguments, advocates assert that the US DOJ and OFAC are setting a precedent that will threaten coders’ freedom to publish software.
Thus far, as Ryan Adams communicated, Bankless has donated $10,000 and calls on open source protocols and supporters to donate more. Alex Pertsev’s trial begins in late March, while Storm’s will start in early September 2024.
Feature image from Canva, chart from TradingView
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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.
Edward Snowden, the former CIA contractor turned whistleblower, has publicly endorsed a legal defense fund for Roman Storm, co-founder of the embattled cryptocurrency mixing service Tornado Cash.
What Happened: In an X post on Tuesday, Snowden encouraged his followers to contribute to Storm’s cause.
Snowden, who has been residing in Russia since his espionage charges in the U.S. in 2013, shared Storm’s call for support and tweeted, “Privacy is not a crime.”
Storm announced his intention to set up a fundraising campaign via a decentralized autonomous organization (DAO) in a bid to secure legal representation. Last year, Storm faced legal troubles when the U.S. Department of Justice charged him with money laundering related to his involvement in Tornado Cash.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Advocates for Storm and Pertsev have expressed concerns that their arrests represent a broader threat to open-source software creation. The fundraising website for their defense claims these arrests could have dire implications for developers across the industry.
Snowden's stance on privacy was further underscored during an event last year where he criticized the U.S. government’s actions against Tornado Cash as “deeply illiberal and profoundly authoritarian.”
Last week, Snowden, took a dig at JP Morgan CEO Jamie Dimon following the Securities and Exchange Commission (SEC) approval of a Bitcoin (CRYPTO: BTC) ETF.
Snowden in a tweet on X said, “Wild how the SEC approving a Bitcoin ETF was all it took to transform the CEO of JPMorgan from the King of Money into that guy who spends one half of every interview insisting "I don't care about Bitcoin," and the other half sobbing that it stole his wife and shot his dog.”
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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.
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January 24, 2024
Source: DALL·E 3 Former CIA contractor and whistleblower Edward Snowden on Tuesday called for financial aid to support Tornado Cash founder Roman Storm’s legal defense.
Storm and his co-founder Semenov were arrested in Aug. 2023 for alleged sanctions violations in the US through their crypto mixing service, accused of laundering over $1b.
“My legal team and I are going to put forth a strong defense at trial, not just for my family’s sake, but for the future of software developers and financial privacy,” Storm said in a video posted to X on Monday.
“Folks, I need your help. Whether you’re a passionate developer, involved with Web3, or just care about software and privacy, this legal battle will affect you. So, please help contribute to my legal defense, because this case will set a major precedent for years to come,” he added.
Storm, who holds both US and Russian citizenship, was released on bail shortly after his detention on a $2 million bond secured against his Washington state residence.
Snowden has asked supporters to help, saying: ” Privacy is not a crime.”
If you can help, please help. Privacy is not a crime. https://t.co/R4vauNLRB4
— Edward Snowden (@Snowden) January 23, 2024
Tornado Cash saw an 85% drop in transactions following OFAC sanctions Storm, together with Semenov and developer Alexey Pertsev, founded Tornado Cash in 2019.
The mixer, still operational as of now, offers users a way to hide their transaction history, effectively protecting their financial privacy from outside observation.
Tornado Cash accomplishes this by masking the trails of transactions, providing a shield against any form of surveillance and tracking.
In 2022, the US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on Tornado Cash for alleged exploitation by North Korean hackers in money laundering activities.
These sanctions intended to forbid anyone in the US from engaging with the service, including sending or receiving funds through it.
The indictment claimed that Tornado Cash functioned as a money service business without registration, a requirement under FinCEN regulations.
Post OFAC sanctions, Tornado Cash saw an 85% drop in overall volume, with illicit transactions through the mixer decreasing by about 77%, according to TRM Labs.
Edward Snowden’s advocacy mirrored in Storm’s mission Snowden’s backing of Roman Storm makes sense, as they both appear to share views on privacy and encryption.
He became known for disclosing National Security Agency (NSA) materials to the media, resulting in major privacy rulings and changes in policies and technologies.
Critics argue that Tornado Cash provides a legitimate tool for users seeking financial privacy, useful for anonymous political donations, or shielding personal finances.
Groups like Coin Center and the Blockchain Association have backed the service’s developers.
A legal fund for the defense of Tornado Cash developers Roman Storm and Alexey Pertsev has received more than $350K and public support from Edward Snowden, the former NSA whistleblower.
Tornado Cash's Roman Storm and Roman Semenov face allegations of money laundering and sanctions violations in the U.S.
Storm, a dual U.S. and Russian citizen, was arrested by the Department of Justice (DOJ)and placed under house arrest in Washington State, with a trial expected in 2024 after he was charged with money laundering and sanctions violations in August 2023. He has pleaded not guilty to the charges. Roman Semenov, another developer and co-founder, was also charged but has not been arrested.
The DOJ alleges that more than $1 billion in crypto was moved through the mixing service, which tries to mask the wallet addresses and provide anonymity for the sender and the receiver. Pertsev has been in jail since 2023 in The Netherlands.
“2024 is the year that will define the rest of my life,” said Storm on X. “Honestly, I’m scared. But also hopeful that this community cares with a passion. Please donate towards my legal defense.”
Snowden retweeted that message asking people to help while adding that “Privacy is not a crime.”
StormX (STMX) is an ERC-20 based cryptocurrency that allows users to earn by completing small tasks or shopping from global partners around the world. Alongside the incredible rise and popularity of cryptocurrencies, e-commerce has also seen a tremendous surge in recent times. The developers behind the project aimed to merge these two niche areas.
StormX users can earn more StormX Coin with every purchase they make from partners on the network across the globe. StormX does not yet have its own blockchain network and uses the network of Ethereum, the second largest cryptocurrency by total market value. Being ERC-20 based, STMX Coin has thus managed to become popular in a short time.
Users can stake using StormX Coin, make purchases from many places around the world, and fulfill various micro tasks to the benefit of STMX users.
What is StormX (STMX)?As of the time this article was written, STMX Coin ranks as the 124th largest cryptocurrency. With a total supply of 10 billion, the circulating supply of STMX Coin is seen as 8.412 billion. Despite this, the token price currently being $0.05608 paves the way for a total market value of $471 million.
STMX Coin has recently started to be frequently mentioned due to its price increase. Nevertheless, the cryptocurrency project aiming to create a global shopping network is still nearly 78% behind its record reached on January 9, 2018, three years ago. STMX Coin had reached up to $0.2466 three years ago. Of course, the low supply at those times also plays a role in this. Since March 13, 2020, STMX Coin has achieved a 9,715% increase, showing how effective the bull season can be.
Where to Buy STMX Coin?STMX Coin can be bought on Binance.
After creating an account on Binance, the following steps can be followed:
To buy STMX, first send USD to the exchange or transfer a cryptocurrency that will replace it, then convert it to BTC.After purchasing BTC, preview the “Buy-Sell” option in the top left, click on the “Classic” tab.In the opened section, select the BTC tab from the top right, type STMX into the search button, and select the STMX /BTC pair that opens below.Enter the amount you want and confirm the transaction to complete the STMX Coin purchase.Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The latest update from Binance regarding cryptocurrencies including AAVE, StormX (STMX), and SUN has reverberated optimism among investors across the broader market. As the leading crypto exchange revealed new spot trading pairs for the mentioned tokens on Tuesday, investor sentiments on the crypto assets’ future price action have taken an optimistic turn.
Meanwhile, crypto traders speculate whether the move by the exchange could spark a further rally as prices pullback after skyrocketing. Intriguingly, Binance’s listing chronicles have previously sparked significant gains in cryptocurrencies. For context, the recent talk of the crypto town, TON-based DOGS price surged nearly 120% with spot listing on the crypto exchange.
AAVE, STMX, and SUN Brace For Impact With Binance Listing Binance official announcement dated September 3 has garnered significant optimism on AAVE, STMX, and SUN price action ahead. The crypto exchange announced that it will commence spot trading for AAVE/USDC, STMX/TRY, and SUN/TRY pairs on September 4 at 8 AM UTC.
Further, the announcement revealed that the CEX will also start TRX/USDC spot trading on the same date and time. This announcement has garnered optimism, offering increased money inflow to the coins.
In addition, the exchange revealed that it will streamline trading bots services for specific pairs starting September 4 at 8 AM UTC. These pairs included:
Spot Algo Orders: AAVE/USDC, STMX/TRY, SUN/TRY and TRX/USDC.
Overall, the exchange’s announcement paves the way for increased investor participation, potentially driving an upward momentum in the tokens’ prices.
How Are The Coins Performing Today? At press time, AAVE price soared nearly 9% and is currently sitting at $131.5. Its intraday lows and highs were $120.46 and $135.13, respectively. Coinglass data spotlighted a 19% surge in the token’s futures OI today. Further, its 24-hour trading volume surged 34.65%, driving investor optimism.
StormX price soared 6% today, reaching $0.006542. The intraday low and high were $0.006003 and $0.006588, respectively. The token’s futures OI noted a 0.6% uptick today. Also, its 24-hour trading volume soared 4.70%.
Nonetheless, SUN price slipped 3% despite the listing announcement, stirring speculations among market participants. The coin traded at $0.03259, with its 24-hour lows and highs were $0.03135 and $0.03451, respectively. Coinglass revealed a 2% dip in the coin’s futures OI today. However, its 24-hour trading volume noted a 16.83% uptick.
Crypto market participants continue to watch these tokens, as the looming listing could spark a considerable price action shift. Meanwhile, in another optimistic buzz, Binance added TON on Simple Earn locked products today, marking a significant stride in the market. Additionally, the exchange also solidified user appeal, unveiling FLUX USD-Margined perpetual contract today with up to 75x leverage.
The leading crypto exchange Binance has announced its decision to delist four major cryptocurrencies: AirDAO (AMB), CLV (CLV), StormX (STMX), and VITE (VITE). The delisting, set for February 24, 2025, has raised concerns about potential price volatility and the broader implications for these tokens.
Binance To Delist Four Crypto; Here’s Why In a recent announcement, Binance revealed its plan to delist the four tokens, sparking market discussions. Notably, the crypto exchange periodically reviews digital assets to ensure they meet its stringent listing criteria. According to the exchange, tokens that fail to maintain high trading volumes, robust security, or active development teams face potential removal.
In its official statement, the exchange outlined several factors influencing the decision, including the commitment of project teams, network stability, regulatory compliance, and overall contribution to a sustainable crypto ecosystem. While Binance did not specify which factors led to the delisting of these four tokens, the move suggests they failed to meet one or more of these criteria.
Meanwhile, this decision underscores the exchange’s proactive approach to maintaining a secure and efficient trading environment.
Trading & Market Sentiment After Binance Announcement The announcement has already triggered uncertainty, with traders and investors fearing a sharp decline in prices. Historically, delisting events often lead to panic selling, liquidity crunches, and a loss of investor confidence. As of now, affected trading pairs include AMB/USDT, CLV/BTC, CLV/USDT, STMX/TRY, STMX/USDT, and VITE/USDT. All trade orders will be automatically removed once trading ceases.
Beyond spot trading, Binance will also halt futures contracts for AMBUSDT and STMXUSDT on February 21, 2025. In addition, Binance Margin, Simple Earn, Auto-Invest, and Gift Cards will discontinue support for these tokens in the days leading up to delisting.
This means traders have limited time to adjust their portfolios, close positions, and withdraw funds before Binance fully removes these assets from its platform. Notably, the exchange has previously removed a key trading pair for VITE, which has also fueled market concerns.
Is AMB, CLV, STMX, & VITE Prices Crash Imminent? The immediate concern is whether these delistings will lead to a major sell-off. While AMB, CLV, STMX, and VITE are not top-tier cryptocurrencies, Binance’s influence on market sentiment is significant.
Having said that, if panic spreads, these low-cap tokens could also face increased scrutiny and selling pressure. However, seasoned investors may see this as an opportunity to accumulate these tokens at lower prices, potentially leading to price swings in the short term.
How These Cryptocurrencies Are Performing? The delisting announcement has already impacted the market sentiment, as evidenced by the recent performances of the tokens. For context, AirDAO price slipped 35% following the Binance announcement to $0.002627, while its one-day trading volume skyrocketed 690% to $10.68 million. It’s worth noting that the crypto has touched a 24-hour high of $0.004167.
AirDAO Price Simultaneously, CLV price plunged nearly 10% to $0.04238 from its 24-hour high of $0.0513, indicating the gloomy sentiment hovering in the market. Following the same trajectory, StormX or STMX price retreated 10% while VITE price plummeted 37% to $0.00495. VITE trading volume rocketed 518% to $5.02 million.
CLV Price This recent retreat indicates how these top crypto exchanges hold a robust influence on the broader market sentiment. In other words, while any positive announcement from these exchanges triggers a rally in the assets’ value, any negative or delisting announcements spark market concerns leading to massive price drops.
