Track market-moving stories before they get noisy

PANews reported on August 21st that Coinbase Assets has added AWE Network (AWE), Dolomite (DOLO), Flock (FLOCK), Solayer (LAYER), and SPX6900 (SPX) to its asset listing roadmap. The official contract addresses for each asset on the Base, Ethereum, and Solana networks were also announced. The platform stated that the launch of trading for these assets is subject to market support and technical requirements, and the specific launch date will be announced separately.

The crypto market is in turmoil as aggressive selling continues across the board, triggering liquidations and leaving investors counting losses. Bitcoin (BTC) tumbled below the $70,000 mark on Thursday, after erasing the post United States (US) election surge.

In stark contrast to the extensive sell-off, some Artificial Intelligence (AI) crypto tokens, including AWE Network (AWE) and OlaXBT (AIO), are defying headwinds and extending their uptrends.

Crypto liquidations hit $1 billionBitcoin’s slump below $70,000 has dragged the majority of crypto assets down with it, as leveraged positions are liquidated, exceeding $1 billion over 24 hours.

Long position traders bore the biggest brunt of the correction, with approximately $896 million wiped out. Short position holders, on the other hand, lost nearly $166 million in the same period 24-hour period.

Crypto liquidations | Source: CoinGlassAWE Network tests breakout strengthAWE Network is largely in bullish hands, trading above $0.066 while the 200-day Exponential Moving Average (EMA) at $0.060, the 100-day EMA at $0.059 and the 50-day EMA at $0.056 reinforce a short-term bullish outlook.

The AI token also holds above a descending trendline, poised to serve as support if profit-taking and broader market sentiment cap the upside, leading to a correction.

Meanwhile, the Relative Strength Index (RSI) at 72 on the daily chart supports the bullish thesis. A further increase in the RSI would accelerate the price by 15% to the next resistance at $0.077.

The Moving Average Convergence Divergence (MACD) indicator remains above its signal line on the same chart, as the red histogram bars expand, prompting investors to increase their risk exposure.

Closing below the immediate hurdle at $0.067 could lead to instability amid aggressive profit-taking. A correction from this level is likely to test the 200-day EMA support at $0.060.

AWE/USDT daily chartOlaXBT also edges up, trading above $0.16 at the time of writing on Thursday, reflecting increased interest from traders seeking opportunities in newly launched AI tokens. AIO holds well above the 50-day EMA, providing support at $0.14 and the 100-day EMA at $0.13. The accelerated trendline (dotted) is poised to absorb selling pressure if the trend reverses, while the slow trendline is positioned below the 100-day EMA.

AIO/USDT daily chartThe RSI is at 56 as it rises on the daily chart, indicating that bullish momentum is building. A continued uptrend would bring AIO to the next resistance level at $0.18.

Still, traders should be cautious and temper their expectations given that the MACD indicator remains below its signal line on the same chart. If the price trims intraday gains, the AI token may drop to test support provided by the 50-day EMA at $0.14.

Bitcoin, altcoins, stablecoins FAQs Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

Binance Margin will phase out several BTC margin trading pairs, including Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, STP, and AVA. This affects both cross and isolated-margin trading options, reducing available pairs for users.

The exchange has cautioned users to close positions and transfer affected assets from Margin Wallets to Spot Wallets to avoid potential losses. However, despite the delisting news, coins like Highstreet and Perpetual Protocol have surged by 6% to 12% in price, while AVA, Gitcoin, BAND, and STP recorded modest gains of 1% to 2%. This mixed market response highlights varying investor sentiment across the affected assets.

Binance To Delist These Tokens On December 3, Binance informed users about upcoming changes to its margin trading offerings. Several BTC trading pairs, including Band Protocol, Gitcoin, and Highstreet, will no longer be available for cross or isolated-margin trading.

According to the announcement, BAND/BTC and GTC/BTC cross-margin pairs, along with isolated margin pairs like AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC, will be removed. The delisting process begins on December 4, 2024, with the suspension of isolated margin borrowing. Full removal, including automatic closure of positions and cancellation of pending orders, will occur on December 11, 2024, at 06:00 UTC.

Binance, one of the top crypto exchanges, advises users to act proactively by closing positions and transferring funds to Spot Wallets ahead of these deadlines. While these pairs are being phased out, the underlying assets will still be tradable on other available pairs within the platform. These changes aim to streamline Binance’s offerings and better align with market demands.

Price Movements Of The Crypto Amid Delisting November saw a bullish trend in the crypto market, with approximately $1 trillion added in just one month. This surge in market momentum has positively impacted several of the affected assets, despite Binance’s delisting announcement.

Band Protocol (BAND) price traded at $1.90, up 4% in the last 24 hours and 22% over the past week. GTC price surged 40% in the past week, reaching $1.20, and has gained 100% over the last month. PERP rose 7% to $1.03, marking a 20% increase in just one week.

Highstreet (HIGH) price also saw strong performance, up 12% to $2.04. Meanwhile, STPT price exchanged hands at $0.05, a 40% hike over the past month. AVA price was up 8%, priced at $0.72, reflecting a positive short-term outlook despite the upcoming delisting.

Binance, one of the world’s largest crypto exchanges, has shortlisted 10 altcoins for close monitoring, with potential for delisting.  

This review, set to take around 30 days, reflects Binance’s attempts to enhance market quality.

Binance Shortlists 10 Altcoins For Potential DelistingFollowing its announcement to list GoPlus Security (GPS), Binance shared another update detailing extending its monitoring tags to 10 altcoins.

Specifically, Aergo (AERGO), Alpaca Finance (ALPACA), AirSwap (AST), Badger DAO (BADGER), BurgerCities (BURGER), COMBO (COMBO), NULS (NULS), STP (STPT), UniLend (UFT), and VIDT DAO (VIDT) are now on the list, effectively placing them on high risk of delisting.

“Tokens with the Monitoring Tag exhibit notably higher volatility and risks compared to other listed tokens. These tokens are closely monitored, with regular reviews conducted. Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform,” Binance explained in a blog.

Accordingly, Binance has implemented a new requirement for users looking to trade any tokens marked on its Spot trading and Margin platforms. To gain access, traders must pass a risk-awareness quiz every 90 days. This measure ensures that users understand the risks associated with these tokens before engaging in trades.

The exchange emphasized that this shortlisting does not guarantee delisting. Binance will conduct periodic project reviews and decide whether to add or remove the Monitoring Tag. Notably, this decision will hinge on current findings after the review process.

Nevertheless, this assurance did not assuage token holders. In the immediate aftermath of this potential delisting announcement, the values of the 10 cited tokens dipped, posting double-digit losses as investors traded the news.

AERGO, ALPACA, AST, BADGER, BURGER, COMBO, NULS, STPT Price Performance. Source: TradingViewNotably, tokens with the Monitoring Tag present high risk due to concerns spanning regulatory uncertainty, low liquidity, or extreme volatility. Binance displays this tag on the corresponding Spot and Margin trading pages and the Markets Overview section. Additionally, the exchange shows a risk-warning banner whenever users interact with these tokens.

Citing community feedback, the leading exchange by trading volume said its monitoring tag would now be updated monthly. Nevertheless, it will continue to review the removal of Monitoring and Seed Tags quarterly. 

“New projects will be added in the first week of every month,” the exchange added.

By enforcing this requirement, Binance aims to educate and protect its users, ensuring they make informed decisions. The move reflects the exchange’s increasing focus on risk management and compliance in a growing regulatory environment.

Meanwhile, the drop seen across the affected tokens is unsurprising, presenting as a typical reaction to such announcements. For instance, in December, Binance’s decision to delist three altcoins sent affected tokens down a cliff to record double-digit losses.

Conversely, listing announcements have the opposite effect. BeInCrypto reported earlier how Binance exchange’s move to list GPS sent the token soaring by over 10%.