Top 5 losers in uncertain market FUD Storm.
Currently, the market is experiencing a decline due to a combination of fear, uncertainty, and doubt (FUD). On top of this difficult situation, the US Securities and Exchange Commission has recently filed a lawsuit against two major crypto exchange giants, Binance and Blockchain.
The SEC has charged both Binance and Blockchain with being unregistered exchanges that sold unregistered securities, including Binance’s own digital assets, BNB and the Binance USD (BUSD) stablecoin.
As a result of this disheartening news, Binance’s netflow on the Ethereum blockchain has dropped to a staggering negative $776.8 million.
This event has caused the crypto market to drop by over 3% in the past 24 hours, with significant cryptocurrencies sliding and pulling the entire market down. Meanwhile, Bitcoin continues to remain below the $27k region.
- Binance.US lost $181 million in 2022, according to documents.
- BTC price may fall due to SEC crackdown on exchanges and its impact on Bitcoin rebound.
- Gensler rejects crypto complaints, warns of upcoming heat.
Therefore, these top five cryptocurrencies are a must-avoid for investors if they want to stay profitable this week.
Netflow to Binance over the past 24 hours is $778.6M negative on Ethereum – $871.7M in and $1.65B out
Over the past hour, netflow on Ethereum continues to be negative at $35.7M on Ethereum – $14.8M in and $50.5M out
Track it here https://t.co/nwTgpXWhZY and filter for “Binance” pic.twitter.com/jnNAN0QKVy
— Nansen 🧭 (@nansen_ai) June 6, 2023
Top 5 Losing Cryptos Amid FUD Storm
PEPE, which used to bring significant gains to investors, has now fallen victim to the bearish forces of the market. According to Coingecko, the token is down over 13% in the daily timeframe, following the market slump that started this week.
The token’s current trajectory indicates that more FUD is in store for investors. At the moment, PEPE’s price is above the $0.00000101 support range. Given the bearish sentiment in the crypto market right now, it will take some time before bulls can push PEPE up.
Despite a strong advertising campaign ahead of Paris Hilton’s concert on the 7th of June, investors’ and traders’ confidence in SAND was shaken as major cryptocurrencies fell in price. According to Coingecko, there has been a 17% decrease in the past 24 hours, a sign that more pain in the short to medium term is likely.
✨PARIS: LIVE IN CONCERT ✨
- Owners of the 11 rarest 1/1 Avatars get a free ticket to @ParisHilton
- Live in Concert on June 7th. This will be an unmissable evening with Paris + special guests at the Fonda Theatre in LA, featuring performances of her famous songs and brand new,… https://t.co/afDazic39p pic.twitter.com/MXNpF8RQID
— The Sandbox (@TheSandboxGame) June 5, 2023
SAND is currently trading above the $0.4976 support range. Investors and traders can expect the bears to break through this support level if the bearishness in the market continues. If this happens, a drop to $0.4368 will occur.
Even as news of the network’s partnership with Red Bull Racing hit the market, bears still found a way to crash the party. Recent market data shows that SUI, the governance token of the network, is down 14% since Wednesday.
SUI has a newfound support range at $0.7533. However, SUI bulls should not expect much from this support level as it lacks strength. At the moment, investors and traders should monitor the market’s movement as the token has a significant correlation with Bitcoin.
Bitcoin sliding near the $25K region. BTCUSD Chart: TradingView.com
Bearish Atmosphere Pervades
The bear market has caused significant damage to CFX, with bears continuing to push the price down after Multichain’s irregularities affected Conflux. As of now, CFX has fallen by over 12% since yesterday, in line with the overall market downturn.
Currently, CFX bulls are attempting to stabilize around the $0.2229 support level. If this support holds, there may be a chance of a return towards $0.2354 in the long term. However, investors and traders should still be cautious of potential losses in the short to medium term for this token.
Despite the successful launch of Axie Origins on the Apple Store last month, market downturn and FUD have dashed any hopes of short-term gains. According to Coingecko data, the token has fallen by almost 12% since Wednesday.
After experiencing gains following the release of Axie Origins, bears are currently attempting to break through the $6.6 support level. If they are successful, there may be a drop to $5.86 in the near future if the market continues to pull AXS downward.
(The content on this site should not be considered investment advice. Investing is always risky and your capital is always at risk when you invest.)
Featured image from Binance.