Statistics Indicate That Altcoin Delistings Surged In June

Coin Edition
Coin Edition

28 Jun 2023 11:31 AM

Yesterday, a crypto analyst tweeted that the number of altcoin spot instrument delistings for June alone stood at 441. Read more on CE....

  • Altcoin spot instrument delistings increased significantly in June, with about 441 delistings in the past 30 days.
  • This is a higher number compared to the delistings during the FTX collapse in November 2022, which had only about 280 delistings.
  • The delistings may be a result of the recent regulatory crackdown by the SEC and the removal of projects with no use case.
  • Technical indicators for the total altcoin market cap suggest that altcoins may continue to suffer in the next 24-48 hours.
  • The total altcoin market cap dropped below the key support level at $551.663 billion and the 9-day and 20-day EMA lines.
  • The 9-day EMA line is looking to cross bearishly below the 20-day EMA line, and the daily RSI line is also looking to cross bearishly below the daily RSI SMA line.
  • If these bearish signals continue, the total altcoin market cap may drop to $511.232 billion in the next week.
  • However, if the daily candle closes above the 9-day EMA line, the total altcoin market cap may reclaim a position above $551.633 billion and rise to $579.156 billion in the following week.

The sentiment of the article is negative, as it highlights the increase in altcoin delistings and suggests that altcoins may continue to suffer in the near future.

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You May Ask

How many altcoin spot instrument delistings occurred in June?How does the number of delistings in June compare to the delistings during the FTX collapse in November 2022?What factors may have contributed to the high number of delistings?What do the technical indicators suggest about the future performance of altcoins?What is the potential price range for the total altcoin market cap in the next week?

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