Official Delisting Decision

According to Bithumb’s announcement, Bonfida (FIDA) was among the assets decided to be delisted following the exchange’s internal evaluation and risk analysis processes. In line with this decision, trading support for all FIDA pairs will be completely discontinued, and users will no longer be able to execute buy or sell orders after the specified date. The delisting process is being implemented as part of the exchange’s practices aimed at protecting user safety and maintaining market integrity.

Bithumb management states that delisting decisions are generally based on criteria such as liquidity levels, project sustainability, market conditions, transparency standards, and user security. However, the announcement did not specify a concrete or technical reason unique to FIDA. This makes it even more important for investors to closely follow official announcements regarding the process.

What Should Users Do?

With the delisting process underway, there are several important points Bithumb users should pay attention to:

• Trading for FIDA will be halted on the specified date
• Users must withdraw their FIDA balances before the delisting deadline
• Additional restrictions may apply to assets not withdrawn within the given time frame

Experts recommend that in such situations, investors closely monitor official exchange announcements and make sure not to miss the final trading and withdrawal deadlines.

Market Impact

Bonfida (FIDA) is a project built on the Solana blockchain, aiming to provide decentralized exchange (DEX) infrastructure, data analytics tools, and DeFi solutions. Once holding a notable position within the Solana ecosystem, FIDA has recently experienced a decline in trading volume and market interest. The delisting decision by Bithumb could create short-term pressure on FIDA’s market outlook. Historically, delisting decisions by major exchanges tend to increase price volatility for affected tokens. Bonfida’s delisting from Bithumb once again underscores the importance of risk management for investors. Especially for projects reliant on a single exchange or limited liquidity, such decisions can lead to sudden price impacts. Experts emphasize the need for portfolio diversification and caution against exchange-related risks.

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The post Delisting Decision from Bithumb: Trading to Be Halted! appeared first on Coin Engineer.

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23rd of January, Tuesday (Altcoin Unlocks)

• dYdX (DYDX)
  • Market Cap: $866.39 million
  • Unlocked Token Amount: $17.82 million (2.05% of market cap)
• Bonfida (FIDA)
  • Market Cap: $33.04 million
  • Unlocked Token Amount: $5.18 million (15.70% of market cap)

January 24, Wednesday

• Ribbon Finance (RBN)
  • Market Cap: $292.66 million
  • Unlocked Token Amount: $11.67 million (3.99% of market cap)
• GameSwift (GSWIFT)
  • Market Cap: $31.51 million
  • Unlocked Token Amount: $1.55 million (4.91% of market cap)
• Mask Network (MASK)
  • Market Cap: $344.92 million
  • Unlocked Token Amount: $2.30 million (0.67% of market cap)

January 25, Thursday

• Pintu Token (PTU)
  • Market Cap: $36.05 million
  • Unlocked Token Amount: $2.45 million (6.74% of market cap)
• H2O Dao (H2O)
  • Market Cap: $29.10 million
  • Unlocked Token Amount: $4.29 million (14.77% of market cap)
• TENET (TENET)
  • Market Cap: $21.74 million
  • Unlocked Token Amount: $2.51 million (11.56% of market cap)

 26th of January, Friday

• GateToken (GT)
  • Market Cap: $471.45 million
  • Unlocked Token Amount: $31.66 million (6.72% of market cap)
• Dogechain (DC)
  • Market Cap: $20.66 million
  • Unlocked Token Amount: $2.63 million (12.86% of market cap)
• Immutable (IMX)
  • Market Cap: $2.59 billion
  • Unlocked Token Amount: $71.92 million (2.79% of market cap)

January 27, 2024

• Flow (FLOW)
  • Market cap: $1.2 billion
  • Unlocked token amount: $5.59 million (0.47% of market cap)
• Axelar (AXL)
  • Market cap: $489.77 million
  • Unlocked token amount: $22.42 million (4.57% of market cap)
• Yield Guild Games (YGG)
  • Market cap: $154.26 million
  • Unlocked token amount: $5.42 million (3.56% of market cap)

28 of January 2024 (Major Altcoin Unlock)

• Fetch.ai (FET)
  • Market cap: $506.20 million
  • Unlocked token amount: $2.04 million (0.40% of market cap)
• Chromia (CHR)
  • Market cap: $201.27 million
  • Unlocked token amount: $1.44 million (0.72% of market cap)
• Maverick Protocol (MAV)
  • Market cap: $130.08 million
  • Unlocked token amount: $5.76 million (4.43% of market cap)
• Open Campus (EDU)
  • Market cap: $153.58 million
  • Unlocked token amount: $6.08 million (3.96% of market cap)

Analysis

As a general rule, large token unlocks can lead to selling pressure on the underlying asset. This is because investors who have been holding tokens locked up are now able to sell them on the open market. In the case of the altcoins listed above, the unlocked token amounts represent a significant percentage of the respective market caps. This suggests that the selling pressure from these unlocks could be significant.

Of course, the impact of token unlocks will vary depending on a number of factors, including the underlying fundamentals of the asset, the overall market sentiment, and the timing of the unlock. However, it is important to be aware of the potential for selling pressure from token unlocks when making investment decisions.

The post Major Altcoin Unlocks: Week of January 22, 2024 appeared first on Coin Engineer.