The crypto market has been abuzz with recent events. Following the scheduled release of Chainlink (LINK) tokens, investors have grown apprehensive, fearing a potential drop in the asset's price.
Additionally, the BTC price experienced a significant decline of over 4% on Monday, triggered by the announcement from the bankrupt crypto exchange, Mt. Gox, about its plans to commence the repayment of assets lost in a hack over a decade ago, starting with Bitcoin and Bitcoin Cash in July.
Amid the bearish sentiment in the market, both Chainlink (LINK) and BTC prices have declined, while the new DeFi token, DTX Exchange, has seen a substantial influx of interest. The crypto community believes that DTX Exchange is poised to emerge as the top altcoin of the year.
Chainlink token now worth $295M
Notably, Chainlink (LINK) has unlocked 21M LINK tokens, valued at $295 million, from its non-circulating supply. This move has raised concerns among investors about the possibility of a price drop for Chainlink (LINK).
Furthermore, Chainlink has transferred 18.25 million of these unlocked tokens (worth approximately $295 million) to Binance, suggesting a potential plan to sell them.
Concerns have grown among those who invest their money. Numerous investors have redirected their funds towards up-and-coming digital currencies vying to become the leading alternative to Bitcoin.
Reportedly, certain prominent Chainlink (LINK) holders have poured significant investments into DTX Exchange, a platform aiming to revolutionize the trading landscape through decentralized systems and diverse advantages.
Mt. Gox pressures the price of Bitcoin
On Monday, the price of Bitcoin dropped precipitously, below the $60,000 threshold. This decline came after the trustee of the now-closed Mt. Gox cryptocurrency exchange declared in July that they would start paying out more than 140,000 BTC to customers who had lost their assets in a 2014 hack.
There is concern that this repayment could dump $9 billion worth of Bitcoin onto the market, possibly leading to a sharp decline in price.
But according to Galaxy's head of research Alex Thorn, fewer coins will be distributed than anticipated, which means the market will put less pressure on the price of bitcoin than it believes.
As of right now, Bitcoin is still trading strongly above $60,000. In the event that the price of Bitcoin breaks the $60k support, the market may experience another correction, with $56,000 serving as the next support level.
Trading and investing with DTX Exchange
With negative news affecting popular altcoins like Chainlink (LINK) and Bitcoin (BTC), the market is showing signs of fear. Meanwhile, DTX has already doubled from its presale price. Both Chainlink and Bitcoin have contributed significantly to the DTX Exchange presale.
By 2024, DTX Exchange wants to be the greatest altcoin and transform the trading sector. This is made feasible by the DTX Exchange's distinctive hybrid trading platform, which combines elements of decentralized (DEX) and centralized (CEX) exchanges.
DTX Exchange (DTX) is rising to the top of the list of the greatest cryptocurrencies very soon. It has already raised over $730,000 and provided early investors with a 100% return on their investment (ROI) during its presale.
Forecasts also indicate that DTX Exchange may raise over $2 million by the end of July 2024 thanks to the influx of investors in Bitcoin and Chainlink (LINK).
As the market navigates through these developments, the resilience of Bitcoin above the $60,000 mark and the rising prominence of DTX Exchange underscore the dynamic and evolving nature of the crypto landscape. Investors remain vigilant, seeking opportunities in emerging platforms while managing the risks associated with established cryptocurrencies.