{"id":395701,"date":"2019-09-10T23:00:51","date_gmt":"2019-09-10T23:00:51","guid":{"rendered":"https:\/\/uniquehot.com\/?p=395701"},"modified":"2024-06-11T11:54:48","modified_gmt":"2024-06-11T11:54:48","slug":"leading-crypto-altcoin-may-drop-40-if-support-fails","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/leading-crypto-altcoin-may-drop-40-if-support-fails\/","title":{"rendered":"Leading Crypto Altcoin May Drop 40% If Support Fails"},"content":{"rendered":"

Although Bitcoin<\/a> has had a stellar year thus far, 2019 has not been a strong year for the altcoin market. Only two out of the thousands of altcoins on the crypto market were able to outperform Bitcoin over the first half of the year.<\/span><\/p>\n

However, one of those top performers is in trouble of retracing much of the gains it experienced this year, falling as much as 40% if the next support level fails, according to one crypto analyst.<\/span><\/p>\n

Crypto Analyst: Binance Coin at Risk of a 40% Drop<\/h2>\n

2019 has been the year of Bitcoin<\/a>, but also the year of Binance<\/a>. Or at least the first half of the year was.<\/span><\/p>\n

During the first half of 2019, Binance made announcement after announcement, debuted a DEX, launched margin trading, and so much more. Between the constant positive media attention, and the Binance Launchpad platform for IEOs<\/a> utilizing the native crypto token of the exchange, driving up demand, the altcoin called Binance Coin’s value skyrocketed as a result.<\/span><\/p>\n

Related Reading | Binance Turns Two: A Look Back at The Young Crypto Unicorn\u00a0<\/a><\/strong><\/em><\/p>\n

But come June things began to become less rosy for the crypto market poster child.\u00a0<\/span>Binance revealed it will soon be closing its doors to United States-based investors \u2013 a subset of crypto investors that make up the lion\u2019s share of the market. The move is to comply with global financial market regulators, who do not want American citizens trading certain crypto assets that may be deemed securities or fall under specific regulatory guidelines.<\/span><\/p>\n

Instead, Binance will close trading and deposits for these customers, and usher them into a new US-based Binance exchange<\/a> with only 29 altcoins and Bitcoin under consideration for inclusion.<\/span><\/p>\n

The uncertainty around the future value of Binance Coin, how it is implemented in the US platform, if at all, and many other unanswered questions remain, and it\u2019s causing the value of Binance Coin to drop. One crypto analyst says that if support doesn\u2019t hold in BNB price charts, Binance Coin could fall an additional 40% from current prices.<\/span><\/p>\n

https:\/\/twitter.com\/teddycleps\/status\/11222274?s=21<\/p>\n

Binance Coin has been among the strongest performers in 2019<\/a>, outperforming both Bitcoin<\/a> and Litecoin<\/a> to be the best performing crypto asset in the market. Outside of these three crypto-assets, though, the rest of the altcoin market has been bleeding out.<\/span><\/p>\n

Related Reading | PSA: Only 48 Hours Remain for US Crypto Investors to Trade on Binance\u00a0<\/a><\/strong><\/em><\/p>\n

Much of the selloff in altcoins is due to crypto investors no longer willing to take the regulatory risk associated with some of the more exotic altcoins found on Binance and other platforms. The fear is these altcoins cannot be sold in some jurisdictions, essentially rendering them worthless to some investors. Rather than get caught holding permanently heavy bags, investors have been dumping alts in favor of the more regulatory friendly Bitcoin and Litecoin.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Although Bitcoin has had a stellar year thus far, 2019 has not been a strong year for the altcoin market. Only two out of the thousands of altcoins on the crypto market were able to outperform Bitcoin over the first half of the year. However, one of those top performers is in trouble of retracing much of the gains it experienced this year, falling as much as 40% if the next support level fails, according to one crypto analyst. Crypto Analyst: Binance Coin at Risk of a 40% Drop 2019 has been the year of Bitcoin, but also the year of Binance. Or at least the first half of the year was. During the first half of 2019, Binance made announcement after announcement, debuted a DEX, launched margin trading, and so much more. Between the constant positive media attention, and the Binance Launchpad platform for IEOs utilizing the native crypto token of the exchange, driving up demand, the altcoin called Binance Coin’s value skyrocketed as a result. Related Reading | Binance Turns Two: A Look Back at The Young Crypto Unicorn\u00a0 But come June things began to become less rosy for the crypto market poster child.\u00a0Binance revealed it will soon be closing its doors to United States-based investors \u2013 a subset of crypto investors that make up the lion\u2019s share of the market. The move is to comply with global financial market regulators, who do not want American citizens trading certain crypto assets that may be deemed securities or fall under specific regulatory guidelines. Instead, Binance will close trading and deposits for these customers, and usher them into a new US-based Binance exchange with only 29 altcoins and Bitcoin under consideration for inclusion. The uncertainty around the future value of Binance Coin, how it is implemented in the US platform, if at all, and many other unanswered questions remain, and it\u2019s causing the value of Binance Coin to drop. One crypto analyst says that if support doesn\u2019t hold in BNB price charts, Binance Coin could fall an additional 40% from current prices. https:\/\/twitter.com\/teddycleps\/status\/11222274?s=21 Binance Coin has been among the strongest performers in 2019, outperforming both Bitcoin and Litecoin to be the best performing crypto asset in the market. Outside of these three crypto-assets, though, the rest of the altcoin market has been bleeding out. Related Reading | PSA: Only 48 Hours Remain for US Crypto Investors to Trade on Binance\u00a0 Much of the selloff in altcoins is due to crypto investors no longer willing to take the regulatory risk associated with some of the more exotic altcoins found on Binance and other platforms. The fear is these altcoins cannot be sold in some jurisdictions, essentially rendering them worthless to some investors. Rather than get caught holding permanently heavy bags, investors have been dumping alts in favor of the more regulatory friendly Bitcoin and Litecoin.<\/p>\n","protected":false},"author":517,"featured_media":395703,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[142,10768,13291,428,6664],"class_list":["post-395701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoins","tag-binance","tag-binance-coin","tag-bitcoin","tag-crypto"],"acf":[],"yoast_head":"\nLeading Crypto Altcoin May Drop 40% If Support Fails<\/title>\n<meta name=\"description\" content=\"Although Bitcoin has had a stellar year thus far, 2019 has not been a strong year for the altcoin market. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Leading Crypto Altcoin May Drop 40% If Support Fails","url":"http:\/\/uniquehot.com\/news\/leading-crypto-altcoin-may-drop-40-if-support-fails\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/leading-crypto-altcoin-may-drop-40-if-support-fails\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/09\/binance-coin-altcoin-crypto-shutterstock_1384312553.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/09\/binance-coin-altcoin-crypto-shutterstock_1384312553.jpg?fit=6000%2C3500"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","binance","binance coin","bitcoin","crypto"],"dateCreated":"2019-09-10T23:00:51Z","datePublished":"2019-09-10T23:00:51Z","dateModified":"2024-06-11T11:54:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Leading Crypto Altcoin May Drop 40% If Support Fails\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/leading-crypto-altcoin-may-drop-40-if-support-fails\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/leading-crypto-altcoin-may-drop-40-if-support-fails\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2019\\\/09\\\/binance-coin-altcoin-crypto-shutterstock_1384312553.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2019\\\/09\\\/binance-coin-altcoin-crypto-shutterstock_1384312553.jpg?fit=6000%2C3500\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"binance\",\"binance coin\",\"bitcoin\",\"crypto\"],\"dateCreated\":\"2019-09-10T23:00:51Z\",\"datePublished\":\"2019-09-10T23:00:51Z\",\"dateModified\":\"2024-06-11T11:54:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/09\/binance-coin-altcoin-crypto-shutterstock_1384312553.jpg?fit=6000%2C3500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/395701"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=395701"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/395701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/395703"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=395701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=395701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=395701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}