Bitcoin and Crypto: Why You Should Avoid Trading These 3 Cryptocurrencies Next Week
Saturday, 31 August 2024, 11:20
Market Overview
The overall market sentiment for bitcoin and crypto is currently dull, with most digital assets failing to make decisive movements. Recent inflation data indicated that price growth remains on track to meet the Federal Reserve's target of 2%, affecting risky assets like cryptocurrency.
Avoid Trading These Cryptocurrencies
- Immutable (IMX): With an upcoming token unlock on September 6, 2024, which will release 32.47 million IMX tokens, the increased supply may lead to heightened volatility.
- Hashflow (HFT): Scheduled to unlock 15.83 million HFT tokens on September 7, 2024, this could trigger increased selling pressure and exacerbate existing volatility.
- Sui (SUI): The token unlock on September 3, 2024, will introduce 83.88 million new tokens, raising concerns about price stability and potential declines.
Final Thoughts on Investment Risks
Trading these three cryptocurrencies this week poses significant risks due to upcoming unlock events. Conduct thorough research before making investment decisions.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.