Criticism of Binance dominates after World Cup final

Altcoin Radar is a weekly newsletter of CryptoNews, in which we collect the most important events in the cryptocurrency market. In this material we address the most important news and price behavior of currencies other than bitcoin, with a list curated by the newspaper.

After a month of total attention, the Qatar 2022 World Cup is over. And not only does the market know it, but most of the attention has shifted away from soccer and focused on criticism of the Binance exchange, as well as the effect this has had on tokens linked to the exchange platform.

The token itself, which had risen sharply after the FTX debacle, is now losing ground. First, it has benefited from the wave of recommendations in favor of self-custody of funds and exit from exchanges and even the support of Changpeng Zhao, CEO of Binance.

But now the token, issued by one of the most popular bitcoin and cryptocurrency wallets on the market, has fallen as much as 40 percent following rumors about the financial state of the world’s largest stock exchange.. True or not, the rumors are hurting the token because of its not-so-direct relationship with the Zhao-led platform.

Argentina, champion in the field, loser in the market.

Although the World Cup is over and Argentina has been crowned with the World Cup, there are still some traces of its impact on the market from this newsletter on altcoins.

Just before Argentina played its last game against the French national team, his fan token issued on Socios.com (ARG) had begun to drop. And despite the victory of Messi’s team, their token plummeted finally.

It might seem inconsistent on the part of the market for ARG’s price to fall after emerging as a champion. But the truth is that it rather reflects one of the most popular principles in trading, being an example of “buy on the rumour, sell on the news.” Or in other words: that expectation in the face of an event drives and its realization arrests the rise.

Red market and other prominent cryptocurrencies.

With bitcoin (BTC) struggling to hold or attempt a price rally, the entire cryptocurrency market has suffered. So much so that traders with leveraged long positions (betting on a rally) have suffered recently. their biggest losses in a 24-hour interval in a month.

A Chainalysis report was also released this week comparing the losses of the FTX case with those of the Luna debacle and its stablecoin algorithm Terra. The main question the report answers is which of these events generated greater lossesalthough there was one even worse than both.

One of the most affected was the Dogecoin (DOGE)which has not only been affected by the general market outlook. It has also been affected by its association with Elon Musk and his recent moves on Twitter.

In contrast, we also report the rise of more than 30 percent of a cryptocurrency that has climbed positions in the market this year. This time, its rise The share price increase follows several announcements about the stock’s inclusion in various trading platforms.

Speaking of cryptocurrency exchange sites, we close this newsletter today with an announcement from peer-to-peer (P2P) exchange Paxful: the removal of exchanges with ETH, the Ethereum cryptocurrency. The motifs are among the most interesting and have to do with a matter of “principle.”as the CEO of the stock exchange puts it.