Recently, the crypto market has seen many news stories. After the periodical unlock of the Chainlink (LINK) token, investors have shown fear, and the community believes the price of Chainlink (LINK) could drop.
Also, the BTC price fell by more than 4% on Monday after Mt. Gox, a bankrupt crypto exchange, announced its plans to start repaying creditors who lost assets in a hack over a decade ago. The exchange will begin the repayments in Bitcoin and Bitcoin Cash starting in July.
Amid the bearish reaction in the market, Chainlink (LINK) and BTC price are down, and the new DeFi token DTX Exchange is seeing a huge inflow. According to the crypto enthusiast DTX Exchange is set to name itself in the best altcoin of the year.
Chainlink (LINK) Unlock Token Worth $265 Million
Chainlink (LINK) recently unlocked 21 million LINK tokens, valued at $295 million, from its non-circulating supply. This move has made investors concerned about a potential drop in the Chainlink (LINK) price. Chainlink sent 18.25 million of these unlocked tokens (worth around $295 million) to Binance, suggesting a possible plan to sell them.
From its May peak this year, Chainlink (LINK) has already fallen about 30%, and the token unlock has intensified fears among investors. Many investors have shifted their funds to emerging tokens competing to become the top altcoin.
According to reports, some Chainlink (LINK) whales have heavily invested in DTX Exchange, which aims to transform the trading industry with decentralized technology and various benefits.
Mt. Gox New Puts Pressure on BTC Price
The BTC price fell sharply on Monday, plunging below the $60,000 mark. This drop followed the announcement by the trustee for the now-closed Mt. Gox crypto exchange said that they would begin returning over 140,000 BTC to clients in July, who had lost their assets in a 2014 hack.
The fear is that this repayment could flood the market with $9 billion worth of BTC, potentially causing a significant price drop. However, Alex Thorn, the head of research at Galaxy, thinks that fewer coins will be distributed than expected, leading to less selling pressure on the BTC price than the market anticipates.
Currently, Bitcoin maintains a strong position well above $60,000. However, should the BTC price break the $60k support, the market might undergo another correction, setting the next support level at $56,000.
DTX Exchange: Bringing the New Era in Trading and Investing
As the market exhibits signs of fear with bearish news impacting top altcoins such as Chainlink (LINK) and Bitcoin (BTC), DTX has already doubled from its initial presale price level. The presale of DTX Exchange has seen a significant influx from both Chainlink and Bitcoin.
DTX Exchange aims to revolutionize the trading industry, and become the best altcoin in 2024. The DTX Exchange makes this possible with its unique hybrid trading platform that blends features of both centralized (CEX) and decentralized exchanges (DEX).
DTX Exchange (DTX) is quickly becoming a top contender among the best altcoins. During its presale, it has already given early investors a 100% return on investment (ROI) and raised over $730,000. With the inflow from Chainlink (LINK) and Bitcoin investors, predictions suggest that DTX Exchange could raise more than 2 million by the end of July 2024.
Click here to visit the presale.
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