Coins You Should Stay Away From This Month.
As Bitcoin showed both encouraging and discouraging movements in July, the cryptocurrency market experienced a combination of hope and despair. The legal victory for Ripple, which provided some relief, was one of the good highlights. But after reaching its yearly high on July 13, the market turned negative in the later part of the month, as seen by the decline in total market capitalization. August may see a minor bullish turnaround, but it's not guaranteed that the month will be bullish overall. Despite the many options the cryptocurrency market offers to traders and investors, some digital assets don't consistently appeal to investors. Through a comprehensive market analysis, we've compiled a list of three cryptocurrencies with a negative outlook that investors should avoid in August:
1.Worldcoin (WLD):
The token associated with the controversial Worldcoin project initially experienced a price surge at launch, but the hype quickly faded. The project's reliance on iris scans to verify users' identities has drawn global regulators' attention in various countries, including Kenya, the United Kingdom, and Germany. Recently, the Kenyan government banned Worldcoin from registering new users due to privacy concerns, and other countries are conducting inquiries into the project. As a result, the prospects of widespread adoption for Worldcoin are at significant risk. The uncertainty surrounding the project has taken a toll on the WLD token, making it unattractive for investment in August.
2. X-Related Cryptocurrencies:
Following Elon Musk's Twitter-to-X rebranding, cryptocurrencies related to the term experienced a rapid surge driven by social media hype. However, the increase was short-lived, and these X-related tokens lack significant utility or use cases. Their value is solely driven by social media trends, making them prone to extreme volatility. As they return to their original positions, it's best to avoid investing in X-related cryptocurrencies in August.
3. Bald (BALD):
Bald, the center of controversy, witnessed a surge in market cap and trading volumes, drawing attention to Coinbase's new layer-2 blockchain, Base. However, the excitement quickly turned sour when BALD deployers suddenly and without warning removed liquidity from the token's trading pairs. This move left holders in a precarious position, causing prices to plummet as they rushed to sell.
While some traders hope for a potential upward movement for Bald in the near term, careful analysis reveals numerous scammy features associated with the token. Given the uncertainties and risks, it's advisable to steer clear of investing in BALD in August.
As the crypto market continues to evolve, it's crucial for investors to exercise caution and conduct thorough research before making any investment decisions.
Play audio
No comments