The cryptocurrency market is now preparing for a tumultuous week. The reason is, there are two big agendas that will significantly influence the market, namely the interest rate decision by the Fed, and the opening of tokens worth almost US$ 190 million.
These two agendas will have an impact on the crypto market, especially on 3 altcoins. However, before getting into the three altcoins, here is a brief explanation regarding the two big upcoming agendas
Interest Rate Cuts by the Fed
The Fed will announce a decision on interest rates in the near future. As is known, what the Chair of the Fed will say is a "word" that will affect the economy as a whole, including the crypto market. Currently many investors and traders are worried and wary ahead of this decision.
Token Opening
Apart from the interest rate decision, there is also a schedule for opening tokens worth US$ 189.97 million in the seven days after July 27. The unlocking of these tokens means that more tokens that previously could not be traded can now be sold on the market. Opening these tokens can increase supply and cause selling pressure, which can lower the price of the token.
Also Read: 5 Crypto Assets whose Holders are Very Loyal and Many
So, this time we will discuss altcoins which will be affected by these two agendas. In this case, there are 3 altcoins that are threatened with a major decline, namely:
1. Optimism with Token Opening
On July 31, Optimism (OP) will unlock 31.34 million OP tokens worth US$ 54.53 million. This will increase the supply of OP tokens by 2.8 percent. Previously, the value of the same token was US$ 55 million in June, US$ 80 million in May and US$ 144 million in April. This drop in value shows the impact of high inflation on token prices.
2. Sui Network (SUI) Token Opening
On August 1, Sui Network (SUI) will unlock 64.2 million tokens worth US$ 50.06 million. This is equivalent to monthly inflation of 2.6 percent. In the previous month, the value of the same token was US$ 54.63 million, and in June it was almost US$ 70 million. Most of these tokens will go to early investors, while the rest will go to early contributors and community reserves.
3. ZetaChain (ZETA) Token Opening
ZetaChain (ZETA) will unlock 53.89 million tokens worth more than US$ 35 million on August 1. Although the nominal value is lower compared to Optimism and Sui Network, this opening will increase the supply of ZETA tokens by 18.9 percent of the current market capitalization.
