3 cryptocurrencies you should avoid trading during the week 🔥
The cryptocurrency market has turned from bearish to bullish, following worrying data on US nonfarm payrolls. However, the three cryptocurrencies below will have inflationary events and speculators should avoid trading them next week to manage risks.
Notably, the total crypto market capitalization has increased by more than $245 billion from the local bottom on May 1. Traders suddenly became more optimistic about 2024 forecasts, as US nonfarm payrolls data for April showed favorable macroeconomics for risk assets.
However, next week's scheduled token unlock will add to supply inflationary pressure for the three cryptocurrencies. Specifically, Heroes of Mavia (MAVIA), Galaxy (GAL) and Hashflow (HFT) will dominate the 7-day cliff unlock from May 4.
Overall, $56.24 million worth of tokens will be unlocked in the next 7 days with a high weightage towards the mentioned projects.
