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Bitcoin Today 12/18/2024: BTC corrects and PENGU and WRX tokens drop 50% ‘because’ of Binance
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After breaking new historic highs, the Bitcoin (BTC) had a slight correction and opened in drop of 2.5% this Wednesday (18). With this drop, the price of the cryptocurrency fell from US$108,000 to US$103,390, according to data from CoinGecko.
Over the last hour, however, the fall stabilized and Bitcoin rose slightlyheading towards the US$104,700 region, where it is now. Already in the last seven days, the accumulated appreciation of the cryptocurrency was 6.5%. The correction began during the afternoon of Tuesday (17) and continued until dawn.
As usual, the devaluation of BTC affected all prices in the Top 10: the XRP and Dogecoin (DOGE) led the day’s losses with drop of 4.9% and 4.5%respectively. Only USDT and USDT stablecoins opened the day with slight appreciation of 0.1%.
In the Top 100 there were more appreciations, such as 13% increase in Bitget token (BGB) which led the gains, but declines were also prevalent. The worst results came precisely from a token that just entered the list: PENGU. Even with the strong rise after the airdrop that happened on Binance, the PENGU registered a drop of 49% and led the day’s losses.
Bitcoin corrects, PENGU token falls and WazirX faces problems
This drop was probably due to the large number of users selling PENGU after receiving it. On the eve of the airdrop the token appreciated more than 800%which made many traders take profits in a hurry. Such a drop is common to happen during airdrops.
A token that is not in the Top 100 but that also devalued by 50% was the WRXtoken from the Indian exchange WazirX. Despite rumors that the exchange would refund customers who had funds blocked after the latest attack, the token has seen a sharp drop in the last 24 hours.
This devaluation occurred for two reasons. The first was that Binance announced that it will remove WRX from its platformsomething that caused demand for the token to fall. The second reason was a decision from an Indian court that binds the company.
According to Indian media reports, the Delhi High Court rejected the local police report on the hacker attack case against WazirX. This means that authorities will have to carry out a new investigation, which could delay refunds to customers.
The court’s decision came after lawyer Jaivir Bains filed a petition demanding a criminal investigation into the hack. Justice Sanjeev Narula asked for a new report on the case until February 13, 2025.
The court’s action indicates that the WazirX did not receive a “fine comb”which led Judge Narula to demand a more complete investigation. The hacker attack suffered by the exchange in July caused the loss of US$230 million in cryptocurrencies and the blocking of several customers’ funds.
Bitcoin Today 12/18/2024: BTC corrects and PENGU and WRX tokens drop 50% ‘because’ of Binance
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Bitcoin Today 12/18/2024: BTC corrects and PENGU and WRX tokens drop 50% ‘because’ of Binance
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Bitcoin Today 12/18/2024: BTC corrects and PENGU and WRX tokens drop 50% ‘because’ of Binance
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Bitcoin Today 12/18/2024: BTC corrects and PENGU and WRX tokens drop 50% ‘because’ of Binance
