CONV and THG Plummet as OKX Delists 6 Altcoins!

• The cryptocurrency market continues to show volatility with certain tokens experiencing significant declines.
• Prominent crypto exchange, OKX, has announced the delisting of USDT pairs for six altcoins, leading to notable price drops for these tokens.
• The delisting announcement has resulted in substantial losses for affected tokens, with some experiencing price declines exceeding 50%.

OKX to Delist Six Altcoins: Market Faces Turbulence as Prices Plummet

Major Development: OKX Delists Six Altcoin USDT Pairs

In a significant move, OKX disclosed that it will be delisting the USDT trading pairs for six altcoins on August 23, 2024 between 11:00 and 11:30 AM. The affected altcoins include TenUp (TUP), Thetan World (THG), Convergence (CONV), Bloktopia (BLOK), Blockchain Brawlers (BRWL), and Nym (NYM). This decision follows a routine review based on user feedback and the exchange’s Token Delisting/Concealment Guidelines.

Immediate Impacts and User Advisory

OKX has advised users to cancel all open orders for these pairs before the delisting occurs, as active orders will be automatically cancelled by the system. Furthermore, deposits for these altcoins will be halted from August 15, with the tokens switching to the “Inactive Assets” section in user accounts post-delisting. Withdrawals for these tokens will remain possible until November 23.

Market Repercussions: Sharp Declines in Token Prices

The delisting announcement had an immediate and severe impact on the prices of the affected tokens. Convergence (CONV) saw the most drastic drop, plummeting over 54% to $0.0003057, accompanied by a 113% surge in trading volume, likely due to panic selling.

Broader Market Impact

The broader market has been struggling to recover, and the delisting news exacerbated the situation for these specific tokens. Thetan World (THG) experienced a 37% drop to $0.01617, with trading volume up by 36%, again indicative of heavy selling pressure. Other tokens like TenUp (TUP), Bloktopia (BLOK), Blockchain Brawlers (BRWL), and Nym (NYM) saw declines of 11%, 17%, 28%, and 16%, respectively.

Conclusion

OKX’s decision to delist these six altcoins underscores the ongoing volatility and risks in the cryptocurrency market. Investors should remain vigilant and stay informed about potential changes that may affect their portfolios. The market’s reaction to delistings provides a stark reminder of the impact that exchange decisions can have on token valuations and trading activities.