Altcoins today: CVX weakens after $9.5M hack, BSW rallies 120% despite delisting news

Digital tokens remained on the edge on Thursday as Bitcoin targeted upside continuation to the $110,000 mark . The altcoin space remained mixed, with tokens flashing possible reversal as upside momentum fades. While most assets displayed eye-catching performances, Convex Finance and Biswap dominated daily trends for different reasons. Let’s check what influenced CVX and BSW as cryptocurrencies remained relatively calm over the past 24 hours. CVX slides as hackers drain Convex and Yearn’s subDAO CVX led the downside today as fraudsters accessed Resupply, a subDAO designed to complement Convex Finance and Yearn Finance blockchains. The incident resulted in the loss of assets worth around $9.5 million. CVX and YFI plunged hours after BlockSec confirmed the news on X as the incident reignited fears among DeFi enthusiasts. Convex’s native token saw a swift fall to $2.45 minutes after the announcement. It has extended the decline to trade at $2.40 during this publication, highlighting surging selling pressure. Chart by CoinMarketCap Short-term technical indicators reveal CVX’s deteriorated structure. The 4H Moving Average Convergence Divergence forms red histograms after a bearish crossover with the signal line. The Relative Strength Index suggests a weakening momentum as sellers resurfaced. Thus, Convex Finance’s coin will likely dip further before a possible rebound. Enthusiasts wait for a full post-mortem as the team analyses the magnitude of the attack. However, they guaranteed system stability after pausing the hack. The team stated : The affected contract has been identified, and the protocol continues to function as intended. A full post-mortem will be shared as soon as a complete analysis of the situation has been conducted. BSW jumps as Binance announces imminent delisting While today’s headlines screamed “sell,” Biswap’s native token defied the trends. The altcoin staged a remarkable rally after Binance announced it would remove BSW, alongside Stella (ALPHA), Komodo (KMD), LTO Network (LTO), and LeverFi (LEVER) on July 4. Binance @binance · Follow Binance will Delist ALPHA, BSW, KMD, LEVER, LTO on 2025-07-04. 👉 binance.com/en/support/ann… 8:00 pm · 26 Jun 2025 211 Reply Copy link Read 123 replies Generally, digital assets plummet after delisting confirmations. However, BSW skyrocketed, possibly amid increased speculative trading as users capitalized on the existing liquidity. The exchange cited various factors behind its decision, including deteriorated developer activity, declining community engagement, liquidity issues, and team dedication concerns. Users should close their current BSW positions and withdraw their assets before specific deadlines. BSW jumped from the daily low of $0.017 to $0.03709 intraday peak, translating to a 118% upswing. Chart by CoinMarketCap It trades at $0.03318 after correcting from the 24-hour peak. BSW’s daily trading volume has increased by over 1,600%. Nevertheless, Biswap’s current structure demands caution. The altcoin exhibits significant volatility, making it susceptible to immense price swings. The altcoin might plunge further in the upcoming hours as hacking sentiments outweigh the prevailing bullish momentum. Meanwhile, Bitcoin continued to determine the market tone. Breaching the resistance zone at $109.7K could shift short-term trends to bullish, with $113,000 as the next target. Nevertheless, magnified bearish pressure at BTC’s current price could catalyze substantial declines to the support barrier at $102,000 – $103,000. A Bitcoin plunge would trigger considerable selling momentum in the altcoin space. The post Altcoins today: CVX weakens after $9.5M hack, BSW rallies 120% despite delisting news appeared first on Invezz

Source: Invezz