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  • Chainlink crashes below $14 as Bitcoin slumps to $95K, altcoin market bleeds heavily

    Chainlink crashes below $14 as Bitcoin slumps to $95K, altcoin market bleeds heavily

    ethere Price Bearish

    • Chainlink price fell by double digits to below $14 on Friday, losses that came amid broader market turmoil.
    • LINK’s dump aligned with the sharp dip for Bitcoin to under $96,000.
    • Further losses could see Chainlink price plunge towards $10.

    The cryptocurrency market is reeling under intense bearish pressure, with Chainlink (LINK) price plummeting below the $14 mark alongside huge dips for Bitcoin, Ethereum, and Solana.

    Bitcoin’s drop below $96,000, with bears touching $95,860, fueled losses for ETH and SOL, which fell 10% each to new multi-month lows.

    The selling pressure triggered a cascade effect, dragging other altcoins like Cardano and Chainlink into the red.

    LINK is at risk of registering a deeper rout.

    Chainlink dips below $15

    Chainlink (LINK) price is among the top coins to suffer a dramatic fall as Bitcoin’s crash to a six-month low below $96,000 slammed sentiment hard.

    LINK traded at $14.08 as of the early US market session on Friday, down 11% in the last 24 hours. According to CoinMarketCap data, the double-digit loss extends the altcoin’s plunge in recent days to 25% in the past month.

    When considering the week’s cumulative decline, bulls are sharply down since hitting a recent high of $19.12.

    The altcoin’s market cap now stands at $9.76 billion, while daily volume has spiked 43% to nearly $1.2 billion to highlight the intensified market activity.

    Bitcoin plummets as bears crash bulls

    As highlighted, Chainlink price fell sharply amid a bearish onslaught that intensified with BTC’s sudden dip.

    While cryptocurrencies had dumped on Wednesday as investor concern around macroeconomic and geopolitical turbulence mounted, alts’ decline accelerated as fake news about Strategy selling BTC surfaced.

    Posts that Michael Saylor was selling bitcoin appeared to relate to redistribution in wallets and not selling.

    Analysts like Miles Deutscher were quick to point out the fake news, and onchain data analytics platform Lookonchain shared the details below.

    However, as Bitcoin dumped amid the initial selling, Chainlink followed suit. 

    The token’s price action mirrored the market’s fear sentiment, hitting lows last seen in April. Indeed, Chainlink’s plunge below $14 allowed bears to revisit lows of $13.90.

    The alt may be hovering around the $14 mark as bulls eye a rebound, but losses threaten increased bleeding towards the all-important $10 mark.

    Despite the dip, Chainlink price remains bullish long term, with factors such as macroeconomic tailwinds, regulatory shifts and partnerships key catalysts.

    There is also the buzz around spot exchange-traded funds, which are gathering release pace with a spot XRP ETF launching in the US this week.

    LINK could also benefit from the Chainlink Reserve initiative, which added over 74,049 LINK tokens this week to bring the total haul to over 803,387 LINK.

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  • Bitcoin L2 Stacks (STX) price drops heavily after transaction suspension

    Bitcoin L2 Stacks (STX) price drops heavily after transaction suspension

    Bitcoin L2 Stacks (STX) price drops heavily amid transaction suspension news

    • Stacks (STX) drops 2.5% as Bithumb announces temporary halting of transactions.
    • Network upgrades aim to boost Stacks’ security and features.
    • The suspension of transactions is scheduled to begin on July 29.

    Stacks (STX) token has seen its price drop by 11.4% in a week, even as the Bitcoin (BTC) price remains largely bullish.

    The decline comes at a time when excitement is building around Bitcoin-based DeFi and key network upgrades are underway.

    However, a major development from South Korean exchange Bithumb appears to have influenced investor sentiment, triggering notable short-term pressure on the STX token.

    Price pressure hits Stacks (STX) despite DeFi momentum

    STX is currently trading at $0.7786, marking a drop of 2.5% today and a sharp 11.4% decline over the past seven days.

    This drop comes even as Bitcoin, the asset it is built to complement, maintains a largely positive trend.

    The downward move has raised eyebrows among market watchers, especially given the recent momentum around the Stacks DeFi ecosystem.

    But despite the drop, STX has still gained more than 15% over the last month, driven in part by the ongoing “STX DeFi SZN” campaign — a collaborative launch among leading Bitcoin DeFi protocols.

    Through a partnership with Zealy.io, the campaign is offering 50,000 STX in rewards for users completing on-chain quests.

    While the broader DeFi push is designed to strengthen the ecosystem, it hasn’t been enough to offset short-term fears triggered by external factors.

    Bithumb’s temporary suspension fuels uncertainty

    One of the main catalysts behind STX’s recent price dip is the news of Bithumb’s announcement of a temporary suspension of STX deposits and withdrawals.

    Scheduled to begin at 03:00 UTC on July 29, according to a report by Bitcoin World, the suspension is aimed at supporting a significant upgrade of the Stacks network.

    For many traders, however, the move has sparked concern.

    Even though such suspensions are standard during blockchain upgrades, the market often reacts with caution.

    Investors worry about temporary inaccessibility and possible disruptions in trading activity.

    As a result, some may have opted to sell early to avoid complications, contributing to the current price decline.

    Stacks upgrades bring long-term promise

    The Stacks Network upgrades themselves are crucial milestones for the network.

    Stacks is a Bitcoin Layer 1 blockchain that enables smart contracts and decentralised apps (dApps) to run using Bitcoin as the settlement layer.

    It brings programmability to Bitcoin without changing Bitcoin itself.

    Transactions on Stacks are automatically hashed and secured by Bitcoin’s hashpower through a mechanism known as Proof of Transfer (PoX).

    This approach makes Stacks one of the most secure smart contract layers available today.

    The upcoming upgrade is expected to enhance this security while improving performance and enabling new features for developers and users alike.

    Moreover, STX plays a central role in this ecosystem. It is used for transaction fees, governance decisions, and stacking, where users can earn Bitcoin by locking their tokens.

    As the Stacks network upgrades progress, STX may gain greater utility and adoption, potentially reversing the current downtrend over time.
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