Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
underperformed the crypto market ahead of an almost $300 million supply event due this week that will increase the number of circulating tokens.The difficult week occurred ahead of 24.84 million of previously locked-up APT tokens that are scheduled to be released on April 12,shows. The actual time when assets can be moved after the release could be around 1-2 days after the event, the website adds.
Some $141 million worth of tokens will be distributed to core contributors, $100 million to investors, $38 million among community members. $16 million in tokens are earmarked for the ecosystem development foundation. Token unlocks happen because the supply of many cryptocurrencies are locked up in vesting to prevent insiders – early investors, team members – from dumping tokens en masse. Prices historically decline around such events, as the supply increase outpaces investor demand for the asset, according to research by crypto analytics firm The Tie.
The APT tokens to be released represent just 6% of the current circulating supply, but is nearly double the daily trading volume on exchanges, perin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Latest leak shows Apple’s new iPhone 16 and 16 Pro designs in real lifeThe iPhone 16 and 16 Pro models are expected to get a few design changes, as the latest leak highlights how they will look in real life.
Read more »
2024 March Madness Sweet 16 odds: Purdue vs. Gonzaga odds & Sweet 16 scheduleCheck out 2024 March Madness Sweet 16 betting odds for the games coming up on Thursday and Friday.
Read more »
Rumored Details About the iPhone 16 Pro and 16 Pro MaxRumored details about the upcoming iPhone 16 Pro and 16 Pro Max, including larger screens.
Read more »
Massive iPhone 16 and iPhone 16 Pro Leak: Apple LoopTaking a look back at this week’s news and headlines from Apple, including a massive iPhone 16 and iPhone 16 Pro leak, an Apple Pencil upgrade, more iPad delays, AirTags update, Apple AI paper reveals LLM advances, who will pay for iPhone AI, and layoffs at Apple. Apple Loop is here to remind you of a few of the many discussions around Apple in the last seven days.
Read more »
NCAA Men's Basketball Tournament: Ranking the top 16 players in the Sweet 16With the Sweet 16 set to get underway on Thursday, FOX Sports' John Fanta ranks the top 16 players remaining in the Big Dance.
Read more »
UCLA falls to defending champion LSU in women's Sweet 16Angel Reese and LSU advances to the Elite Eight as the team continues its quest for a second-straight national championship.
Read more »