The European morning trading session has triggered a significant sell-off across the cryptocurrency market. Bitcoin’s price has dipped below $112,000 again, while Ethereum also experienced a fall, dropping under the $4,000 mark before showing signs of recovery. This downturn has been described by analysts as a final correction ahead of a potent bull run anticipated in the fourth quarter (Q4) of the year. Market participants are now left speculating whether ASTER, HYPER, or LINEA might be included in Coinbase’s upcoming listings for October.
In the latest trading fluctuations, Ethereum (ETH) saw a notable decline of 4.12%, leading to just under $100 million in long positions being liquidated during a brief price drop below $4,000. Meanwhile, Bitcoin’s slide below $112,000 triggered an additional $25 million in liquidations, contributing to a total exceeding $230 million in long liquidations across all cryptocurrencies in the last four hours, according to CoinGlass data.
Looking ahead to Q4, the landscape appears promising with potential approvals for various spot altcoin ETFs, notably for cryptocurrencies such as Litecoin (LTC), Solana (SOL), and XRP. Furthermore, speculation is rife regarding an 83% chance of the Federal Reserve implementing a 25 basis point interest rate cut during October’s Federal Open Market Committee (FOMC) meetings, which analysts believe could invigorate risk-on assets, potentially giving cryptocurrencies a significant boost.
In the wake of recent volatility, ASTER cryptocurrency, despite a 7.5% drop in the past 24 hours, continues to generate substantial buzz on social media platforms. This interest has been amplified by public endorsements from Binance founder CZ. Notably, well-known trader James Wynn announced his transition to using ASTER for future perpetual trading, suggesting a migration of larger traders to this platform. As of now, ASTER has achieved a total-value locked (TVL) exceeding $2 billion within just eight days of its launch, according to DefiLlama data.
Conversely, Hyperliquid has faced a decline in TVL, which has dropped from $2.8 billion to $2.1 billion in a short span. The shifting dominance between ASTER and HYPER in terms of TVL could soon favor ASTER. Given its burgeoning trading volume, which surpassed $2.5 billion in spot volume and over $10 billion in perpetual volume within 24 hours, industry observers believe it is likely that Coinbase will not overlook ASTER for a listing in October.
On the other hand, LINEA, struggling since its launch as a notable Ethereum Layer-2 project, faced a further 14% decline, currently trading around $0.026. Developed by Consensys and linked closely to Coinbase, rumors about LINEA’s potential listing have surfaced. This speculation is buoyed by the possibility of LINEA holders being eligible for an upcoming airdrop of the anticipated MASK token, as hinted by Consensys CEO Joe Lubin. With LINEA hitting a support zone, there is optimism for a potential recovery toward $0.045, particularly if it secures a spot on Coinbase.
Meanwhile, Bitcoin Hyper (HYPER) is gaining traction in the presale arena, having attracted $18 million overnight, pushing its tally close to $20 million. This project leverages the Solana Virtual Machine (SVM) for its Layer-2 infrastructure, allowing it to enjoy the benefits of Solana’s efficiency while utilizing Bitcoin’s foundational network. Its innovative roll-up technology is designed for swift transactions and minimal fees, catching the eye of major exchanges, including Coinbase.
As developments in cryptocurrency unfold, traders and investors are keenly monitoring these emerging tokens and potential exchange listings in an increasingly volatile yet promising market.
