Convex Finance's CVX Drops 15% After $9.5M Hack Biswap's BSW Surges 118% Despite Binance Delisting Bitcoin's Next Move Could Shift Market Trends

Convex Finance's native token, CVX, experienced a significant decline today following a security breach that resulted in the loss of approximately $9.5 million in assets. The incident involved fraudsters accessing Resupply, a subDAO designed to complement Convex Finance and Yearn Finance blockchains. The news was confirmed by BlockSec on X, leading to a swift drop in the value of CVX and YFI. CVX fell to $2.45 minutes after the announcement and continued to decline, trading at $2.40 at the time of publication. The short-term technical indicators for CVX reveal a deteriorated structure, with the 4H Moving Average Convergence Divergence forming red histograms after a bearish crossover with the signal line. The Relative Strength Index suggests weakening momentum as sellers resurfaced, indicating that Convex Finance’s coin is likely to dip further before a possible rebound. The team behind Convex Finance has guaranteed system stability after pausing the hack and is currently conducting a full post-mortem to analyze the magnitude of the attack.

In contrast, Biswap's native token, BSW, defied market trends and staged a remarkable rally despite the announcement of its imminent delisting from Binance. Binance announced that it would remove BSW, alongside Stella (ALPHA), Komodo (KMD), LTO Network (LTO), and LeverFi (LEVER) on July 4. Typically, digital assets plummet after delisting confirmations, but BSW skyrocketed, possibly due to 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 are advised to 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. It trades at $0.03318 after correcting from the 24-hour peak, with its daily trading volume increasing by over 1,600%. However, Biswap’s current structure demands caution, as 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.