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Conflux Ranks 1st Top Loser Today After Dropping 5.50%
Conflux (CFX) is the top loser today after falling 5.50% in the last 24 hours, which prices it at US$0.1757, Friday (22/08).
The price of the token is under pressure due to market rotation towards Bitcoin and Ethereum. This has caused a decline in interest in altcoins overall, reflected in the decrease in trading volume and the altcoin season index.
Meanwhile, regulatory uncertainty from China has also weakened sentiment due to CFX's relationship with offshore stablecoin projects. However, long-term fundamentals such as technological advancements could still be supportive factors.
As information. The Chinese authorities have ordered local companies to stop publishing research and seminars related to stablecoins as an effort to prevent the misuse of these assets in illegal activities and uncontrolled retail speculation.
This step aligns with China's strict policies on crypto assets in the mainland, including oversight of risky transactions and illegal cross-border activities.