5 cryptocurrencies to avoid trading next week

Despite overflowing with cryptocurrencies of all shapes and sizes with various levels of investment potential, the cryptocurrency sector still has some assets that might be a good idea to stay away from, at least for the time being, for one reason or the other.

Timeline of Abbc-coin, Coinex-token, Filecoin, Kusama, Mina

The higher timeframe charts showed Filecoin bulls were spectacularly unsuccessful at driving significant price rallies since September 2021, and the near-term expectations are also bearish.

Key Points: Uniswap community is abuzz with excitement as they conduct a temperature check vote in overwhelming support of the proposal to deploy Uniswap V3 to the Filecoin Virtual Machine (FVM). With the voting deadline set for June 18, the approval rate has already reached an impressive 100%, indicating a strong consensus among Uniswap users.

In the midst of a significant market downturn, Shiba Inu's leading figure, known as Shytoshi Kusama, struck back at those spreading fear, uncertainty and doubt (FUD) in a recent post on his Telegram channel.

Despite SEC's pressure, Grayscale representatives refused to admit that FIL, the native asset of the Filecoin L1 blockchain, should be regulated as security. Nevertheless, its registration statement on Form 10 is being withdrawn.

Uncertainty looms over cryptocurrency's end game in the U.S. after several events within the week. Grayscale, a leading digital asset management firm, recently filed a request to withdraw its application for a Filecoin (FIL) trust product, per Global Newswire.

Filecoin price analysis indicates the behavior over the past 48 hours reveals an upward trajectory initially, followed by a notable shift further towards a bullish movement, leading to a substantial increase from its position at $4.408. On May 19, 2023, the price experienced a significant crash, resulting in a depreciation of $4.

Although the cryptocurrency market is full of assets of various shapes and sizes, with different utilities and investor appeal, not all of them present an equally good opportunity to invest at all times. In fact, some might be wise to outright avoid trading, at least for the time being.

Filecoin price analysis indicates the behavior over the past 48 hours reveals an upward trajectory initially, followed by a notable shift towards a bearish movement, leading to a substantial decline from its position at $4.63. On May 18, 2023, the price experienced a significant crash, resulting in a depreciation of $4.

Filecoin Foundation refuted the U.S. Securities and Exchange Commission's (SEC) assertion that its FIL token is a security, according to a statement shared with CryptoSlate. On May 17, Grayscale said the SEC asked it to withdraw its registration statement for its Filecoin Trust because the token meets the definition of a security.

Grayscale Investments, the largest digital currency asset manager by assets under management, made an announcement on May 17 regarding a comment received from the U.S. Securities and Exchange Commission (SEC). According to the SEC, the crypto asset filecoin qualifies as a security under federal securities laws.