Stacks [STX] crashes to $0.13 even as PoX-5 testnet goes live – Why?
On the 25th of July, Stacks [STX] experienced strong bearish pressure. After a long period of consolidation, bears finally took over the market, with STX losing the $0.16 support level. As a result, the altcoin crashed to $0.13. STX has not dropped to such levels since mid-2020, marking a 6-year low. As of this writing, Stacks was trading around $0.138, after dropping by 6.2% on the daily charts. Why is Stacks declining, though? STX dropped to a six-year low driven by market concerns over the tokens tag on Binance. The Stacks Endowment acknowledged the concern and said it was in contact with Binance to resolve the issue. Importantly, the team posited that the change in tag on Binance was likely due to the upcoming PoX-5 hardfork. For that reason, the Stacks team informed other major CEX partners in time, who have since moved forward in support. According to Reubs, the tag will be removed once consensus-level changes on Binance are completed. Although the team assured the community, the market did not receive the assurance positively, and sentiment flipped. What about the PoX-5 hardfork? The Stacks PoX-5 hardfork is scheduled for the 29th of July. This follows a successful vote and overwhelming community support of SP 044 and