The post Presale Nears $100M as BlockDAG’s 50% Bonus Winds Down! Bitcoin and Ethereum Show Market Struggles appeared on BitcoinEthereumNews.com.

The cryptocurrency world is in turmoil due to Bitcoin’s drop to a two-week low of $61,800, causing $350 million in sell-offs and affecting thousands of traders. Meanwhile, Ethereum might be heading for a downturn similar to its end-of-2016 slump, potentially lowering its price in the upcoming months. Amidst these downward trends, BlockDAG continues to attract attention with its unaffected performance. BlockDAG’s presale is nearing $94 million, propelled by a 50% bonus that is drawing enthusiasts as it approaches the $100 million milestone. With the bonus period ending soon, anticipation is high for what could be a leading crypto project in 2024. Bitcoin’s Price Drop Triggers Millions in Sell-Offs Bitcoin’s value suddenly fell, reaching a two-week low of $61,800, which led to $350 million in sell-offs. This affected approximately 120,000 traders in the last day as the market experienced significant fluctuations. After a brief recovery to $64,000, negative forces drove the price down again. This downturn followed an announcement by Fed Chair Jerome Powell about two upcoming rate cuts by the US central bank before year’s end. Other cryptocurrencies also suffered, with ETH losing over 3%, SOL by 3.6%, and DOGE by more than 5%. Although Bitcoin has seen some recovery, the market’s instability continues to cause substantial losses for many traders who took on too much risk. Ethereum’s Price Outlook Reminiscent of 2016 Ethereum seems poised to replicate its late 2016 behavior, indicating possible price reductions in the fourth quarter of 2024. Despite a strong September, significant sales by major holders are pressuring Ethereum’s value. Recent ETF withdrawals totaling $48.6 million and global tensions further darken the outlook. With these elements in play, the market is closely monitoring Ethereum for signs of repeating its previous downturn. While the future remains uncertain, the growth potential still exists depending on market developments.…

---

Filed under: News - @ October 13, 2024 10:22 am