Bitcoin & Ethereum Prices Dip as Market Turns Bearish, While Bitcoin BSC Nears $5M Milestone
It’s been a difficult 24 hours for Bitcoin (BTC) and Ethereum (ETH) investors, with both cryptocurrencies experiencing corrections.
Bitcoin’s value has declined by over 2%, while Ethereum’s price has dropped by 1.30%, as crypto investors become increasingly uncertain about the market’s future.
However, the new stake-to-earn project Bitcoin BSC (BTCBSC) is still making headway despite the bearish conditions – and is nearing the $5 million milestone in its ongoing presale phase.
Bitcoin & Ethereum Face Downtrend as Key Indicators Turn Bearish
At the time of writing, BTC is hovering around the $26,150 level, having closed in the red during five of the last six days.
BTC’s price has fallen below the 20-day and 50-day Exponential Moving Averages (EMAs) during this bearish period after briefly breaching them earlier in September.
More worryingly for investors, Bitcoin has created a lower-high on the daily chart – which often indicates the beginning of a downtrend.
Meanwhile, Ethereum’s price has also taken a hit, falling to $1,570 over the past 24 hours.
Like Bitcoin, Ethereum has struggled to maintain any positive momentum, breaching its 20-day EMA to the downside.
The world’s second-largest cryptocurrency has also shown a similar pattern of forming lower-highs on the daily chart, pointing towards further bearishness in the near term.
Global Crypto Market Dips After Hawkish Fed Statement
According to CoinMarketCap, the global cryptocurrency market cap has dropped to $1.04 trillion in the past day – a 1.08% decrease.
This dip in value has coincided with another drop in the Crypto Fear & Greed Index, which now sits at 47, just above “Fear” territory.
Moreover, a glance at Coin360’s crypto market heatmap shows a sea of red, with the vast majority of coins and tokens posting losses over the weekend.
The primary catalyst for this bearish wave is the US Federal Reserve’s hawkish statements last week, which hinted that the high-interest-rate environment is here to stay.
Additionally, Fed Chair Jerome Powell stated that there will be one more rate hike before the end of the year – putting further pressure on the crypto market.
This has led many investors to re-evaluate their portfolios, contributing to the ongoing crypto market sell-off.
Bitcoin BSC Defies Odds & Nears $5m Presale Raise as Investor Hype Builds
Although established cryptos like Bitcoin and Ethereum have struggled, new market entrant Bitcoin BSC (BTCBSC) has continued its early presale momentum.
Bitcoin BSC’s presale has now raised nearly $5 million in under one month, with retail investors clamoring to get involved at the low price of $0.99 per token.
With the presale’s hard cap set at $6 million, early backers have snapped up almost 83% of the BTCBSC tokens allocated.
Investors seem buzzed by Bitcoin BSC’s unique branding and compelling use cases – positioning itself as a “green” BEP-20 version of Bitcoin on the Binance Smart Chain.
According to Bitcoin BSC’s whitepaper, BTCBSC’s stake-to-earn feature is the token’s primary use case, allowing holders to receive regular rewards for locking up their tokens.
At the time of writing, estimated yields are stated to be 104% per year, with over 2.5 million BTCBSC tokens staked already.
Further adding to BTCBSC’s early appeal is the advantage of being hosted on the Binance Smart Chain rather than alternative chains like Ethereum or Solana.
These advantages include faster and cheaper transactions while still being compatible with leading wallet providers like MetaMask and Trust Wallet.
All of BTCBSC’s features have combined to create a rapidly growing buzz around the presale, with YouTuber No Bs Crypto speculating that it could be “the next Bitcoin.”
Only time will tell whether Bitcoin BSC can live up to such lofty expectations, but its impressive presale performance suggests that many in the crypto community believe in its potential.
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Filed under: Bitcoin - @ September 25, 2023 1:14 pm