Cryptocurrency prices have plunged this week, with major coins like Bitcoin (BTC) and Ethereum (ETH) falling significantly in the past 24 hours.

XRP (XRP) was among the biggest losers, dropping nearly 6% amidst concerns over further regulatory crackdowns.

However, while the broader crypto market struggles, one new altcoin called Bitcoin ETF Token (BTCETF) is bucking the trend, having now raised over $1.3 million in its presale.

XRP Plunges Over 20% in a Week as Bearish Momentum Accelerates

XRP has been one of the worst-performing major cryptocurrencies in recent days, dropping by 9% from Sunday’s high.

Although XRP has pulled back slightly in the past few hours, it is still trading 20% lower than last week’s peak and hovering around the $0.59 level.

The technical picture looks increasingly bearish, with XRP’s price forming a clear downtrend on the 4-hour chart, complete with lower highs and lower lows.

Additionally, the price has produced a double-top pattern at the $0.72 resistance zone, which analysts often consider a bearish signal.

This pattern and the recent downtrend suggest that XRP could face further downward pressure in the short term.

However, trading volumes have spiked 41% in the past 24 hours, hitting $1.6 billion.

The spike in trading volumes might be due to traders taking positions in anticipation of another reversal – known as “buying the dip.”

XRP’s Relative Strength Index (RSI) is also at 39 and trending upwards, hinting that momentum could be shifting back to the bulls.

Regulatory Crackdowns Weigh Heavily on the Crypto Market

Regulatory crackdowns are one of the critical factors that are weighing heavily on the crypto market.

Both the SEC’s lawsuit against Kraken and the DOJ’s deal with Binance CEO Changpeng Zhao suggest that authorities are ramping up their efforts to regulate the sector.

The SEC alleges that Kraken has operated an unregistered securities exchange for crypto assets since 2018 – failing to comply with securities laws and putting customer funds at risk.

This follows similar recent accusations against Coinbase and Binance.US.

The implications are worrying for the broader crypto market if the SEC succeeds in establishing that major cryptos like Solana and Cardano are securities.

Meanwhile, the reported deal between the DOJ and Binance’s Changpeng Zhao to plead guilty to Anti-Money Laundering violations has further dampened investor sentiment.

As part of the deal, Zhao will step down as CEO but retain his majority stake in Binance.

While many believe that increased regulation may benefit the market in the long term, the short-term outlook has begun to look more negative due to these events.

Red-Hot Bitcoin ETF Token Defies Market Sell-Off & Raises Over $1.3m in Presale

As crypto prices begin pulling back, one new altcoin bucking the trend is Bitcoin ETF Token (BTCETF).

Still in its presale phase, BTCETF has already raised over $1.3 million as interest builds around its unique value proposition.

BTCETF allows traders to speculate on the market impacts of a spot Bitcoin ETF getting approved in the US.

As reported by CNBC, research shows that 72% of financial advisors would be more likely to invest in crypto if a spot Bitcoin ETF is given the green light.

Approval could come as early as the coming weeks – so investor buzz around this potential event has reached a fever pitch.

BTCETF’s deflationary model looks to capitalize on this buzz, with 5% of the total supply getting burned as key ETF milestones are reached.

According to Bitcoin ETF Token’s whitepaper, these milestones are tied to real-world events related to ETF trading volumes and Bitcoin’s price action.

So far, the innovative concept behind Bitcoin ETF Token is resonating with investors.

Presale demand has been high, with the project’s Telegram channel and Twitter account gaining hundreds (if not thousands) of new followers daily.

While XRP and other altcoins struggle, the bearish sentiment seems to be bypassing Bitcoin ETF Token.

Early investors can buy BTCETF through the ongoing presale for $0.0056 – although this price will only be available for two more days before increasing.

Visit Bitcoin ETF Token Presale

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The post XRP Among Biggest Losers as Crypto Prices Crash But Traders Are Backing This New Altcoin After It Raised $1.3 Million appeared first on CryptoPotato.

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Filed under: Bitcoin - @ November 22, 2023 10:20 am