Bitcoin price plummets 4% amid weak US jobs data, but this new ICO surpasses $1 million in just 3 weeks

bitcoin price plummeted 4% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $53,879 at 6:00 p.m. EST, with trading volume soaring 54% to $48 billion.

The drop comes after weaker-than-expected US employment data. The 142,000 jobs added in August fell short of economists' forecasts, although the unemployment rate fell to 4.2%.

The report has left investors uncertain about the Fed's next move, with some expecting a quarter-point rate cut and others a half-point cut later this month.

Traders are now awaiting next week's consumer price index data for further insight.

bitcoin Price Bearish: Is a Rally Imminent?

bitcoin price has been in a downtrend and has finally crossed below the lower boundary of the descending channel pattern, breaking the $55,300 support zone, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal.

btc is still trading below the 50-day and 200-day simple moving averages (SMA), which is an indication that bitcoin price is still in a downtrend.

Moreover, the Relative Strength Index (RSI) is still trading within the oversold zone, currently at 32, but is showing signs of recovery. The RSI also shows that btc is currently undervalued and can be a buy signal for bullish investors who want to secure the asset at the lower price.

If the bulls manage to successfully reverse the uptrend, bitcoin price could rebound and reach $61,248.

However, if the bearish stance continues, the btc price could again drop to the $50,000 support zone, which is a cushion against downward pressure.

Meanwhile, some investors are turning to Cryptocurrency Stars ($STARS)a new pre-sale that YouTuber ClayBro, with more than 130,000 subscribers, says it has potential to grow 29x after its launch.

crypto All-Stars Raises Over $1M in ICO, Offers 1400% APY Staking Rewards

In a cryptocurrency market that has been languishing, crypto All-Stars ($STARS) has raised over $1 million in its initial coin offering (ICO) in just three weeks since its launch.

This innovative project combines the appeal of meme coins with an innovative staking protocol called MemeVault. Its industry-first multi-chain meme coin staking feature sets crypto All-Stars apart from the rest.

MemeVault allows users to stake popular tokens like Dogecoin, Shiba Inu, Pepe, Floki, Bonk, and others, regardless of their blockchain, all on one platform.

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The roadmap is packed with exciting milestones!

Phase 3 features “Unlocking the Vault” with the launch of the Meme Vault network. Staking will be a priority, along with ecosystem expansion.

— web3telepath (@web3telepath) twitter.com/web3telepath/status/1824051755048423853?ref_src=twsrc%5Etfw”>August 15, 2024

Holders can also stake STARS itself to earn a staggering 1400% APY..

By holding $STARS, investors can maximize staking rewards while simultaneously reducing the circulating supply, creating scarcity that could help increase the token’s value.

If you're thinking about joining, the current pre-sale price for $STARS is $0.0014248. There will be a price increase in less than 2 hours, so buy early to get the best deal.

Buy crypto All-Stars on the official website here using BNB, USDT or a bank card.

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