Cryptocurrency prices have plummeted over the past 24 hours, with bitcoin (btc) falling 3.15% and ethereum (eth) falling 3.89%.
One analyst speculates that this could be because the market is overexposed to leveraged long positions. Consequently, it has created a cascade effect, causing the liquidation of several assets.
However, several projects, including the bitcoin ETF Token (BTCETF), appear resilient. In the ongoing pre-sale, it has raised almost $1 million less than a week after release.
The market is cooling; traders are greedy
According to CoinMarketCap crypto Fear and Greed Indexmarket participants are “greedy.”
This reading implies that investors show little caution or risk management and are optimistic.
Whales can take advantage of these conditions to make large opposite trades with minimal impact on prices. Extreme greed often precedes a major liquidation.
Additionally, bitcoin has resistance at $38,000 and is changing hands at $36,300 at the time of writing.
Meanwhile, ethereum rejected $2.08k yesterday, forming a double top, before retreating to around $1.98k as of writing.
Analyst Doctor Profit highlighted the market’s misplaced confidence.
He notes that traders are “yearning to find resistance.” btc then retested $38,000.
Overall, the market is optimistic about the upcoming bitcoin halving, the possibility of the first bitcoin spot ETFs being approved, and Blackrock’s new plans for an ethereum spot ETF.
The SEC delayed the decision on HashDex’s bitcoin spot ETF application, affecting market sentiment. This delay means that cryptocurrency users must wait until January to get the bitcoin Spot ETF approved.
This delay and overexposure to leveraged long positions have caused bitcoin, ethereum and other cryptocurrencies to retreat.
However, some cryptocurrencies, such as Dogecoin (DOGE) and Avalanche (AVAX), have been relatively strong. Analysts are also following the bitcoin ETF token, the pre-sale of which is ongoing.
bitcoin ETF Token Bullish, Nearly $1 Million Raised in Pre-Sale
crypto-news.care/?referrer=bitcoin-and-ethereum-slide-as-crypto-prices-turn-red-but-$btcetf-ico-nears-$1m” target=”_blank” rel=”noopener”>bitcoin ETF Token combines the excitement of bitcoin ETF approvals with unique tokenomics and community building.
In its pre-sale, the project has raised almost 1 million dollars.
Several analysts, including Jacob Bury and crypto Boy, remain bullish on BTCETF.
Bury describes the project as an “alternative to bitcoin,” even though bitcoin-related assets often outperform the market leader due to its relatively low market caps.
The project has also received mentions in several cryptocurrency news outlets, including crypto.news.
The bitcoin ETF token allows staking. Additionally, it has integrated a burning mechanism where 5% of the BTCETF supply will be destroyed at five key bitcoin ETF milestones.
BTCETF is deflationary and has a 5% burn tax on all transactions.
For the community, there is a news service that aggregates the latest bitcoin ETF updates into one dashboard for easy participation.
crypto-news.care/?referrer=bitcoin-and-ethereum-slide-as-crypto-prices-turn-red-but-$btcetf-ico-nears-$1m” target=”_blank” rel=”noreferrer noopener”>Visit the bitcoin ETF Token Pre-Sale
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