It’s been a tough 24 hours for bitcoin (btc) and ethereum (eth) investors, with both cryptocurrencies experiencing corrections.
The value of bitcoin has decreased by more than 2%, while the price of ethereum has fallen by 1.30%, as cryptocurrency investors become increasingly uncertain about the future of the market.
However, the new staking project to win bitcoin BSC (BTCBSC) continues to make progress despite the bearish conditions and is approaching the $5 million milestone in its ongoing pre-sale phase.
bitcoin and 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 for five of the last six days.
btc price has fallen below the 20- and 50-day exponential moving averages (EMA) during this bearish period after briefly surpassing them in early September.
What is more worrying for investors is that bitcoin has created a lower high on the daily chart, often signaling the beginning of a bearish trend.
Meanwhile, ethereum price has also taken a hit, falling to $1,570 in the last 24 hours.
Like bitcoin, ethereum has struggled to maintain positive momentum, breaking 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 downtrend in the near term.
Global crypto Market Falls After Fed’s Aggressive Statement
According to CoinMarketCap, the capitalization of the global cryptocurrency market has fallen to 1.04 trillion dollars on the last day – a decrease of 1.08%.
This drop in value has coincided with another drop in thecrypto/fear-and-greed-index/” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> crypto Fear and Greed Indexwhich now sits at number 47, just above “Fear” territory.
Also, a look at Coin360 crypto market heat map shows a sea of red, with the vast majority of coins and tokens posting losses over the weekend.
The main catalyst for this bearish wave is the US Federal Reserve’s tough 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, which will put more pressure on the cryptocurrency market.
This has led many investors to reevaluate their portfolios, which has contributed to the current cryptocurrency market sell-off.
bitcoin BSC Defies Odds, Nears $5 Million Pre-Sale Raise as Investor Enthusiasm Grows
Although established cryptocurrencies like bitcoin and ethereum have struggled, new entrants to the marketbitcoin–ethereum-prices-dip-as-market-turns-bearish-while-bitcoin-bsc-nears-5m-milestone” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”> bitcoin BSC (BTCBSC) has continued its initial pre-sales momentum.
The bitcoin BSC pre-sale has raised nearly $5 million in less than a month, and retail investors are clamoring to participate at the low price of $0.99 per token.
With the pre-sale cap set at $6 million, early backers have grabbed nearly 83% of the allocated BTCBSC tokens.
Investors seem excited about bitcoin BSC’s unique brand and attractive use cases, positioning it as a BEP-20 “green” version of bitcoin on the Binance Smart Chain.
According bitcoin BSC White PaperBTCBSC’s bet-to-win feature is the token’s primary use case, allowing holders to receive regular rewards for locking up their tokens.
At the time of writing, The estimated returns are 104% per year.with over 2.5 million BTCBSC tokens already staked.
Adding to the initial appeal of BTCBSC is the advantage of being hosted on 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 such as MetaMask and Trust Wallet.
All the features of BTCBSC have combined to create a growing buzz around the pre-sale, with YouTuber No Bs crypto speculating that it could be “the next bitcoin.”
Only time will tell if bitcoin BSC can live up to such lofty expectations, but its impressive pre-sale performance suggests that many in the crypto community believe in its potential.
bitcoin–ethereum-prices-dip-as-market-turns-bearish-while-bitcoin-bsc-nears-5m-milestone” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>Visit the bitcoin BSC Pre-Sale
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