Home
News
There was much excitement in the crypto industry when Bitcoin (BTC), the largest cryptocurrency by market cap, broke through its ATH of $69,000 and recorded a new high of $71,000 on March 11, 2024. Ethereum (ETH), the second largest crypto asset, also experienced a 3-year high that took its price to the $4000 mark.
However, uncertainties surrounding the upcoming halving and other liquidity factors have made Bitcoin retraced below $66,000. Ethereum also saw a bearish trend that took its price below $3500. The liquidations and downtrend in price no doubt affected investors who are now scrambling to get on ETFswap ($ETF), the next big thing that has the potential to help them recover their losses.
Bitcoin Drops To $65,000 as Bearish Sentiment Drags On
Bitcoin (BTC) dropped to the $65,000 mark in the early hours of April 4, 2024, representing 1.03%, and its trading volume plummeted by over 33% to $31.32 billion. One of the primary reasons for this downtrend was pinned on the massive outflows on Bitcoin ETFs. Those ETF outflows in a single day amounted to over $85 million.
Grayscale, one of the pioneers of the spot Bitcoin ETFs, recorded a daily outflow of over $300 million. Another factor pushing the price drop is massive liquidation. According to data by Coinglass, over $395 million was liquidated among 120,569 traders in just 24 hours. Nevertheless, Bitcoin has rebounded and continues to trade at the $66,000 mark, according to the asset tracking platform CoinMarketCap.
Investors Uncertain About Ethereum (ETH) as Analysts Predict More Losses
There continues to be a fierce struggle between the Ethereum bears and bulls in the battle for supremacy. ETH is still hovering around the $3,300 mark. Analysts speculate that it could experience more loss, driving its price to $3,250 or lower.
@ali_charts, is a crypto analyst and he speculated ETH price movements in an X post on April 2, 2024. He believes ETH could drop below $3,000 to as low as $2,850 if its price drops below $3,460. While this is speculative, others believe Ethereum has the chance to bounce back. A lot will depend on the approval of the Ethereum ETF.
However, crypto analyst Eric Balchunas speculates a 25% chance for asset approval. That speculation may come true because the United States Security and Exchange Commission (SEC) labeled the token a security. Therefore, all these factors indicate that Ethereum could remain at its current price range for a prolonged period.
ETFSwap ($ETFS) Charge to Spearhead Tokenization Rally
ETFswap ($ETFS) is a decentralized finance (DeFi) platform. It aims to tokenize ETFs (Exchange Traded Funds) to expose traders to various asset classes. Those asset classes are commodities and stocks. The tokenized ETFs will allow traders to monitor the traditional ETFs of their choice to make well-informed decisions during trading. The platform will also feature leverage trading with up to 10x leverage, seamless swapping services, and staking rewards.
The recently concluded private sale of their native token $ETFS, was a vast success. The platform netted $750,000 as a result of investment from three angel investors and two institutional investors. With the success of the private sale, the stage 1 presale kicks off with much enthusiasm among investors. They are scrambling to get a token share at $0.00854 per one.
All the stage 1 participants can gain profits as stage 2 goes live at a higher price of $0.01831. Also, experts speculate that the token has the potential to hit the $1 mark soon. By joining at this early stage, all investors can rake in a potential 100x yield on their investments.
For more information about the ETFS Presale:
Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com and all its authors do not, and will not endorse any information on any company or individual on this page. Readers are encouraged to do their research and take any actions based on their findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com and all its authors do not and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.
Sam Chess is an utterly focused person looking for the minute details having potential to make a big difference. He is a writer and proofreader with a zeal to understand the cryptocurrency market. Additionally, he can be found trying to figure out the biggest mystery in the industry, Satoshi Nakamoto.
Contact :linkedin
