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$62,661.00 3.99122
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Ethereum
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$3,345.81 4.06431
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BNB
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$558.28 3.49679
BNB price
Solana
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$152.38 4.73277
Solana price
XRP
XRP (XRP)
$0.5327850 -0.86862
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000180 3.13206
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000095 4.19243
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Bonk
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$0.0000242 1.66823
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Bitcoin
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$62,661.00 3.99122
Bitcoin price
Ethereum
Ethereum (ETH)
$3,345.81 4.06431
Ethereum price
BNB
BNB (BNB)
$558.28 3.49679
BNB price
Solana
Solana (SOL)
$152.38 4.73277
Solana price
XRP
XRP (XRP)
$0.5327850 -0.86862
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000180 3.13206
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000095 4.19243
Pepe price
Bonk
Bonk (BONK)
$0.0000242 1.66823
Bonk price
Bitcoin
Bitcoin (BTC)
$62,661.00 3.99122
Bitcoin price
Ethereum
Ethereum (ETH)
$3,345.81 4.06431
Ethereum price
BNB
BNB (BNB)
$558.28 3.49679
BNB price
Solana
Solana (SOL)
$152.38 4.73277
Solana price
XRP
XRP (XRP)
$0.5327850 -0.86862
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000180 3.13206
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000095 4.19243
Pepe price
Bonk
Bonk (BONK)
$0.0000242 1.66823
Bonk price

Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m

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Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m

Crypto prices have slumped over the past 24 hours, with Bitcoin (BTC) down 3.15% and Ethereum (ETH) slipping 3.89%. 

One analyst speculates that this could be due to the market being overexposed to leveraged long positions. Accordingly, it has created a cascading effect, causing the liquidation of several assets.

However, several projects, including the Bitcoin ETF token (BTCETF), appear resilient. In the ongoing presale, it has raised nearly $1 million less than a week after launching.

Market is cooling off; traders are greedy

According to CoinMarketCap’s Crypto Fear and Greed Index, market participants are “greedy.” 

This reading implies that investors display little caution or risk management and are bullish.

Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 1

Whales can take advantage of these conditions to make large opposing trades with minimal price impact. Often, extreme greed precedes a significant selloff.

Furthermore, Bitcoin has resistance at $38K and is changing hands at $36.3K when writing.

Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 2

Meanwhile, Ethereum rejected $2.08K yesterday, forming a double top, before retracing to around $1.98K when writing.

Analyst Doctor Profit noted the market’s misplaced confidence.

Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 3

He notes that traders are “longing at resistance.” Then, BTC had retested $38k.

Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 4

Overall, the market is bullish on the upcoming Bitcoin halving, the possibility of the first spot Bitcoin ETFs being approved, and Blackrock’s new plans for a spot Ethereum ETF.

The SEC delayed the decision on HashDex’s Bitcoin spot ETF application, denting market confidence. This delay means crypto users must wait until January for Bitcoin spot ETF approvals. 

This delay and overexposure to leveraged longs have caused Bitcoin, Ethereum, and other crypto to retrace. 

However, some cryptocurrencies, such as Dogecoin (DOGE) and Avalanche (AVAX), have been relatively firm. Analysts are also tracking the Bitcoin ETF Token, whose presale is ongoing.

The Bitcoin ETF Token is bullish, nearly $1 million raised in presale

Bitcoin ETF Token combines the excitement of Bitcoin ETF approvals with unique tokenomics and community building. 

In their presale, the project has raised almost $1 million.

Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 5

Several analysts, including Jacob Bury and Crypto Boy, remain bullish on BTCETF. 

Bury describes the project as a “Bitcoin alternative,” despite Bitcoin-related assets often outperforming the market leader due to their relatively low market caps. 

The project has also received mentions in several crypto news outlets, including crypto.news. 

Bitcoin ETF Token allows staking. Moreover, it has integrated a burn mechanism where 5% of 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 feed aggregating the latest Bitcoin ETF updates into one dashboard for easy engagement.

Visit the Bitcoin ETF Token presale

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