Bitcoin is up 6%, Green Bitcoin nears new milestone
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Bitcoin surges 6% to $66.7K amid an improving macro outlook. Green Bitcoin’s presale hits the $7M mark, showcasing potential.
Bitcoin’s price has jumped 6% today, currently trading at $66.7K. The move follows a deep retracement the past week, but several significant catalysts have enabled its recovery and could bolster its upcoming trajectory.
Meanwhile, the new Bitcoin-alternative Green Bitcoin is also thriving, as its presale has raised more than $7 million.
Bitcoin bounces amid improving macro outlook and growing whale interest
Three instrumental factors are at play in Bitcoin’s ongoing recovery, each pivotal in its recent uptick.
Arguably, the most impactful is external market dynamics as macroeconomic conditions improve. This has enabled risk assets like Bitcoin, Gold, and the S&P500 to steadily approach ATHs.
The United States Federal Reserve held its latest Federal Open Market Committee, or FOMC, meeting yesterday, which would decide monetary policy for the upcoming months.
FED Chair Jerome Powell delivered keynotes following the meeting, suggesting it would be “appropriate” to cut interest rates later this year.
Such a move would encourage lending, bolstering the global money supply and directing liquidity into risk-assets.
Indeed, this played a profound role in Bitcoin’s recent uptick, but it was not the only factor.
Bitcoin ETFs have struggled recently, enduring net outflows for the past three days. British investment management company Farside Investors reported that Bitcoin ETFs saw a net outflow of $261 million yesterday.
However, this is likely due to Bitcoin’s selloff this week, with its recovery stoking anticipation for new inflows.
“Markets positively react after a risk-off sell-off. There will probably be an inflow tomorrow again,” said prominent analyst Michael van de Poppe.
Adding to the institutional excitement, MicroStrategy CEO Michael Saylor announced the company purchased an additional 9,245 BTC on Tuesday. This puts its total holdings at 214,246 BTC, over 1% of the entire supply that will ever exist.
Lastly, Bitcoin’s selloff from its ATH has drawn significant short-side trading activity. However, this has forged a strong liquidation risk for bears.
According to CoinGlass data, the strongest BTC liquidation level is $68.4K, at which point $36 million of shorts will be liquidated.
Analyst Cryptoinsightsuk says that high liquidation areas signify the direction in which the price will likely move.
“Slightly more than 80% of trading in crypto today is by bots. These bots maneuverer the price of crypto into areas of liquidity,” he explained.
The analyst also noted a high liquidity area between $73 and $74.6K, speculating, “This is where price will head.”
Ultimately, the convergence of these factors, combined with Bitcoin’s already discounted price, has enabled its recent growth. This also presents a bullish future outlook.
However, it also indicates altcoins are primed for new gains. The new ICO Green Bitcoin is one of them, continuing to show immense strength while the broader market struggled this week.
Green Bitcoin presale raises $7M
Green Bitcoin is a next-generation Bitcoin-inspired cryptocurrency. The project blends novel, gamified utility with robust tokenomics and a clear-cut focus on sustainability.
Currently undergoing a presale, the project has already raised an impressive $7.2 million and is backed by top analysts to explode.
“New 10x potential low market cap gem,” said prominent analyst Jacob Bury in a recent YouTube video.
Launched on the Ethereum blockchain, Green Bitcoin swaps the Proof-of-Work consensus mechanism of its legacy counterpart for Ethereum’s greener Proof-of-Stake.
Through this initiative, Green Bitcoin transactions use just 34 Wh of energy each, compared to a staggering 1,173,000 Wh per Bitcoin transaction.
Green Bitcoin ushers in a novel utility called “predict-to-earn.”
This feature invites users to guess whether Bitcoin’s price will rise or fall the next day. Winners get $GBTC rewards and up to 100% bonuses.
Users must stake $GBTC to partake, aligning the token demand with the platform’s success.
However, stakers will also garner additional passive rewards. Currently, the rewards are valued at 86% APY, but this will fall as more tokens are deposited.
The Green Bitcoin presale is growing quickly, raising over $200K in the past 12 hours.
Furthermore, the price will incrementally increase throughout the event, with the next uptick when it raises $7.4 million.
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