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Crypto prices have plunged over the past 24 hours, but XRP and Cardano are among the biggest hit, down 9.08% and 8.54%, respectively.
However, market participants have found solitude in the newly launched presale Bitcoin Minetrix, which continues to gather pace despite the market turbulence.
XRP and ADA plunge
With apprehension rising as the SEC’s Jan. 10 deadline to approve Bitcoin ETFs nears, crypto financial services platform Matrixport released an unfavourable report.
The company is well-respected in the industry, recently predicting Bitcoin would reach $45K by the end of 2023. However, the recent report was less desirable, priming market participants for ETF application denials this month.
“We believe all applications fall short of a critical requirement that must be met before the SEC approves,” the report explained.
Subsequently, crypto prices tumbled, with Bitcoin currently down 4.82% and Ethereum down 6.45%. However, XRP and ADA were worse affected, currently both down over 8.5%.
The moves have disappointed both communities, but analysts remain bullish that the pullback is short-term FUD.
Also, the Matrixport report explains, “We still expect Bitcoin prices to be higher by the end of 2024 than when they started the year ($42,000).”
However, another factor that further damages the XRP price is that X commentator EDO FARINA pointed out that Binance suspended XRP withdrawals on Tuesday.
In a follow-up tweet, Edo voiced his concerns that this opens the door to “market manipulation and exploitation of Customers funds.”
Nevertheless, analysts remain bullish on XRP, with Crypto_Prime explaining that while the recent may look bearish, it could actually prove bullish provided the price holds above its daily candlestick low.
Moving to Cardano, trader Sssebi believes the dip could have been “exactly what Cardano needed.”
He explained, “RSI got reset nicely and is bouncing while the price is also bouncing from the 0.54$ support area. This move showed us that the bulls are strong and such a dip gets quickly bought up.” Sssebi concluded by predicting that Cardano will reach $0.6 on Jan. 4.
Yet, while analysts remain optimistic on XRP and Cardano prices, Bitcoin Minetrix has been relatively firm as the project nears the $7.5 million in its presale.
Bitcoin Minetrix presale raises $7.4 million
Bitcoin Minetrix allows users to mine Bitcoin effortlessly.
Users stake BTCMTX to earn Bitcoin mining credits. They can then burn these credits on the Bitcoin Minetrix platform for Bitcoin cloud mining power.
This process is beginner-friendly and easy for anyone to get started. There are no hardware or technical expertise requirements; users can get started with just an Ethereum-compatible wallet and BTCMTX.
Bitcoin Minetrix’s use case aims to propel Bitcoin mining toward mass adoption, possibly benefiting BTCMX.
This is due to BTCMTX’s role in staking.
Staking rewards are primarily paid out in mining credits, not BTCMTX.
Moreover, the decentralized nature of the platform eradicates the risk of cloud mining scams.
This arrangement may support long term growth. So far, the Bitcoin Minetrix presale has raised over $7.4 million.
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