Simple laws of supply and demand appear to be making the $BTC price march relentlessly upwards, despite overbought conditions and minor pull-backs. $BTC has been in an upward trend since approval of the Spot Bitcoin ETF, as large institutional investors like BlackRock continue their buying spree. Meanwhile, $GFOX, the hottest new ERC20 built token, has raised a mind-blowing $4 million in its ongoing presale. The token has raised much excitement among crypto enthusiasts who now think it has growth potential similar to $BTC.
BlackRock Buys $778M of Bitcoin Amid Dip, Sets ETF Trading Volume Records
On March 5, the BlackRock iShares Bitcoin ETF bought over $778 million worth of $BTC. This happened during a $BTC price dip, allowing the asset manager to acquire a massive haul of 12,600 $BTC tokens.
According to Nasdaq, BlackRock’s iShares Bitcoin ETF (IBIT), as a result, experienced soaring trading volumes, rising past 107 million shares. Moreover, the trading volumes totaled around $3.6 billion, surpassing the weekly record of $3.3 billion.
An increase in volume also happened as $BTC reached a new all-time high of $69,170 on the same day. However, the token experienced a short decline afterward, dropping over 10% to trade around $60,00 before rising to $63,000 by the end of the day.
The BlackRock iShares Bitcoin ETF now holds a total of 183,000 $BTCs, which is close to 193,000, the number of $BTCs held by MicroStrategy (MSTR). IBIT is still the most preferred ETF among investors since the Bitcoin ETF approval on January 11. The ETF’s total asset is around $12 billion, making it the largest ETF in the industry.
Galaxy Fox Presale Raises $4M, Token Eyed as “Bitcoin for Beginners”
Investors who missed out on $BTC when it was highly affordable have another opportunity in an outstanding token called $GFOX. This token is a highly recommended cryptocurrency for beginners; it is versatile and with a lot of use cases. This is why its presales has been widely successful with over $4 million raised already.
Galaxy Fox aims to bring excitement to the play-to-earn market by introducing a web3 runner game to its platform. The game allows users to play and earn $GFOX tokens if they maintain a position in the top 20% of the leaderboard at the end of each season. The game also allows the purchase of NFTs, which can be used as temporary boosters, enhancing the game’s competitiveness.
The platform tokenomics presents 5 billion $GFOX tokens distributed strategically to various aspects of Galaxy Fox ecosystem. 70% of the token supplied is for the ongoing presale stages. As for the teams, 5% is allocated to them, while another 5% will go to the various competitions and prizes to be won on the platform. Liquidity pool and the ecosystem get 10% each.
Galaxy Fox ensures funds stay in the ecosystem by implementing a tax policy that will take 6% of every buy and 6% of every sale on the platform. The taxes collected by the platform will return to the system’s pools, including the staking, treasury, and liquid pools.
$GFOX is currently in stage 8 of its presale, with its price selling at $0.002178 per token. Due to high demand for this token, a quick transition to the next stage is imminent, where it will deliver those who buy $GFOX now a 9% ROI.
Conclusion
As it continues its bull run, the trust and optimism building up around $BTC among institutional investors makes it appealing to buy. However, due to its high price, $GFOX remains a better option for small-scale investors and beginners, as it is more affordable and crypto experts have predicted it has potential to grow as $BTC.
Do you want to be a top gainer in the cryptoverse? Join Galaxy Fox today! Visit the website to buy $GFOX tokens and join the telegram community for latest updates.
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