Bitcoin, large-cap altcoins have suffered significant losses in the crypto prices crash today, with BTC momentarily dipping below $60,000.
Experts believe that the growing concerns regarding an impending recession may be fueling the pullback in crypto prices.
Meanwhile, Ethereum is down 7% from its weekly high of $3500, trading as low as $3,275 in early US hours after the US Securities and Exchange Commission delayed the launch of spot ETH ETFs.
ETH beta plays such as Ethereum Name Service, Pepe and Floki are also seeing heavy corrections, all down nearly double digits.
Climbing Macroeconomic Risks Lead To Crypto Prices Crash
A few traders suggest that the crypto prices crash today was largely benign, led by the Bitcoin price simply retesting the $60,000 demand zone.
Some have also reasoned that the downside move today was simply to close last weekend’s CME gaps.
Indeed, Bitcoin does have a propensity to close these gaps, which form when the BTC price makes a major move on weekends while the Chicago Mercantile Exchange – along with the rest of the stock market – is off.
However, there could be a more bearish explanation of the weakness in cryptocurrencies today. The concerns regarding an oncoming recession are growing, with today’s ISM services and manufacturing employment outlook confirming economists’ worst fears.
To make matters worse, the Atlanta Federal Reserve has tempered its Q2 GSP expectations, down from 4% in May to 1.5%.
Ethereum ETFs Delayed?
Rumours are also swirling whether the SEC’s delay of spot ETH ETFs has contributed to the bearish trajectory of Ethereum and large-cap altcoins.
However, Bloomberg analyst James Seyffart has dismissed these concerns, remaining extremely confident that the ETFs would start trading in July.
Best Altcoins To Buy The Dip
Crypto presales are available at a fixed price for the duration of their ICO and thus remain immune to short-term price action. Considering Bitcoin’s bearish stance, smart money traders are stacking presale tokens that will likely launch when the broader market sentiment is much more positive.
For instance, a BRC-20 token – 99Bitcoins (99BTC) – has now raised over $2.3 million in its ongoing presale and is continuing to amass significant retail investment.
As such, BRC-20 tokens are in high demand, with experts considering them as a beta play on Bitcoin. Once BTC resumes its bullish trajectory, these assets have the potential to deliver outsized returns.
More importantly, 99Bitcoins already has a massive fan following in the crypto-sphere, being a Web3 education platform from even before Ethereum. Indeed, the platform has nearly 3 million subscribers across its website and YouTube.
The 99BTC token offers these 3 million users significant monetary incentives, including staking rewards, alpha trading signals and access to exclusive VIP groups.
Owing to its potential widespread adoption, experts are bullish on 99BTC’s upside potential, with some even anticipating 10x gains.
Similarly, new meme coins continue to receive widespread attention.
The multi-chain meme coin Base Dawgz has raised $2.3 million in its ICO in a few short weeks. It is a dog-themed meme coin, for which there is a significant demand on the Base blockchain.
Thanks to innovative concepts such as staking rewards and share-to-earn, DAWGZ has impressed several crypto influencers.
Experts believe that Base Dawgz could potentially deliver 100x returns, especially once Brett – the top Base meme coin – also starts pushing towards new highs.
