Cryptocurrency prices have fallen across the board in the past 24 hours, with Bitcoin (BTC) and Bitcoin Cash (BCH) seeing significant declines.
Multiple factors have driven this downturn, notably macroeconomic uncertainty and geopolitical tensions.
Meanwhile, the Stake-to-Mine project Bitcoin Minetrix (BTCMTX) continues to make headway in its limited-time presale event – and has now raised over $840,000 in early funding.
BTC & BCH Show Choppy Price Action as Investor Caution Prevails
Bitcoin’s price has been choppy of late, trading in a range between $27,200 and $28,500.
In the past week, BTC failed to break out of its tight trading range, with analysts noting low volumes and muted volatility.
Many traders had hoped that Bitcoin would continue rallying through the whole of “Uptober”, but so far, upside momentum has been limited.
Traders are now watching the $27,500 level closely, hoping that Bitcoin can use it as support to build a base for another upward push.
However, sentiment appears to be to the downside, with BTC’s value falling over 2% since Sunday morning.
Bitcoin Cash has also been dropping, with the coin looking likely to post its fifth bearish daily close in a row today.
The BCH price has sunk through the 20-day and 50-day Exponential Moving Averages (EMAs) in the past 24 hours – erasing most of the gains made in recent weeks.
Given the intensity of the bearish momentum, some analysts are even forecasting that BCH could return to the crucial $200 level – a significant support zone that was last tapped in late September.
Macroeconomic & Geopolitical Factors Sink Crypto Prices
The recent price declines of Bitcoin and Bitcoin Cash can be attributed to a combination of macroeconomic and geopolitical factors.
Persistently high inflation has led the Fed to continue raising interest rates – and this week’s CPI data release could further influence the bank’s decision on whether to hike rates once more before the end of 2023.
According to the CME’s FedWatch tool, there’s now a 14.2% chance that rates will be increased in November’s FOMC meeting, which would see them between 5.50% and 5.75%.
The conflict in Israel has also renewed concerns about geopolitical instability, leading many investors to reduce their exposure to volatile assets like cryptocurrencies.
Popular trader Crypto Tony stated on Twitter that global conflicts can cause a fluctuation in equities and oil prices – which can further impact the crypto market.
Amidst these circumstances, investors are adopting a more cautious approach, re-evaluating their strategies as the market becomes increasingly unpredictable.
Stake-to-Mine Project Bitcoin Minetrix Emerges as Bright Spark & Hits $840k Milestone
While the prices of established cryptos like Bitcoin and Bitcoin Cash flounder amid challenging market conditions, some innovative new projects are piquing investors’ attention.
One such project is Bitcoin Minetrix (BTCMTX), which has raised over $840,000 (and counting) during its ongoing presale.
Bitcoin Minetrix aims to revolutionize cloud mining by allowing BTCMTX holders to earn mining rewards without needing expensive hardware.
Everything is handled through an Ethereum-based application, which has been audited by Coinsult – one of the world’s leading blockchain security firms.
At a time when the cloud mining sector is falling victim to scams and a lack of transparency, Bitcoin Minetrix stands out for its high level of security.
With the project’s presale phase still in Stage 1 of 10, early-bird investors can buy BTCMTX tokens for just $0.011 – the lowest price they’ll be made available.
However, this price is only set to last for six more days, after which it will increase by 10%.
Adding to the growing appeal of Bitcoin Minetrix is the current 709% APY staking rewards, designed as an incentive for long-term holding.
These high yields have caught the attention of major crypto influencers – with YouTuber Jacob Bury predicting 10x returns (or more) once BTCMTX makes its market debut following the presale’s conclusion.
For those seeking upside potential despite the market downturn, Bitcoin Minetrix seems to check all the boxes, setting it up as a project with substantial disruptive potential.