Blue-chip cryptocurrencies are hovering near recent highs, with Bitcoin (BTC) making another attempt at year-to-date highs, reaching the $38,400s. Currently trading around the $37,800s, Bitcoin remains relatively flat for the day. Traders are closely monitoring statements from a top US Treasury official who has cautioned crypto firms and USD-stablecoin issuers to take action against bad actors on their platforms to avoid regulatory consequences.
There's a lingering concern among crypto traders and investors regarding Tether (USDT), the issuer of the most widely used USD-stablecoin. Speculation about potential scrutiny from the US government may be contributing to a slightly nervous market sentiment.
Despite this, the broader macroeconomic context remains positive, with stocks and gold maintaining a multi-week uptrend, and US bond yields declining as macro investors anticipate Fed rate cuts in the coming year. The recent dovish commentary from Fed policymaker Christopher Waller has fueled these expectations.
The "buy-the-dip" strategy is likely to persist for Bitcoin, with recent lows showing a consistent trend of becoming shallower in recent weeks. The anticipation of near-term spot Bitcoin ETF approvals, the April 2024 halving of the BTC inflation rate, and an improving macro backdrop contribute to bullish medium-term price predictions for Bitcoin and major altcoins.
However, traders seeking rapid exponential gains continue to turn to the highly volatile and illiquid market of shitcoins and meme coins. Notable gainers on the decentralized exchange Uniswap include:
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KAP Games ($KAP): The native token of web3 game developer KAP Games, $KAP, has experienced a remarkable nearly 300% surge in the past 24 hours, making it Uniswap's top-performing shitcoin.
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Satellite Doge-1 Mission (DOGE-1): This shitcoin, inspired by Elon Musk's SpaceX plan to launch the Doge-1 satellite, has seen a 200% increase in the past 24 hours, with a market cap of around $2.4 million.
Investors should exercise caution with shitcoins, as they come with substantial risks. For those seeking high-risk, high-reward investment alternatives, participating in crypto presales is an option. These involve buying tokens of emerging crypto projects to support their development. While presales carry risks, they have a history of delivering significant gains to early investors. Cryptonews regularly identifies and shares potential high-value crypto presales, offering investors insights into promising projects for 2023.
