In the crypto industry, there was a lot of buzz as Bitcoin reached a new high of $71,000 on March 11, 2024, surpassing its previous all-time high (ATH) of $69,000. Similarly, Ethereum also hit a 3-year high, reaching the $4000 mark.
However, due to uncertainties surrounding the halving and liquidity factors, Bitcoin dropped below $66,000, while Ethereum also experienced a bearish trend that pushed its price below $3500. These price fluctuations have led investors to turn to ETFswap ($ETF) in hopes of recovering their losses.
Bitcoin Price Declines to $65,000 Amidst Bearish Sentiment
Bitcoin's value fell to $65,000 on April 4, 2024, marking a 1.03% decrease, with its trading volume dropping by over 33% to $31.32 billion. The decline was attributed to significant outflows from Bitcoin ETFs, totaling over $85 million in a single day.
Grayscale, a key player in spot Bitcoin ETFs, reported daily outflows exceeding $300 million. Additionally, a substantial amount of liquidation, totaling over $395 million among 120,569 traders in 24 hours, contributed to the drop in price. However, Bitcoin has bounced back and is currently trading at $66,000.
Investor Uncertainty Surrounding Ethereum (ETH) as Analysts Predict Further Losses
The battle between Ethereum bears and bulls for dominance continues as ETH hovers around $3,300. Analysts anticipate more losses, with the price potentially dropping to $3,250 or below.
Crypto analyst @ali_charts speculated on Ethereum's price movements, suggesting a drop to as low as $2,850 if the price falls below $3,460. Despite this, some believe Ethereum has the potential for a rebound, depending largely on the approval of the Ethereum ETF.
However, there is speculation by crypto analyst Eric Balchunas of a 25% chance for asset approval, as the US SEC has classified the token as a security. These factors indicate that Ethereum could remain within its current price range for an extended period.
ETFSwap ($ETFS) Leads the Tokenization Rally
ETFSwap ($ETFS) is a decentralized finance (DeFi) platform that aims to tokenize ETFs, allowing traders to access various asset classes like commodities and stocks. The platform offers leverage trading, seamless swapping services, and staking rewards.
Following a successful private sale with investments from angel and institutional investors totaling $750,000, the stage 1 presale has commenced amid high investor interest. Participants can acquire tokens at $0.00854 each in stage 1, potentially profiting as stage 2 launches at $0.01831. Experts predict the token's value could soar to $1, offering early investors a potential 100x yield on their investments.
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