XRP Price Slides Almost 5% as Crypto Prices Turn Red, But Bitcoin Minetrix ICO Raises Over $800k
The crypto market has seen widespread losses over the weekend, with XRP down nearly 5% since Friday.
Major coins like Bitcoin and Ethereum are also trading lower as the crypto market turns red overall.
But amidst the decline, Bitcoin Minetrix has emerged as a bright spot, hitting the $820,000 mark during its ongoing presale phase.
XRP Slides Below Key Support Level as Selling Pressure Mounts
XRP has closed in the red for four days out of the last five – and it looks likely to continue that poor run of form today.
The token is trading around $0.49, just below the vital $0.50 level that has acted as support and resistance in recent weeks.
More worrying for investors, XRP has fallen below both the 20-day and 50-day Exponential Moving Averages (EMAs) over the weekend, hinting that the short and medium-term trend is now bearish.
Price has broken out of the ascending channel it was trapped in to the downside – with all signs pointing to another retest of support around $0.47.
However, data from CoinMarketCap shows that XRP trading volume is actually up 137% over the past day.
This increased volume could suggest the potential for a trend reversal – but more likely indicates the heavy selling pressure behind XRP’s recent slide.
Sea of Red in Crypto Market as Economic Fears Intensify
XRP isn’t the only crypto experiencing a downturn, with most major coins and tokens posting losses over the weekend.
As shown in the crypto market heatmap from Coin360, there’s a sea of red in the market, with Bitcoin sliding 1.68% and Ethereum down over 3% since Friday.
Even previously trending projects like Solana are seeing losses of 5% or more – prompting the overall crypto market cap to dip below $1.08 trillion.
This week’s US CPI report looks to be weighing on traders’ minds, as hotter-than-expected inflation could spur the Fed to hike interest rates once more before the end of 2023.
Should this occur, it would put downward pressure on risky assets like cryptocurrencies.
Adding to the uncertainty is geopolitical tensions that occurred over the weekend, prompting crypto investors to reconsider their portfolios.
These factors have contributed to heightened volatility and a bearish sentiment, leading to a widespread selloff that has impacted both established and new coins.
Hot New Crypto Presale Bitcoin Minetrix Defies Downturn & Raises $820k for Stake-to-Mine Project
While traders are struggling with market-wide declines, some investors are using the dip as a buying opportunity to scoop up undervalued crypto assets.
One new crypto asset that has been attracting attention in this regard is Bitcoin Minetrix (BTCMTX), which recently surpassed the $820,000 mark in its ongoing presale phase.
Bitcoin Minetrix’s Stake-to-Mine model, which offers everyday investors an alternative pathway to mining Bitcoin, has created a unique value proposition that seems to be resonating with the crypto community.
However, Bitcoin Minetrix’s dual-earning approach promises not only BTC mining rewards but also high-yield staking opportunities through its native BTCMTX token.
At the time of writing, stakers can earn yields of 734% per year, with over 56.7 million BTCMTX tokens pledged already.
Unsurprisingly, these high yields have caught the attention of investors, with over 1,200 people joining the official Telegram community to learn more about the project.
To drive engagement further, Bitcoin Minetrix’s team has even launched a $30,000 “Minedrop” initiative, whereby ten lucky winners will each receive $3,000 worth of BTXMTX tokens.
To enter, participants must complete several easy social media tasks, such as following Bitcoin Minetrix’s official Twitter account.
With BTCMTX available for $0.011 per token for just six more days, investors are rushing to take advantage of this limited-time offer while they can.
Once the presale concludes, Bitcoin Minetrix’s developers intend to launch BTXMTX on an array of top-tier exchanges – meaning those who get involved early put themselves in line for potentially high returns if all goes to plan.
Visit Bitcoin Minetrix Presale
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