NEW YORK, NY, May 26, 2024 (GLOBE NEWSWIRE) —
Bitcoin (BTC) It has fallen below $68,000 and is trading at $67,183, down 3% in the past 24 hours, raising concerns about a potential downtrend. Ethereum (ETH) Despite the approval of eight spot Ethereum ETFs, the cryptocurrency is stagnating at $3,800 and showing no significant upward momentum. Fur River Token (FURR) Investors have been enticed by promising pre-sales, nearly $1.1 million raised, and the potential for a 1,500% increase in value post-launch.
BTC Drops Below $68,000 – Will the Drop Continue?
Investors and traders are especially showing renewed interest in Bitcoin strategies as Bitcoin’s current positioning and price volatility are driving this new wave. 1 Bitcoin was trading at $67,183 but began to fall 3.3% in the past 24 hours, with a trading volume of $36, monthly volatility of 4%, monthly average price of $350, and year-to-date returns of 19%. $700 million.
Analyzing the global market, we can say that we can set the budget for the Capstone project at $1.2.3 Q It is worth noting that Bitcoin remains the most valuable coin in the cryptocurrency market, with its value exceeding $3 trillion. Bitcoin (BTC/USD) is down 3% from its price early this morning to 67,183. Analyzing the overall price movement of this token, we can see that the 3% price movement in the last 24 hours indicates a bearish trend. However, these figures of $68,263, which highlight the pivot point, belong to the direction of the current upward trend.
The 50-day exponential moving average (EMA) is at $68,615 and is forming a resistance level near the pivot point. Technically, Bitcoin is trading below the pivot point, indicating a potential downtrend. For an entry strategy, a sell below $68,263 is recommended, targeting the profit-taking level at $66,357 with a stop loss at $70,029. This strategy will allow investors to capitalize on the potential for further declines while managing risk.
Ethereum price reaction after approval: Did the expected rally happen?
After the SEC approved eight spot Ethereum ETFs last night, ETH price is stuck at $3,800 and shows no signs of a significant upward trend. Despite this, ETH experienced a significant rally of over 30% last week. Investors are now taking a cautious stance and waiting to see if this development will lead to a “news sell” event.
Before the US Securities and Exchange Commission announced its decision to approve an Ethereum ETF, ETH prices experienced wild fluctuations. In the tense hours before the official approval, ETH initially fell to $3,500 at the close of regular trading on the US market. It then approached $3,900 after the first unconfirmed reports suggesting approval emerged, before finally settling above $3,800 after the approval. In the midst of this huge price fluctuation, one whale was found to have sold a staggering 7,900 ETH worth $29 million.
During this turbulent period, leveraged crypto derivatives positions were liquidated at over $350 million in a single day, the highest amount since May 1, according to data from CoinGlass. The majority of the liquidated positions were long positions anticipating a price rise, totaling about $250 million. This indicates that traders who were overinvested through leverage were surprised by the sudden price drop. Of the traders affected, ETH traders were hit the hardest with $132 million in liquidations.
Analysts estimate that the approval of a spot Ethereum ETF is expected to bring inflows of over $500 million. However, it may take some time for this to materialize and for an uptrend to begin. Some on-chain indicators suggest that Ethereum may form a base above $4,000 and continue to rise to $5,000-6,000 by August this year. While the approval of the Bitcoin ETF has seen a surge in institutional inflows, it will be interesting to see if the launch of an ETH ETF will lead to further institutional adoption.
Furrever Token: A Future Game Changer for Meme Coins
Far River Token Furrever Token is poised to capitalize on the growing interest in meme coins with their charming cat-themed imagery. Currently in the final stages of its presale, the token has already raised over $1.1 million and is aiming to reach $1.9 million by the time of its official launch on PancakeSwap. A potential 1500% increase in value post-launch makes Furrever Token a highly attractive investment. Early presale participants with a token price of $0.000648 stand to benefit greatly from this expected growth.
Furrever Token’s engaging approach, including cat-themed stickers, visuals, and community challenges, fosters a vibrant community. Additionally, the project’s commitment to security and transparency, evidenced by audited smart contracts and a one-year lock on the team’s tokens, gives investors peace of mind about its long-term prospects. With nearly 4,000 active members on its Telegram channel, Furrever Token demonstrates strong community support and engagement.
With the presale now over, now is the perfect time for investors to join the Furrever Token community and reap huge rewards.
Visit furrevertoken.com to secure your tokens and join this exciting venture. Investors interested in this opportunity are encouraged to only contact official support at support@furrevertoken.com to avoid potential scams.
Join the Furrever Token Presale now:
Far River Token Official Website
Join our Furrever token giveaway worth $20,000
Join our official Telegram group
Follow the official X account
Media Contact:
Robert Smith
https://furrevertoken.com/
support@furrevertoken.com
Disclaimer: The information provided in this press release is not a solicitation to invest, nor is it intended to constitute investment advice, financial advice or trading advice. We strongly recommend that you conduct your due diligence, including consulting a professional financial advisor, before investing or trading in cryptocurrencies or securities.
CONTACT: Robert Smith support at furrevertoken.com
