New York, NY, April 17, 2024 (Globe Newswire) — During a weekend of turmoil in financial markets, cryptocurrencies felt the strain of geopolitical tensions. Bitcoin (BTC), Ethereum (Ethereum), and faber token (fur) Each is navigating the upheaval in unique ways. Bitcoin has shown resilience despite significant losses, Ethereum has struggled to hold key support levels amid a price decline, and Faber Token has taken advantage of volatile market conditions to help investors We were looking for promising opportunities ahead of the Bitcoin halving, which significantly boosted our presale numbers.
Despite weekend decline, Bitcoin (BTC) market power reaches new highs since April 2021
Asset values fell over the weekend as traders adjusted their portfolios in response to conflicts in the Middle East. By late Saturday, most assets appeared to have reached their lowest point.
While the stock market was closed last weekend, unable to react to the escalation by Iranian drones targeting Israel, the cryptocurrency market was active and responsive.
The general trend was for asset prices to fall as traders reevaluated their positions and reduced exposure to riskier investments. Bitcoin was the least affected of the major cryptocurrencies, falling from a high of more than $70,000 on Friday to just over $63,000 by the end of Saturday, a decline of 11.6%. did.
Bitcoin's resilience has been remarkable compared to other cryptocurrencies. Coinglass reported that long-term liquidations on centralized exchanges on Saturday totaled more than $757 million, of which Bitcoin accounted for $261 million.
Cryptocurrencies like Bitcoin are considered less risky than more speculative ones like Dogecoin, which fell nearly 30% from Friday's high to Saturday's trough.
After hitting what was seen as a rock bottom late Saturday, most assets saw a gradual recovery. In theory, Bitcoin could have soared during this turmoil because, like gold, it is considered a “safe haven.” Recently, the Middle East conflict has caused gold to rally significantly, which could benefit Bitcoin, which is often referred to as “digital gold.”
However, with stock markets closed, cryptocurrencies like Bitcoin had to absorb the full impact of market reactions. Despite these challenges, Bitcoin still emerged as a top performer.
Over the weekend, Bitcoin's market power (Bitcoin's market capitalization as a percentage of crypto market capitalization) rose to 52.86% on Sunday, its highest level since April 2021.
This increase in dominance comes on the heels of the February lows when altcoin appreciation saw Bitcoin’s dominance drop to 43%, its smallest share since March 2023. This reversal highlights Bitcoin's new strength in the market, achieving the largest market share in the three markets. Year.
Ethereum (ETH) remains above the $3,000 support level
Ethereum (ETH) price has faced challenges recently, dropping 21% between April 9th and April 14th, hitting a 50-day low. Despite recouping some losses, Ether continues to struggle, especially after failing to break out of the $3,200 resistance on April 14th. Ether, currently trading at $3,066, is experiencing a daily decline of 1.46%. This continued volatility has raised concerns about the sustainability of the $3,000 support level.
The derivatives market has seen a notable shift in sentiment among professional traders, indicating a decline in risk appetite. This sentiment is also reflected in the ETH options market, with the delta skew indicator reaching its highest bearish level in over two months, suggesting a growing demand for downside protection.
Amid such market uncertainty, analysts remain divided due to conflicting signals from on-chain and derivatives data, but remain cautious about approving the Spot Ether ETF in May. However, there are some optimistic views. Eric Balchunas, senior ETF analyst at Bloomberg, said the ETF is unlikely to be approved given the lack of critical feedback from the SEC in recent meetings.
By comparison, Ether's downturn has been more pronounced than other major cryptocurrencies such as Binance Coin (BNB) and Tron (TRX), but not as much as Solana (SOL). It is worth noting that Ethereum’s Network Total Value Lock (TVL) soared to a 13-month high on April 15th, reaching 16.4 million ETH, an increase of 14.8% month-on-month.
Despite these challenges, an expected decision on the Spot Ether ETF in May could still have a positive impact on Ether price and on-chain activity. However, increasing risk aversion among professional traders, as evidenced on April 16th, suggests that the possibility of further price correction below $2,900 should not be overlooked.
Far Lever Token (FURR) pre-sale raises over $800,000 as Bitcoin halving approaches
faber token (foul) has established itself as a strong contender, as evidenced by its impressive presale that has already exceeded $800,000. As the cryptocurrency community prepares for the Bitcoin halving, FURR is in a position to strategically capitalize on the increased interest and investment that typically accompanies this event.
Offering an attractive entry price of just $0.000564 per token, Furrever Token attracts a wide range of investors drawn to the potential for big profits. This active investment interest is reinforced by FURR's dynamic community, which includes over 4,100 active members on its Telegram channel, providing strong support and lively discussions that increase the token's market presence. We are promoting.
As the market expects, Bitcoin halving, Furrever Token is not just riding the wave, it is actively preparing to take advantage of this period of heightened activity. The team behind FURR is driving strategic partnerships and innovative features aimed at accelerating the adoption of the token and increasing its value. These initiatives are designed to align FURR's trajectory with the broader market trends expected post-halving, ensuring the token remains attractive to both new and existing investors. To do.
With a strong presale track record, active community engagement, and strategic market initiatives, Furrever Token is poised for significant growth. As we continue to navigate the evolving crypto landscape, FURR stands out as a promising investment opportunity, poised to benefit from future market momentum and deliver significant returns to its holders.
If you need more information or support regarding Furrever Token, please contact us only through our official channels at support(at)furrevertoken.com to avoid possible scams.
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Disclaimer: The information provided in this press release is not intended as a solicitation to invest, and is not intended as investment advice, financial advice or trading advice. Before investing in or trading in virtual currencies or securities, we strongly recommend that you exercise due diligence, including consulting with a professional financial advisor.
