This week, Bitcoin and Ethereum rose after the recent sell-off. In the last 24 hours, the price of ETH has seen an increase of around 2.78%, while BTC has risen by approximately 1.31%.
During the bullish period for these two market leaders, a new project, Bitcoin ETF Token, raises millions during pre-sale as traders await the SEC’s decision on Bitcoin ETFs.
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In this article, we will discuss:
Macroeconomic factors impact Bitcoin and Ethereum prices
At the end of last week, both Bitcoin and Ethereum saw rapid declines. This worried many traders because of rising rates and contracts. But this week, Bitcoin and Ethereum rose due to a combination of macroeconomic factors.
When you buy an asset instead of selling it, you pay an extra fee, called the financing fee. Open contracts are like future agreements that have not yet been resolved. If these rates are high, the risk of many people needing to sell everything quickly increases if prices plummet, due to the high leverage.
This situation happened last week, but soon after, analysts noticed that rates and open interest had returned to normal. It all started with November inflation data released by the Bureau of Labor Statistics, showing that inflation slowed to 3.1%. It was a positive sign for the general market situation.
After that, a Federal Reserve meeting took place. At this meeting, a press release was made saying that the interest rate would be maintained.
However, they explained that the Committee would be ready to adjust the direction of monetary policy if risks arise that could hinder the achievement of objectives. Analysts took this as a sign that the Fed may lower interest rates in 2024. As a result, the market reacted positively, and prices rose quickly.
Ethereum reached US$2,312, driven by the market rally. At the same time, Bitcoin rose to $43,300. The two cryptocurrencies have experienced a recent drop, due to security issues in some hardware wallets. But the situation is resolving, with prices starting to rise again as developers resolve security issues.
In the near future, investors are eagerly awaiting decisions on Bitcoin ETF applications, with the SEC facing a January 10 approval deadline. A new project that could benefit from the current situation is the Bitcoin ETF Token, which is in the pre-sale phase and has stood out in the market after raising millions in investments.
Bitcoin ETF Token pre-sale progresses quickly
The Bitcoin ETF Token is an innovative way to profit from the approval of Bitcoin ETFs. The project was designed to reward investors as decision milestones are approved.
The project has five important points and will burn 5% of its total supply in each of them. Additionally, there is a 5% tax on burning, which will decrease by 1% with each milestone, making BTCETF more limited and incentivizing holding the token longer.
The Bitcoin ETF Token also includes a staking mechanism with an annual yield (APY) of 69%. This fee will decrease as more tokens are deposited, offering incentives for those who buy early.
Furthermore, the staking system motivates users to hold their tokens, reducing the selling pressure on BTCMTX and allowing the price to increase.
The project also has a service called Bitcoin ETF Alerts, which keeps people updated with the latest Bitcoin news right on the project’s official website.
The BTCETF presale is progressing quickly and has already raised over $4.5 million in investment, indicating that the token is receiving strong support from the community.
The pre-sale has a maximum limit of US$5.059 million, being the last opportunity for traders before the launch on exchanges.
Investors who are interested in being part of the project can acquire or BTCETF token for US$0.0068 on the project’s official website. The cryptocurrency accepts various forms of payments, such as ETH, MATIC, USDT or BNB, making purchases easier for traders.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.