In a somewhat unsettling shift, Bitcoin (BTC) momentarily sunk below the $26,000 mark for the first time in a little over seven days. Despite lacking a pronounced fundamental stimulus to impel it downward, the pivot back upwards to the $26,200 level seems tenuous, with the cryptocurrency failing to clamber above its 21DMA, previously stated as just below $26,300. As we approach the end of the third quarter, Bitcoin appears set to close with approximately 15% in losses, a reflection of the steady climb of US government bond yields in light of the anticipated decision by the Federal Reserve to maintain heightened interest rates owing to the robust US economy.
The diminishing appeal of non-yielding and risk-laden assets such as Bitcoin is inevitable as the returns on risk-free, safe harbour US government bonds burgeon. Ether (ETH), sharing a similar fate, was reduced to a position just shy of $1,600, and hence situated on the bearish end of the current market trends.
With the majority of leading cryptocurrencies stagnating within recent ranges, things seem to be quietening down in the crypto market space. This could nudge traders to turn their focus on more fruitful albeit high-risk ventures of meme coins and shitcoins. GeneraitivAI ($GIA) — a community-driven, reward-oriented AI platform — saw a major surge, with almost a 100% increase over the last day. This makes it a prospective high-performer, despite alarm bells raised by the DEXTools security audit over some aspects of its token contract.
Trading uncertainly like its peers, ZkTsunami ($:ZKT) — a platform committed to transactional anonymity — experienced a 50% rise, even though its token contract bears concerning components that open up possibilities of unfair trade by the issuer. Prophet ($PROPHET)—a newcomer appearing as a high-performer, gained nearly 50% making it one to watch.
Amidst these risky ventures, the higher stakes might lie in token presales where investors assist in funding the development of pioneering crypto projects. Catering rich rewards to the early birds, these projects often taken in by visionary teams looking to bring groundbreaking crypto applications/platforms to life. However, a caveat must be issued reminding potential investors of the high risk that accompanies crypto investments.
Source: Cryptonews
