Monday seemed an enigmatic day for crypto-lovers as prices took a dip. Key players in the market, such as Bitcoin (BTC) and Ether (ETH), witnessed a fall of more than 1.5% and 3% respectively. The slump possibly inspired by the spiralling Israel/Palestine conflict that has encapsulated neighbouring oil producers, resulting in a surge in oil prices. The surge, in turn, could be indirectly stoking inflation fears.
In a surprising move over the weekend, the Ethereum Foundation made a substantial sale of ETH tokens worth $2.7 million on the decentralized exchange, Uniswap, which stirred the ETH market. For those reminiscing October’s glowing record that saw BTC average a 25% gain since 2010, this October threatens to unveil a broken streak.
Instability in traditional asset markets could be triggering these warning bells. The ongoing commotion around oil prices and them hovering near multi-month highs could inflate interest rates from the world’s significant central banks. Given the robustness of the US economy, the yields on US government bonds are trading close to heights unseen in decades. Analysts from the Bank of America suggested in a weekend investor note that such overselling typically precedes a significant market event.
In reaction to these macro headwinds, crypto enthusiasts are showing uncertainty towards blue chip cryptocurrencies in the upcoming month. However, a silver lining appears in the form of crypto presales. Crypto presales could be a high-risk-high-reward strategy to explore for investors seeking higher probability gains. These presale projects introduce the tokens of upcoming crypto platforms at a relatively low cost, with a history of yielding huge returns for early investors.
Among several presale projects receiving attention is an innovative decentralized Bitcoin mining protocol, Bitcoin Minetrix. Early investors can stake bought tokens to earn non-transferable Bitcoin Minetrix mining credits. Another presale project creating a buzz is Meme Kombat, a start-up combining crypto gaming and gambling. Lastly, TG.Casino, a Telegram-based crypto gambling upstart seems promising for simple crypto gambling experiences.
Notwithstanding the novelties these projects offer, like any other, presale projects present a certain degree of risk that prospective investors must take into account. Although crypto is high-risk, it has the potential to offer substantial returns for the bold and astute investor. As such, it’s crucial to make well-informed decisions backed by extensive research and consideration.
Source: Cryptonews
