Bitcoin continues to trade below the $26k level and could drop lower as investors await new CPI data.
Chancer’s stage two presale is fast closing in on the desired $2 million mark.
The cryptocurrency market has underperformed over the past seven days. Bitcoin continues to trade below the $26k mark, while the total cryptocurrency market cap now stands at around $1.03 trillion.
Despite the bearish trend in the market, Chancer’s stage two presale is set to hit the $1.8 million mark.
Bitcoin could drop to $25k as investors await new CPI data
Bitcoin, the world’s leading cryptocurrency by market cap, is down by less than 1% over the last 24 hours. At press time, the price of Bitcoin stands at $25,706 per coin.
The leading cryptocurrency could experience a further decline in prices as investors await this week’s CPI data. The US Core CPI figures for August are set to be released on Wednesday, September 13, 2023.
Market analysts predict the August core CPI to rise at a 0.4% monthly rate. An increase in inflation levels could see the US Federal Reserve raise interest rates at once one more time this year. If that happens, Bitcoin could drop toward the $25k level in the near term.
What is Chancer?
The broader cryptocurrency has been underperforming since the start of the month, but that hasn’t affected Chancer’s presale. Chancer is a Web3 project designed to decentralise the betting ecosystem.
According to its whitepaper, Chancer is a web3 peer-to-peer (P2P) custom betting platform that allows users to place bets on a wide range of events, including custom-made ones. Bets on the platform can be live-streamed to ensure transparency.
Furthermore, Chancer will operate as a completely decentralised online gaming platform. The platform seeks to improve the current services offered by traditional sports and casino betting platforms. Chancer users can bet on any event, even ones they make up themselves.
The team revealed that the funds generated from the presale rounds would be channelled towards building Chancer’s decentralised P2P betting platform. They would develop the platform to have exciting features, including betting markets in real-time and based on user interests, social media connections, and expertise.
Furthermore, users can launch custom P2P betting markets, allowing other users to bet on…