Crypto markets experienced drops as the week closes after historic regulatory developments.
NuggetRush (NUGX) gathers more momentum, raising over $1.6 million in the ongoing presale, primarily because of what the project seeks to present to the broader crypto and blockchain communities.
Investors scramble to digest the impact of the Bitcoin ETF approval and uncertainty about its impact on the general trajectory of the industry.
The first two weeks of 2024 have brought significant market action, culminating in a drop in the past few days. Market participants are also looking into resilient projects, with emerging candidates like NuggetRush (NUGX) proving to be credible alternatives as its ongoing presale is a notable attraction for cryptocurrency ICO enthusiasts.
Bitcoin and Ethereum prices momentarily reached highs not seen in over a year after news of the Bitcoin Exchange Traded Fund (ETF) approval broke. Notably, prices have since corrected, with Bitcoin losing all gains it made earlier in the week.
Meanwhile, NuggetRush continues to prove a hit, raising over $1.6 million in only a few weeks of its ongoing presale. This project has unique features that draw crypto enthusiasts and investors alike.
Crypto market drops
Seasoned crypto traders are used to the volatility of crypto markets. This week was no different, as several top altcoins displayed the typical rollercoaster ride through the week.
The drop was particularly significant, noting that it came in the same week that Bitcoin ETFs received a historic approval.
The market is likely experiencing a reset from a phenomenon called “sell the news.” This term refers to crypto owners selling their assets following a positive development.
Accordingly, more people may have priced in the ETF approval and placed sell orders in anticipation of mountain loads of money flowing into the sector than the initial pump from the ETFs.
At press time, Bitcoin, Ethereum, and Dogecoin had all experienced dips, with Bitcoin falling to about $41,000.
The crypto market capitalization is approximately $1.68 trillion per CoinMarketCap.com data, a slight drop from its midweek spike. This figure will make for an interesting read as the enduring impact of this week’s developments becomes more evident.
It is too early to assess the long-term impact of Bitcoin…