Tuesday, 27 February 2024

Crypto News

Bitcoin, Solana, Pullix price prediction as BTC dives below $40k

Bitcoin, Solana, Pullix price prediction as BTC dives below $40k

  • Bitcoin price has dipped below $40k, extending intraday losses to lows of $38,620.
  • Solana (SOL) is down 10% at the time of writing, trading near $79 as altcoins bleed.
  • Pullix (PLX), a new hybrid exchange in presale, has raised over $4.2 million as it attracts investors.

The cryptocurrency market is mainly red today, with most top altcoins posting price movements that mirror the 4% dive witnessed in the Bitcoin (BTC) market. Per details on CoinGecko, the global crypto market is down 5% to $1.59 trillion as BTC price slipped to lows of $38,620. Solana (SOL) was trading below $80 as bears threatened to pull it further into the woods.

As this happens, both the trading and presale market continue to prove attractive for buying opportunities. Pullix (PLX), a new hybrid exchange token in presale, is among those seeing huge investor interest.

This price prediction article looks at the outlook for Bitcoin and Solana and what that means for PLX.

Bitcoin (BTC) price under pressure below $40k

Amid the broader crypto weakness is the observable pressure that has hit Bitcoin price since the SEC approved spot Bitcoin ETFs and trading commenced on January 11, 2024. 

One of the biggest drivers of the sell-off has been the Grayscale dump that has seen the digital asset manager sell over $2.3 billion worth of BTC to handle GBTC share redemptions.

BTC price reached lows of $38,620 on Tuesday.

FTX, the bankrupt crypto exchange whose affiliate voluntarily dismissed a case against Grayscale, has led the GBTC outflows with over $1 billion. 

While BTC price held above the $40k mark in the wake of the spot ETF-driven pressure, Tuesday’s news that Mt.Gox creditors had confirmed their Bitcoin addresses ahead of a payout, catalysed fresh weakness.

BTC price could now retest lower levels, potentially $35k before establishing a new upside footing. Key to the bullish outlook for the flagship cryptocurrency is the upcoming BTC halving and falling pressure from GBTC dump.

Solana (SOL) price dips below $80

Solana (SOL) was one of the best performing altcoins as 2023 came to a bullish end, with SOL hitting highs above $123.

Meme coin hype and overall growth in the Solana ecosystem saw the token stand out. The altcoin is however back below the psychological $100, extending losses below $80 in the past 24 hours as its value dipped 6%.

While massive profit-taking has…

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