Friday, 12 April 2024

Crypto News

Institutions Buying Top-Tier Cryptos, But 100X Returns Are Only In Presales Like $GFOX

Institutions Buying Top-Tier Cryptos, But 100X Returns Are Only In Presales Like $GFOX

Since the massive Bitcoin price dip in 2022, market analysts, enthusiasts, and investors have anticipated a major bullish run for the famous cryptocurrency. Statistics so far for 2024 suggest that $BTC will cross new territories in 2024. It is, however, still unclear how far $BTC will go and the potential profits for investors. While skepticisms about $BTC’s price continue, there has been more optimism that new memecoins like $GFOX will be investors’ best bet in 2024.

Major Crypto Investments in 2024

Data from the crypto market has shown that $BTC is enjoying a price resurgence. Since the SEC approval of a Bitcoin ETF in January, $BTC has experienced major price changes with ripple effects across the crypto space. With $BTC’s price at almost $52,000, more investors and whales have begun to show interest in the crypto market.

One of the major investors in February 2024 is Peter Thiel. The popular billionaire, who has been active in the financial market for decades, is not new to the operation of the crypto market. Thiel has expressed his support for the crypto market on several occasions, hinting that the blockchain network is an impressive alternative to the regulated financial market. Hence, it’s no surprise that Thiel’s venture capital firm, Founders Fund, has reportedly invested over $200 million in bitcoin and other tokens.

There have also been reports that major crypto whales have invested over $6 billion in the market this year alone.

While these investments can be linked to the SEC’s approval, there are a few underlying factors that have influenced recent market sentiments and $BTC’s price surge. These factors include:

  • ETF Easing: Although it took a couple of days for crypto enthusiasts to get over the impact of the SEC’s approval on the market, the market has moved from the initial frenzy to more stable price levels. Long-term investors are familiar with the mechanics of the crypto market, so most waited until the selling pressure from ETF investors had piped down to invest in the coin. Thus, their investment has further boosted $BTC’s steady price.
  • Long Positions: Long-term investors and whales control market price and trends, and in their characteristic manner, they are holding onto their $BTC and creating limited supply. With limited supply comes increasing demand and a subsequent price increase.
  • Fear of…

Click Here to Read the Full Original Article at CoinJournal: Latest Bitcoin, Ethereum & Crypto News…