- Algotech presale has raised more than $3.6 million as market turns attention to the AI-powered trading platform.
- Cryptocurrency prices fell as stocks dipped amid dip in investor confidence in interest rate cuts this year.
- Bitcoin also dipped as the US government sold a huge chunk of Silk Road BTC.
Cryptocurrencies saw a slight dip as rising yields and fresh signals for interest rate hikes dented investor confidence across the market.
Bitcoin, which fell below $65k late Tuesday, is looking to steady ship above $66k while new crypto project Algotech (ALGT) continues to capture market attention.
Crypto market looks to steady after sharp declines
Bitcoin (BTC) led the broader crypto market in sharp declines on Tuesday as stocks also fell amid fresh investor uncertainty.
BTC touched lows of $65k and Ethereum fell to $3,220 as Dow Jones Industrial closed lower. Crypto and stocks saw the decrease as Treasury yields rose and gold jumped by 10%. Notable comments by Fed officials about interest rates likely remaining higher for longer triggered the sell-off.
Also triggering the downside action was news of the US government’s sale of over $130 million worth of BTC linked to Silk Road. Although the US notified the public of this sale in January this year, Bitcoin price still reacted negatively to the development.
However, Bitcoin is back above $66,500 and Ethereum is above $3,340. Experts say the weakness remains but strong demand amid BTC halving, spot ETFs and other catalysts are key factors going forward.
According to analysts at QCP, institutional adoption of crypto is just getting started, a scenario that will drive BTC higher.
Algotech captures market attention
New innovations have hit the crypto market amid greater adoption, with the decentralised finance (DeFi) among those to see a huge turnaround amid bull market projections.
The trading space is also heating up, particularly with traders looking to tap into the benefits of non-custodial and algorithmic trading. Algotech, a new DeFi platform offering AI-powered trading solutions, aims to redefine this space.
The Algotech whitepaper describes a platform designed to expand investor reach with advanced algorithmic trading strategies. The protocol leverages AI and machine learning to create a solution that is data-driven.
Automation helps minimise trading biases that largely come with…