ORDI, Fantom (FTM), and Aave were among the worst performers in the crypto industry during the weekend as the crypto sell-off intensified. The ORDI token crashed by over 15% in the past 24 hours and has retreated by over 50% from its highest point this year.
Fantom, on the other hand, crashed by over 8% in the past 24 hours and has retreated by more than 45% from the year-to-date high. Similarly, the AAVE token plunged to a low of $72.76, which is much lower than the year-to-date high of $153.90. The other most popular laggards were coins like KuCoin Token (KCS), XRP, and Ethereum Classic.
Not all cryptocurrencies were in the red. Bittensor (TAO) token rose by over 20% in the past 24 hours while Celestia (TIA), Dogwifhat (WIF), and Wormhole (W) soared by more than 10%. BitBot too continued its token sale, raising over $2 million.
Why cryptocurrencies plunged
There are three main reasons why cryptocurrencies crashed during the weekend. First, crypto investors are likely selling the news as the Bitcoin halving event is set to happen in less than two weeks.
This situation is known as buying the rumour and selling the news. They have already bought the rumour as the coin has surged from below $20,000 to a high of over $73,000.
Second, they crashed because of the geopolitical risks that accelerated during the weekend. Iran retaliated against Israel by firing over 300 drones and rockets. Most of these strikes were unsuccessful, helped by the country’s iron dome.
These tensions mean that the price of crude oil could continue rising in the coming weeks. Brent, the global benchmark, has already jumped to a multi-month high of $92.
Third, there are signs that the Federal Reserve will not cut interest rates in the coming months as was widely expected. That explains why the US dollar index has jumped while US equities and bonds have retreated.
Still, in the long term, analysts believe that cryptocurrencies will continue doing well because of Bitcoin. Besides, the coin is still getting rare because of halving while institutional investors are moving to the coin.
BitBot token sale intensifies
BitBot is thriving even as the crypto sell-off continues. The developers have already raised over $2.3 million from investors and are slowly nearing stage ten’s target of $2.5 million.
For starters, BitBot is one of the most ambitious companies…