Saturday, 25 May 2024

Crypto News

Bitcoin struggles below $64k ahead of the halving: Will it plunge lower?

Bitcoin mining

Key takeaways

  • BTC continues to struggle below the $64k level ahead of the Bitcoin halving event in two days.
  • Bitbot’s presale is now above $2.5 million.

Bitcoin stays below $64k ahead of halving

Bitcoin has been struggling in recent weeks and could record further losses if the market condition persists. At press time, the price of Bitcoin stands at $63,030, up by less than 1% in the last 24 hours. 

The poor performance comes ahead of the Bitcoin halving event in two days. The Bitcoin halving will see Bitcoin mining rewards slash by 50% from 6.25 BTC per block to 3.125 BTC.

Historically, the halving event leads to a massive surge in Bitcoin’s price. However, it remains unclear how Bitcoin will perform in the near term. 

What is Bitbot? 

While Bitcoin and other major altcoins continue to underperform, some presales are generating record funding from investors. Bitbot is one of the projects that is raising capital from investors to address certain pain points in the market.

Bitbot is a Web3 project that is set to bring unique value propositions to traders in the cryptocurrency space. It is a Telegram trading bot that puts the power in the hands of the user. 

The project describes its product as a self-custodial trading bot that enables users to trade via their cold wallets on Telegram. Bitbot provides traders with an innovative way of trading and is leveraging Telegram’s position as a leading social media platform for crypto users. 

It is set to provide users with high-end features to help traders grow their trading portfolios. The right level of adoption could see Bitbot become one of the most widely used tools by cryptocurrency traders. 

Bitbot’s tech could improve trading chances

To improve the trading chances of its users, Bitbot will be introducing a wide range of tech innovations. Per their whitepaper. Bitbot will leverage the Knightsafe to offer a self-custody solution. This solution helps in mitigating the typical risks associated with Telegram trading.

The team is currently developing anti-MEV and anti-rug solutions to help users protect their assets. With these features, traders can protect themselves from bots artificially pumping transaction costs and block scam projects.

Some of the funds generated from the presale will also be used to integrate Ultra-flexible wallet management fuelled by non-custodial API…

Click Here to Read the Full Original Article at CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison…