Saturday, 25 May 2024

Crypto News

Bitcoin still struggling around $61k: Will it dip lower?

Bitcoin still struggling around $61k: Will it dip lower?

Key takeaways

  • Bitcoin continues to struggle below $62k and could plunge lower in the short term.
  • Bitbot has raised $3.3m so far, with only two stages of the presale left.

Bitcoin stays below $62k

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 $61,254, down by than % in the last seven days.

The poor performance comes as the US Federal Reserve recently dashed hopes of cutting interest rates in the short term. Risk-averse assets like Bitcoin continue to underperform with the interest rate still high. 

What is Bitbot? 

Bitcoin’s boring price performance hasn’t affected other activities in the broader crypto market. Presales and airdrops continue to attract the attention of Degens and other industry participants. 

Bitbot is one of the projects that is raising capital from investors to address certain pain points in the market. It is a Web3 project that seeks 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. 

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

Bitbot users will enjoy certain features available only to institutional investors, making it easier for traders to grow their trading portfolios.

Bitbot’s tech targets retail traders

Bitbot is rolling out tech solutions that could help retail traders excel in the cryptocurrency market. According to 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.

Furthermore, the integration of anti-MEV and anti-rug solutions will help users protect their assets. These solutions would ensure traders protect their data and assets from bots artificially pumping transaction costs and block scam projects.

With more than $3.3 million raised so far, some of the presale funds will be channeled towards integrating Ultra-flexible wallet management fuelled by non-custodial API technology. 

Finally, Bitbot will also…

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