Monday, 17 June 2024

Crypto News

Bitcoin dips below $68k as Bitbot develops its staking feature

Bitcoin offers hope along with these undervalued altcoins

Key takeaways

  • Bitcoin has dropped below $68k following a poor start to the week.
  • Bitbot is working on its staking feature after raising more than $4m in presale.

Bitcoin fails to break past the $72k resistance level and could dip lower

Bitcoin, the leading cryptocurrency by market cap, has been underperforming over the last few days. It has lost nearly 3% of its value in the last 24 hours and is currently trading above $67k per coin. 

The poor performance comes as spot Bitcoin ETFs recorded a $64 million outflow on Monday. This was the first time the US-based spot Bitcoin ETFs recorded outflows in the last three weeks. 

What is Bitbot?

The crypto market is still consolidating but that hasn’t stopped projects from building excellent products. One project that has completed its presale and is currently developing its products is Bitbot

Bitbot is an exciting project that has raised capital from investors in a bid to address certain pain points in the market. This Web3 project seeks to bring unique value propositions to traders in the cryptocurrency space. 

As a Telegram trading bot, Bitbot will be self-custodial, enabling users to trade via their cold wallets on Telegram. Bitbot users will enjoy certain features available only to institutional investors, making it easier for traders to grow their trading portfolios.

Bitbot to roll out staking features to users

Bitbot is rolling out tech solutions that could help retail traders excel in the cryptocurrency market. After its presale round, Bitbot is using the funds to develop products that investors can use to boost their trading activities.

According to their recent X post, the Bitbot team revealed that they are currently working on the Staking Feature for the bot. By integrating a staking feature into the Bitbot product, users who claim their tokens through the bot can stake them and earn a competitive Anual Percentage Yield.

In addition to the staking feature, Bitbot will also leverage the Knightsafe to offer a self-custody solution. This solution helps in mitigating the typical risks associated with Telegram trading.

The integration of anti-MEV and anti-rug solutions will further help users protect their assets. Finally, some of the funds raised in the presale are already being chanelled towards integrating Ultra-flexible wallet management fuelled by non-custodial API…

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