Potential BTC Crash on the Horizon? Consider Diversifying with XRP20

On Aug 4, 2023

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The Bitcoin price has seen another fluctuation drop over the last 24 hours. Its value remains above $29k, but the fluctuations have dropped drastically.

About 24 hours ago, the BTC price fluctuated between $29.10k and $29.35k, with these two levels acting as its support and resistance, respectively. Early on August 4, however, the fluctuations dropped, and the price started going between $29.25k and $20.15k, only to eventually drop even more minor fluctuations between $29.10k and $29.15k.

After that, the price started seeing a sudden boost that took it back up to $29.25k, which is where it sits at the time of writing.

For now, whether it can breach old resistances seen in the last 24 hours remains to be seen. If it does, it might continue its surge to $29.5k or potentially higher.

However, some analysts believe that Bitcoin is using the last of its strength and that a price crash is coming.

As one expert pointed out, Bitcoin is facing many challenges, many of which contributed to the bearish outlook in the market. Robinhood, for example, revealed an 18% drop in crypto transactions throughout Q2 of this year.

The announcement immediately raised concerns regarding the demand for BTC. If retail interest is fading away, Bitcoin’s chances of mounting up buying pressure are dropping, which could lead to more traders expecting a bearish outcome.

This could further lead to more sales and cause a price crash. Fitch Ratings’ recent decision to downgrade the US debt rating from AAA to AA+ added new uncertainty to the market, increasing the chances for significant volatility moving forward.

Global X files for Bitcoin ETF

However, Bitcoin did see some good news, which may bring crypto users to the asset. Recently, Global X, a company that manages over $41 billion in assets across 107 ETFs, filed for a Bitcoin ETF with the SEC.

The company’s idea is to launch an ETF that will alternate between allocating to Bitcoin futures and its own recently launched Treasury bill ETF.

Currently, the US SEC has not yet responded to previous ETF filings, such as the one filed by BlackRock. However, a combination of Bitcoin futures and T-bills might be more acceptable to the regulator than a straight Bitcoin spot ETF.

US President accidentally promotes Bitcoin

In an amusing twist, it appears that US President Joe Biden unknowingly touted BTC in a recent coffee mug video. President Biden recently made a video advertising merchandise for his reelection campaign.

A cup of Joe never tasted better.
Grab yours: https://t.co/4fbxCBQNPZ pic.twitter.com/s2qboyE7C1
— Joe Biden (@JoeBiden) August 3, 2023

One piece of merch was a coffee mug with the president’s image. However, the image features glowing red laser eyes, which has been a popular addition to images of Bitcoin enthusiasts.

Laser eyes became a widespread Bitcoin-related phenomenon in late 2021, and it was joined even by several high-profile supporters, such as Paris Hilton, Elon Musk, and Tom Brady.

#NewProfilePic pic.twitter.com/G471l4Cn9v
— ParisHilton (@ParisHilton) April 2, 2021

The US President’s move was almost certainly just a coincidence, but that did not stop the community from saying that the cringy coffee mug video is the “biggest endorsement of Bitcoin history.

Joe Biden trying to win over bitcoin maxis pic.twitter.com/aYB1AGgE1R
— borovik.eth (@3orovik) August 3, 2023

XRP20 presale closes in on half a million raised

With Bitcoin surrounded with uncertainty, many opportunity seekers have diversified their portfolios by adding new assets with great potential. One of the most popular recent options was XRP20, an Ethereum-based version of XRP.

The project’s idea is to reignite the passion of the XRP army, which recently had a chance to witness the heights that XRP could reach.

Those who joined too late to repurchase the original XRP when it was at its all-time low of $0.0028 now have a chance to buy the new XRP20 at an even lower price of $0.000092 per token.

The presale will remain open until it reaches its soft cap of $1.8 million. However, the project has already reached $469k and will hit $0.5 million quickly. Those interested in buying it can do so in exchange for ETH or USDT.

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