The recent cryptocurrency bull runs have faded as many investors took profits and waited to see what the next catalyst would be. The price of Bitcoin has fallen from an all-time high of $73,000 down to $67,000, while Ethereum Token has dropped from more than $4,000 to only $3,320. This has resulted in a decrease in the total market capitalization of digital coins from nearly $3 trillion to $2.6 trillion. Despite these challenges, BitBot’s token sale has seen a significant increase from $2 million to over $3 million.
Why did the crypto bull run fade?
There are two main factors that have contributed to the slowdown of the crypto bull market in recent weeks. Firstly, the much-anticipated rate cut by the Federal Reserve is unlikely to happen anytime soon, as supported by Friday’s strong job numbers. Additionally, the American economy added more than 303k jobs in March, surpassing the median estimate of 212k. The unemployment rate has decreased to 3.8% and the average hourly wage rose by 4.1%. These positive economic indicators suggest that the Fed may not reduce rates this year, causing a decrease in the stock market and crypto prices.
The BitBot Token Sale Continues
Meanwhile, the BitBot Token Sale has continued this week with developers raising more than $2 million. This marks the 9th stage of its token sale. BitBot is an innovative company aiming to disrupt the financial and trading industries by building Telegram Bots that send messages to thousands of users. This is not a new concept, as there are already thousands of businesses offering this service. However, BitBot stands out by using blockchain technology to create a decentralized bot where token holders can make decisions about the network. Token holders also have the opportunity to share in revenue, gain exclusive access to products, and interact with experts and community members.
Unlike meme coins with no utility, like MEME, Bonk, and Samoyedcoin, BitBot’s token has a clear purpose and potential for stability even in times of market downturn. As the token gets listed on major exchanges, its price is expected to increase. However, it is always important to use risk management strategies to prevent significant losses. BitBot tokens are currently available for purchase, and you can read more about it here.