Experts are keen on the return of a bullish cycle. Many speculate ETFswap (ETFS) is next in line to take charge in the upcoming bull run. A bull run is a period in the crypto market when all crypto assets experience a significant price increase. Many of them retest past all-time highs or set new ones.
During the bull run of 2021 spearheaded by Bitcoin (BTC), the crypto market thrived, with Ethereum (ETH) trading above $4,500. There was a significant surge in the price of assets in March 2024. The crypto market has since circled down the drain, plunging the price of assets.
Bitcoin Drops Below $65,000, Falling by 8%
Bitcoin enjoyed a massive rally in March 2024. It reached a new all-time high of $73,000. However, it also experienced a sharp drop in price below $62,000 on April 13, 2024. Currently trading at $62,323 at press time, the bearish outlook affected other assets in the industry. While there are many speculations to explain the sudden market-wide downturn in prices, it can be pinned to two reasons.
First, former CEO of Bitmex exchange Arthur Hayes speculated in a blog post on April 9 that there could be a downtrend in the Bitcoin (BTC) price as dollar liquidity would drop before tax payments are due in the United States on April 15. The second reason for the bearish trend is the ongoing tension in the Middle East. Iran launched missile strikes against Israel in retaliation for an airstrike against its consulate in Damascus, Syria. Iran claims that the airstrike was carried out by Israel.
Ethereum Whales Reinforce Sell Action
Whales can either positively affect the price of a cryptocurrency or drive it down. So, the recent actions of four whales on the Ethereum network got members curious about their effects on the cryptocurrency.
On April 13, analytical platform Lookonchain reported 31,683 ETH worth $106 million was sold by Alameda/FTX, Cumberland, 0xc3f8, and 0x1717. The massive sell-off shot up the selling pressure amidst the ongoing downturn in price in the crypto market.
According to the platform, Cumberland transferred 17,206 ETH worth over $57 million into several exchanges. Besides, wallet address 0xc3f8 moved 7,976 ETH valued at $26.6 million into the Binance exchange. 0x1717 transferred 4,000 ETH worth $13.2 million into several exchange platforms. Moreover, Alameda/FTX moved the lowest token, depositing 2,500 ETH worth $8.33 million into the Binance exchange. At the moment, Ethereum has dropped below its crucial support level. It is trading at $3,049 according to Coinmarketcap, hinting at a potential drop below the $3,000 mark.
ETFSwap (ETFS) Private Sale Success Gears It To Lead The Next Bull Run
ETFswap is a project that aims to bridge the gap between traditional and decentralized finance through tokenizing exchange-traded funds (ETFs). By tokenizing ETFs, the platform eliminates the barrier between traders and assets like gold, silver, commodities, stocks, and bonds. It brings them on-chain. The ETFswap (ETFS) features staking, fractional ownership, seamless swapping, and leverage trading.
Users should not worry about the safety of their investments. Cyberscope, a leading blockchain security firm, has audited its smart contract. The rigorous audits by Cyberscope yielded good fruits as the firm saw no critical fault.
ETFS, the platform’s native token, was offered at a private sale event to introduce the project to large investors. By the end of the sale, they raised $750,000 from two institutional investors and three angel investors. Those were impressed by the platform’s potential for growth.
Currently, ETFswap (ETFS) is offering the token at $0.00854 per coin in its stage 1 presale stage. Stage 2 will start at $0.01831, cementing profit for all stage 1 investors. Automatic profit and a fantastic ecosystem are more than enough incentives to join ETFswap (ETFS), and several investors have done so with over 18.5 million tokens sold already.
For more information about the ETFS Presale:
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