Token

Bitcoin ETF

Bitcoin

Crypto prices have slumped over the past 24 hours, with Bitcoin (BTC) down 3.15% and Ethereum (ETH) slipping 3.89%.&nbsp; 
One analyst speculates that this could be due to the market being overexposed to leveraged long positions. Accordingly, it has created a cascading effect, causing the liquidation of several assets. 
However, several projects, including the Bitcoin ETF token (BTCETF), appear resilient. In the ongoing presale, it has raised nearly $1 million less than a week after launching. 
<h2 class="wp-block-heading" id="strong-market-is-cooling-off-traders-are-greedy-strong">Market is cooling off; traders are greedy</h2> 
According to CoinMarketCap’s <a href="https://coinmarketcap.com/charts/#fear-and-greed-index" target="_blank" rel="noopener">Crypto Fear and Greed Index</a>, market participants are “<a href="https://crypto.news/usdts-market-cap-soars-beyond-84b-amid-positive-crypto-market-sentiments/" data-type="post" data-id="14208484">greedy</a>.”&nbsp; 
This reading implies that investors display little caution or risk management and are bullish. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/Zp51getZdWMMHM8t0InglGLBqm6lgnu4wh74He3QZWGb1hkWB6keRnOZXsM2tfD2hCsDGXO8xO1XFOljFUvtS6trnub3_-hh_MkdjjRgJ3peWif2RBbgZJRDm8ndhkNmdiHcJiiRLrEtpOVuTHd7BsM" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 36">
</figure> 
Whales can take advantage of these conditions to make large opposing trades with minimal price impact. Often, extreme greed precedes a significant selloff. 
Furthermore, Bitcoin has resistance at $38K and is changing hands at $36.3K when writing. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/SKxv_BD2qYr-tXYxTP6FOTLURQ0tjXUcCySuWc1jufzJ7ZQP5R58u1R6HOLkJft7QaEbC5v0AGznfiAYQGDnLIhs35y2uZ5FqSStPZrhkgpep9dHG9nLy_xZZEiCBIT7QEBQPINs2-OXe6N9zVZ6YJ0" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 37">
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Meanwhile, Ethereum rejected $2.08K yesterday, forming a double top, before retracing to around $1.98K when writing. 
 You might also like: <a href="https://crypto.news/chaingpt-integrates-chainlink-to-unlock-cross-chain-crypto-hub/"> ChainGPT integrates Chainlink to unlock cross-chain crypto hub </a> 
Analyst Doctor Profit noted the market’s misplaced confidence. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/QbV4BJQu43Ycj3NRTfr0iIlqa1KufyfGgMs46CqFUtbKqKKCy5w4ztJJZpB-bJ2csHYC6iURsKwk2GJmPzaePcg0iepO-SkELdU62kqWX6sWVhivrX6N_BM_tDCZbMYVASO9vIIPGuZoKYrrUndWV74" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 38">
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He notes that traders are “longing at resistance.” Then, BTC had retested $38k. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/XLz5tvnDTeZI5_wxMxrckUxpjGuTfe9CaRfvOBfI5KIwQ0PeuVZnwauDoOt5yVsRJC54Q-Wk66ul2RPFfw3SiGkdXw-XkkPeY0pz5jUDC5FmUEZC9mIayfm8WM3nSgJAMSzFtMAwNqSJX9uBR7xU6l8" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 39">
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Overall, the market is bullish on the upcoming Bitcoin halving, the possibility of the first spot Bitcoin ETFs being approved, and Blackrock’s new plans for a <a href="https://crypto.news/blackrock-applies-for-spot-ethereum-etf/">spot Ethereum ETF</a>. 
The SEC delayed the decision on HashDex’s Bitcoin spot ETF application, denting market confidence. This delay means crypto users must wait until January for Bitcoin spot ETF approvals.&nbsp; 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Bitcoin Spot ETF Approval Could Happen 'Within the Next Week,' Diffuse Funds CEO Predicts" width="1020" height="574" src="https://www.youtube.com/embed/ST5-gnQNGNk?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
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This delay and overexposure to leveraged longs have caused Bitcoin, Ethereum, and other crypto to retrace.&nbsp; 
However, some cryptocurrencies, such as Dogecoin (<a href="https://crypto.news/dogecoin-soars-as-astrobotic-wants-to-launch-physical-doge-to-moon-in-2024/" data-type="post" data-id="14216424">DOGE</a>) and Avalanche (AVAX), have been relatively firm. Analysts are also tracking the Bitcoin ETF Token, whose presale is ongoing. 
<h2 class="wp-block-heading" id="strong-the-bitcoin-etf-token-is-bullish-nearly-1-million-raised-in-presale-strong">The Bitcoin ETF Token is bullish, nearly $1 million raised in presale</h2> 
<a href="https://bs_9694e08f.crypto-news.care/?referrer=bitcoin-and-ethereum-slide-as-crypto-prices-turn-red-but-$btcetf-ico-nears-$1m" target="_blank" rel="noopener">Bitcoin ETF Token</a> combines the excitement of Bitcoin ETF approvals with unique tokenomics and community building.&nbsp; 
In their presale, the project has raised almost $1 million. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/10C-1yCioiSuC--19O6mB2BeNOpPPNIlNjo2asFvoRQNnfpVb10sXaJaOgjrsWfC1PdvP2TICIhuNYRxZFo4pyMz1XC-OAijTVp9-rSZbLwL-xzcB2rA_ozmFNP0g6s6sM-5K-89GUdco9hfOdHg_bQ" alt="Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m - 40">
</figure> 
Several analysts, including Jacob Bury and Crypto Boy, remain bullish on BTCETF.&nbsp; 
Bury describes the project as a “Bitcoin alternative,” despite Bitcoin-related assets often outperforming the market leader due to their relatively low market caps.&nbsp; 
The project has also received mentions in several crypto news outlets, including crypto.news.&nbsp; 
Bitcoin ETF Token allows staking.&nbsp;Moreover, it has integrated a burn mechanism where 5% of BTCETF supply will be destroyed at five key Bitcoin ETF milestones.&nbsp; 
BTCETF is deflationary and has a 5% burn tax on all transactions. 
For the community, there is a news feed aggregating the latest Bitcoin ETF updates into one dashboard for easy engagement. 
<a href="https://bs_9694e08f.crypto-news.care/?referrer=bitcoin-and-ethereum-slide-as-crypto-prices-turn-red-but-$btcetf-ico-nears-$1m" target="_blank" rel="noreferrer noopener">Visit the Bitcoin ETF Token presale</a> 
 Read more: <a href="https://crypto.news/wisdomtree-makes-an-amendment-to-spot-bitcoin-etf-application/"> WisdomTree makes an amendment to spot Bitcoin ETF application </a> 
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Bitcoin and Ethereum slide as crypto turns red, BTCETF presale nears $1m

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