Cardano

Bitcoin

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. 
Crypto prices have plunged over the past 24 hours, but XRP and Cardano are among the biggest hit, down 9.08% and 8.54%, respectively.&nbsp; 
However, market participants have found solitude in the newly launched presale Bitcoin Minetrix, which continues to gather pace despite the market turbulence. 
<h2 class="wp-block-heading" id="strong-xrp-and-ada-plunge-strong">XRP and ADA plunge</h2> 
With apprehension rising as the SEC’s Jan. 10 deadline to approve <a href="https://crypto.news/grayscale-vaneck-file-form-8-a-for-spot-bitcoin-etfs/" data-type="post" data-id="14234496">Bitcoin ETFs</a> nears, crypto financial services platform Matrixport released an unfavourable report. 
The company is well-respected in the industry, recently predicting Bitcoin would reach $45K by the end of 2023. However, the <a href="https://www.matrixport.com/institutions/research/matrix-on-target/813?utm_source=BenchmarkEmail&amp;utm_campaign=MoT_General&amp;utm_medium=email" target="_blank" rel="noopener">recent report</a> was less desirable, priming market participants for ETF application denials this month. 
“We believe all applications fall short of a critical requirement that must be met before the SEC approves,” the report explained. 
Subsequently, crypto prices tumbled, with Bitcoin currently down 4.82% and Ethereum down 6.45%. However, XRP and ADA were worse affected, currently both down over 8.5%. 
 You might also like: <a href="https://crypto.news/bitcoin-returns-to-44k-following-temporary-market-dip/"> Bitcoin returns to $44k following temporary market dip </a> 
The moves have disappointed both communities, but analysts remain bullish that the pullback is short-term FUD. 
Also, the Matrixport report explains, “We still expect Bitcoin prices to be higher by the end of 2024 than when they started the year ($42,000).” 
However, another factor that further damages the XRP price is that X commentator <a href="https://x.com/edward_farina/status/1742246848214237197?s=20" target="_blank">EDO FARINA</a> pointed out that Binance suspended XRP withdrawals on Tuesday. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/LF53Xmw0kU7zf_vkKqhQeaKGn6g_y2x-E1XLKbrdIUSWmozM0Q9lbJpFN9Nru0H161DHnA4YbObvRVN-2PuWqEGp5jQm8tMt0hY6IHCTPGXpczi5vAER2ef7H19m2yGF6_FmFQ6V6k8XBrdTIJe18oM" alt="XRP, cardano tank in crypto crash, investors flow to new altcoin - 38">
</figure> 
In a follow-up tweet, Edo voiced his concerns that this opens the door to “market manipulation and exploitation of Customers funds.” 
Nevertheless, analysts remain bullish on XRP, with <a href="https://x.com/xrp_prime/status/1742559067912954250?s=20" target="_blank">Crypto_Prime</a> explaining that while the recent may look bearish, it could actually prove bullish provided the price holds above its daily candlestick low. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/UzaM4y_1IhUrpWtR3Hwdx1KWKyqxmx5Unsjd522lowhYhvBRPf9mTAuVrqOzdq6_qEm6D5c5T360HgoxbahsF1cb2l7S5NrOWD2M2XSOLSyLpqnA6cJVzGOlkkLgHpOiZeMrCGLlyX8hdlTkkm0GcPk" alt="XRP, cardano tank in crypto crash, investors flow to new altcoin - 39">
</figure> 
Moving to Cardano, trader <a href="https://x.com/Av_Sebastian/status/1742779071816192410?s=20" target="_blank">Sssebi</a> believes the dip could have been “exactly what Cardano needed.” 
He explained, “RSI got reset nicely and is bouncing while the price is also bouncing from the 0.54$ support area. This move showed us that the bulls are strong and such a dip gets quickly bought up.” Sssebi concluded by predicting that Cardano will reach $0.6 on Jan. 4. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/rOJsJ0RCYpv_BJ0SKGaNh6ca_Fy-1fTmsyBlQ8fxzTT9ekXUgeKr0dNbXueEmk-jMstnZ1dKnpvo_RJJv5W_u40qXFU70XMzt_IatGy26roYAlf9UR71MIFQOEufFiaoUAAISYYpPV7avrb0W2i-7zg" alt="XRP, cardano tank in crypto crash, investors flow to new altcoin - 40">
</figure> 
Yet, while analysts remain optimistic on XRP and Cardano prices, Bitcoin Minetrix has been relatively firm as the project nears the $7.5 million in its presale. 
<h2 class="wp-block-heading" id="strong-bitcoin-minetrix-presale-raises-7-4-million-strong">Bitcoin Minetrix presale raises $7.4 million</h2> 
<a href="https://bs_b96bd0a7.crypto-news.care/" target="_blank" rel="noopener">Bitcoin Minetrix</a> allows users to mine Bitcoin effortlessly. 
Users stake BTCMTX to earn Bitcoin mining credits. They can then burn these credits on the Bitcoin Minetrix platform for Bitcoin cloud mining power. 
 You might also like: <a href="https://crypto.news/bitcoin-minetrix-a-stake-to-mine-project-raises-over-4m-in-presale/"> Bitcoin Minetrix, a stake-to-mine project, raises over $4m in presale </a> 
This process is beginner-friendly and easy for anyone to get started. There are no hardware or technical expertise requirements; users can get started with just an Ethereum-compatible wallet and BTCMTX. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/_jPm1S5K-hfj1J_7L0ua61LCxtPnGh-M_ggQP4ZkcmG2ddXpCMlLiLdXXuhH2iRvVMRpQjTx4kHGXSKs6xbO_gEMGDiRTrrA0axz5msxLEa-gPvD40Bk9fDoCB4xYBKz9hPbGKE9dwKod3qT_ZmUCZU" alt="XRP, cardano tank in crypto crash, investors flow to new altcoin - 41">
</figure> 
Bitcoin Minetrix’s use case aims to propel Bitcoin mining toward mass adoption, possibly benefiting BTCMX. 
This is due to BTCMTX’s role in staking. 
Staking rewards are primarily paid out in mining credits, not BTCMTX. 
Moreover, the decentralized nature of the platform eradicates the risk of cloud mining scams. 
This arrangement may support long term growth. So far, the Bitcoin Minetrix presale has raised over $7.4 million. 
 Read more: <a href="https://crypto.news/asset-manager-backs-bitcoin-price-to-hit-80k-in-2024/"> Asset manager backs Bitcoin price to hit $80K in 2024 </a> 
 Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

XRP, cardano tank in crypto crash, investors flow to new altcoin

Table of Contents

crypto.news

Other articles published on Jan 4, 2024

Passive Income with Cerra.io: Join the Future of Cardano DeFi

Divergent Paths: China Escalates Crackdown on Tether, While Hong Kong Paves the Way for Stablecoi...

Binance Unveils Its 43rd Launchpool Project: XAI

Former Citigroup Executives Launch Bitcoin-Backed Securities

SEC To Reject Spot Bitcoin ETF Leading To Potential Crypto Market Crash : Warns Analyst

Matrixport case: How news and rumors impact crypto market

Join our free newsletter for daily crypto updates!