Ordi, fantasy (FTM) and ghost It was one of the worst performers in the cryptocurrency space over the weekend as the cryptocurrency selloff intensified. The ORDI token has plummeted more than 15% in the past 24 hours and has retreated more than 50% from its year-high highs.
On the other hand, Fantom has fallen more than 8% in the past 24 hours and is back more than 45% from this year’s high. Likewise, the AAVE token plummeted to a low of $72.76, well below this year’s high of $153.90. Other most popular latecomers were coins such as KuCoin Token (KCS), XRP, and Ethereum Classic.
Not all cryptocurrencies were in the red. The Bittensor (TAO) token is up over 20% in the last 24 hours, while Celestia (TIA), Dogwifhat (WIF), and Wormhole (W) have surged over 10%. bitbot also continued its token sale, raising over $2 million.
Why cryptocurrency plummeted
There are three main reasons why cryptocurrencies plummeted over the weekend. First, since the Bitcoin halving event is scheduled to occur within two weeks, cryptocurrency investors are likely selling this news.
This situation is known as: Buying rumors and selling news. They have already bought into the buzz as the coin has surged from under $20,000 to over $73,000.
Second, the plunge was driven by geopolitical risks that accelerated over the weekend. Iran retaliated against Israel by launching over 300 drones and rockets. Most of these strikes were not successful, even with the help of the country’s iron dome.
These tensions mean crude oil prices could continue to rise in the coming weeks. The global benchmark, Brent crude, has already jumped to $92, its highest in months.
Third, there are signs that the Federal Reserve will not cut interest rates in the coming months as widely expected. This explains why the US Dollar Index has surged while US stocks and bonds have retreated.
Nevertheless, analysts believe that in the long run, the cryptocurrency will continue to perform well thanks to Bitcoin. Moreover, while institutional investors are moving towards the coin, the coin is still becoming rare due to the halving.
BitBot token sale strengthens
As the cryptocurrency sell-off continues, BitBot is thriving. The developers have already raised more than $2.3 million from investors and are slowly getting closer to their Phase 10 goal of $2.5 million.
First of all, BitBot is one of the most ambitious companies in the blockchain industry. Developers are aiming to disrupt the fast-growing Telegram bot market, which has been rife with fraud for years.
BitBot will be the most advanced and featured Telegram bot in the industry. In addition to technical indicators, the platform has advanced artificial intelligence (AI) features that help provide near-accurate signals.
BitBot is also powered by blockchain technology, which helps reduce or prevent fraud. This technology also helps decentralize the network, allowing all token holders to leverage governance. You can purchase BitBot tokens here.