So far, the trends suggest that these are temporary downturns fueled by continued macroeconomic uncertainty as revealed by US Fed Chair Jerome Powell.
While Bitcoin ETFs are struggling to find a solid footing at the moment, Bitcoin Hyper’s ($HYPER) token presale continues to pump, fueled by over $117K whale buys in the last two days.
In a speech on Tuesday, US Fed Chair Powell mentioned the persistently high inflation rate in the country, along with a downturn in the job market.
This puts the Fed at a crossroads, because while lowering interest rates could drive up employment, this could push the inflation rate even higher.
As such, the Fed is taking a wait-and-see approach on its interest rate decision. This uncertainty created a domino effect among crypto traders hoping for lower interest rates that would help stir up the market.
Bitcoin ETFs have also felt jittery over the past few days. Based on data from SoSoValue, today’s daily total net inflows of these ETFs is -$258.46M.
Looking at the broader picture, though, these ETFs still look bullish on Bitcoin overall. Yesterday, for example, Bitcoin ETFs saw $241M in daily total net inflows. And the overall trend is definitely bullish, with positive inflows across the board ($1.82B inflows in the last 2 weeks alone).
But for now, it’s likely that traders are temporarily retreating to safety while waiting for more positive economic news.
And this brings us to one altcoin that seems to defy the current slump, partly because it’s on presale but also due to its compelling utility and Bitcoin-centric narrative.
Despite the temporary downturn, Bitcoin remains the undisputed king of cryptocurrencies. However, it is not without its flaws.
Transactions on its blockchain are notoriously slow, as it can only handle up to seven transactions per second, compared to Solana, which can handle up to 65K. As a result, Bitcoin transaction fees are extremely high too.
Then there’s its limited scalability. As it is, Bitcoin is just a store of value, which means you can only trade it and not much else.
The L2 will run on a Solana Virtual Machine, which will deliver Solana-level speeds and low transaction fees to the Bitcoin ecosystem. Plus, it’ll allow you to use your $BTC on the L2 to expand its utility for things like staking, meme coins, and interacting with dApps.
Its native $HYPER token will power the L2 once it launches. You can use it for paying for gas fees, and at the same time, it’ll give you access to exclusive features as well as governance rights.
Read more about what Bitcoin Hyper is planning in our guide.
For now, you can get $HYPER for just $0.012975. But hurry, as there are less than 6 hours left before the next price increase.
To get started, connect your crypto wallet to the presale widget, enter how many tokens you want to buy, and pay with your credit/debit card or crypto. For more detailed instructions, check out our guide on how to buy Bitcoin Hyper.
Alternatively, you can stake your tokens to earn 64% p.a. in staking rewards. HODLing is another option if you’re a long-term investor, as $HYPER has the potential to reach as high as $0.20 this year based on our Bitcoin Hyper price prediction (a 1,441% increase from the current price).
So, don’t miss your chance to be a part of this project that will revolutionize the Bitcoin ecosystem for good.
Join the Bitcoin Hyper ($HYPER) presale today.
Also read: Plasma (XPL) Price Analysis – Is the Hype Sustainable?
