FTX Sell-Off Sparks Fears of Crypto Crash – Investors are Seeking Refuge in New Cryptocurrency Bitcoin BSC
The Bitcoin BSC presale surged past the $2M milestone on Friday. The growing traffic to the presale hints that investors are seeking refuge in the new Bitcoin alternative amid a looming crypto crash.
The culprit behind spreading panic across the market is the latest news that FTX is preparing for a sell-off. On Wednesday, a judge in the U.S. Bankruptcy Court for the District of Delaware ruled that the crypto exchange can sell its crypto holdings to pay back creditors.
Bitcoin BSC, the trending new cryptocurrency in the ‘2.0 series’, has emerged as a cushion to absorb the risks.
What you'll learn 👉
FTX Prepares for a Sell-Off
FTX lawyers had asked the U.S. Bankruptcy Court for the District of Delaware for permission to sell, stake, and hedge its crypto holdings to pay back creditors. The argument was that it would allow FTX to mitigate the risk of price volatility and earn passive income on certain assets.
Judge John Dorsey approved the proposal, and announced that the bankrupt exchange has the permission to sell, stake, and hedge its crypto holdings. The ruling allows FTX to sell up to $100 million worth of crypto assets per week and enter into hedging and staking agreements.
Both the attorney representing the ad hoc committee of FTX customers and the lawyer for the unsecured creditors committee supported the decision.
Two FTX customers raised concerns that FTX sales could lead to a crypto crash and that FTX may not have ownership over all its crypto holdings. But the concerns were overruled.
Solana and Bitcoin Price to Bear the Brunt of the Imminent Crypto Crash?
Cryptocurrencies held by FTX are worth over $3.4 billion.
Reportedly, FTX holds Solana (SOL) tokens that amount to $1.16 billion. That translates to around 16% of the token’s outstanding supply. The other established crypto that makes up the portfolio is Bitcoin, worth about $560 million.
As FTX proceeds to dump BTC and SOL among others, the repercussions won’t be just limited to these assets, but the broader market. The news has yet to take a heavy toll on the market, which has been recovering this week after a long period of dispiriting performance.
For example, Solana price has been following a relatively steady uptrend since Sep. 12. But that has more to do with reversing the coin’s 23.55% slip over the month.
Solana price action over the last seven days, 15 Sep 2023, CoinMarketCap
The bitcoin price has also been picking up since Sep. 12.
As fear grips crypto communities and the court approval materializes into a cascade of sell-offs, the crypto market is likely to enter another period of panic. While the Solana price is expected to plunge 30%-40% over the next few weeks, the Bitcoin downturn will be short-term.
The upcoming Bitcoin halving event, along with the rumors that Tesla would accept Bitcoin payments, give a positive outlook to BTC price projections.
Sustainable Energy Sources Rise >50%
— Jamie Coutts CMT (@Jamie1Coutts) September 14, 2023
👉Falling emissions plus a dramatically rising hash rate can only mean one thing; Bitcoin mining is consuming more sustainable energy in its mix. pic.twitter.com/AGXrKWDWuI
Investors Move to Bitcoin BSC to Stay Profitable
With the price of high-cap cryptocurrencies set to collapse in the next few weeks, investors are planning ahead. While some choose to sell off before FTX, investors who plan to hold on to their assets for the long-term are looking for ways to absorb the losses and stay profitable.
New cryptocurrencies like Bitcoin BSC are garnering attention amid the crypto crash fears. Bitcoin BSC is an asset in the trending “2.0 series” built on the BNB Smart Chain.
The hot asset surged past its $2M presale milestone on Friday. It has just been around ten days since the presale went live. The traffic has been rapidly growing since the FTX news.
Similar to Bitcoin, there will be 21 million $BTCBSC tokens in total.
2.0 Coins Are Trending in 2023
The imminent crypto crash has expedited the traffic to the Bitcoin BTC presale.
But why Bitcoin BTC?
To begin with, there is a growing excitement around “2.0 coins”. Projects like BTC20 and BTC2.0 have become a huge phenomenon. For a better perspective, BTC2.0 climbed close to a shocking 80X in July, turning an early $1000 investment into around $80,000 in less than a week.
That is more than an average individual earns in a year.
On the other hand, BTC20 – touted as Bitcoin on Ethereum – recorded a 600% increase soon after its launch.
So the frenzy around Bitcoin BSC is understandable. BSC integration gives the token the added advantages of speed, cost-efficiency, and security.
Staking Rewards Strengthen the Traffic
Another factor that is drawing investors to the Bitcoin BSC presale is its compelling stake-to-earn offerings. The staking protocol rewards stakers keeping in line with the bitcoin block schedule.
It is passive, and doesn’t require any intensive mining equipment.
Evidently, the project takes inspiration from Bitcoin’s tokenomics. A substantial 69% of the total supply is set aside for staking, which will be spread out over 120 years.
Investors don’t have to wait until the token launch to stake their tokens. Presale investments are eligible for staking rewards too. At the time of writing, the staking APY is 276%.
Exponential Growth is Not a Thing of the Past
According to CoinMarketCap, Bitcoin price has jumped 40507.38% in ten years. From $65.53 on Jul. 06, 2013 to $26,599.07 on 15 Sep, 2013, BTC has come a long way.
Turning back the clock further, we will see that BTC was selling for an even humbler $1 in the beginning. And at one point in 2021, the token was hovering above $60,000.
The hype around cryptocurrencies is well-justified. Not just Bitcoin – all high-cap cryptocurrencies have similar rags-to-riches stories to tell.
They deserve the spotlight.
For example, Ethereum ICO in 2014 was priced at a mere $0.31. Today, it is selling for $1,635.53. Cryptocurrencies have turned many retail investors who thought ahead of the market into millionaires over the years. Many of them were students and part-time workers.
The most interesting aspect is that these early investment portfolios were worth only a few thousand dollars.
There is a popular misconception that crypto success stories are of the past. True, BTC and ETH can’t mint millions out of a $1000 investment now.
But new cryptocurrencies can.
A few good examples of remarkable price actions this year are Pepe, Rollbit, and BTC2.0.
Rollbit 1-year price action, CoinMarketCap
Investors are thinking beyond established assets to secure exponential growth from the market. The growing traffic to Bitcoin BSC is an example of this shift.
Can Bitcoin BSC Repeat Bitcoin Price Action From $1 to $30000?
It’s too early to say if Bitcoin BSC will replicate the Bitcoin price journey over the last ten years and multiply 30000 times from its presale price.
But it has the potential to climb 30 to 50 times soon after its launch, capitalizing on the market fear as well as hype. The presale progress hints that the FOMO around the token is catalyzing to new heights.
If the momentum sustains, Bitcoin BSC will emerge to become one of the best-performing coins of 2023.
Presale to Sell Out Soon
Whether Bitcoin BSC mints millionaires out of $1000 investors in a year or not, the projected price action looks promising. It has the potential to generate exponential returns for investors who seize the presale opportunity.
The hard cap of the presale is set low at $6,063,750 to strengthen the price action on the token release. Given that one-third of the presale supply is already snapped up, there is not much time for early investors.
The presale will sell out any day now.
BUY BITCOIN BSC AT PRESALE PRICE
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