Bitcoin Price Slides Again, But Whales Back Wall Street Memes to Defy the Bear Market
Major cryptocurrencies are fully re-tracing their Grayscale pump, with the global crypto market cap plummeting 3.6% over the past day.
Bitcoin led the decline by plunging 4.5%, while altcoins like Ethereum, XRP and Cardano are also seeing significant losses. The current bearish outlook in the market is a result of the SEC postponing its decisions on all pending Bitcoin spot ETF applications, including BlackRock.
The meme coin market cap also depreciated by 3.4%, with top meme tokens like Dogecoin and Shiba Inu plummeting by as much as 4.5%.
However, the Wall Street Memes token continues to show strength in its ICO and could emerge as an alternative investment during the current crypto bear market.
Bitcoin Plummets As SEC Delays BlackRock ETF, How Far Can It Fall?
Bitcoin lost all its gains from the Grayscale pump as it fell below the $26,000 price level after a 4.5% depreciation over the last 24 hours. BTC saw a 40% surge in 24-hour trading volume, which highlights that investors are quickly dumping their holdings.
The correction came after the US Securities and Exchange Commission delayed its decision on all pending spot BTC ETF applications, including BlackRock and Fidelity. The next deadline for the SEC to reach any verdict is now in October, which leaves investors without any bullish catalyst for the month of September.
Bitcoin has historically faced significant challenges in September, often referred to as ‘rektember’ by long-term crypto traders like @CryptoJelleNL. Already on the very first day of the month, Bitcoin is on the brink of falling below the crucial $500 billion market capitalization.
TradingView, a technical analysis platform, is also giving a Sell signal to BTC in the daily time frame where it is currently underperforming every important moving average indicator. Even in the weekly time frame, BTC is facing heavy selling pressure and is at risk of falling below the 200-week Exponential Moving Average at $25,672.
On-chain data firm CoinGlass reveals that the BTC open interest added over the past week has now been fully wiped out. Similarly, AI Coin highlights that the Bitcoin Volatility Index fell to 41.86 today after depreciating 1.85% from yesterday.
As a result, experts are also predicting more sell-offs, with popular trader @honey_xbt revealing that she will long BTC only after it sweeps the $25.3K mark.
Another crypto analyst @CryptoTony_ revealed that yesterday’s correction was highly predictable as no fresh capital is entering the market. He believes that the token will see a surge of liquidity only below the $25,000 mark.
On the other hand, BTC bulls are hoping that the SEC will have no choice but to approve the pending spot ETF applications. After all, the D.C. Court Of Appeals shredded all its usual reasons for rejecting them in the Grayscale lawsuit.
Even then, the largest cryptocurrency will have to deal with the hawkish stance of the Federal Reserve as it appears set to proceed with another interest rate hike.
Wall Street Memes Continues To Grow Despite Bitcoin & Other Coins Struggling
Despite the prevalent bearishness in the crypto market, the Wall Street Memes token is generating tremendous hype and FOMO in its ICO, having already raised over $25 million in just over three months.
Furthermore, the project has announced that $WSM is set to launch on multiple Tier-1 centralised exchanges. Thus, investors are rushing to purchase the token at a cheap price of $0.0337 before it goes live in less than a month.
Despite the negative market outlook, $WSM is enjoying strong community support, thanks to its strong ties with the legendary Wall Street Memes Reddit that sparked the historic GameStop short-squeeze in 2021.
Furthermore, the Wall Street Memes group has a massive global following on social media and farms over 40 million impressions on a monthly basis. Even Elon Musk is a fan of its Twitter account.
Due to this widespread popularity, traders like Crypto Dose are calling $WSM the next 10x meme token. Smart-money traders appear to agree with this assessment as one whale has put over $1 million into the Wall Street Memes token.
However, instead of resting on its laurels, the project has adopted community-centric tokenomics to further boost its user adoption. It has made the entire $WSM supply available to the public with no cuts for the team. 30% of the tokens have also been set aside to reward the community.
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