Cryptocurrencies waver as focus shifts to BitBot token claim

• Cryptocurrency prices have crashed hard in the past few weeks.

• The crash happened as Bitcoin supply increases and as hopes of a Fed cut increases.

• BitBot will start its token claim event on Thursday.

Bitcoin and other cryptocurrency prices remained under pressure on Wednesday as investors waited for the next important catalyst. After rising to $62,000, Bitcoin dropped to $60,000, triggering a reversal among most altcoins. Some of the top laggards were the likes of Blur, Mother Iggy, Turbo, and Apu Apustaja.

Why cryptocurrencies are crashing

There are three main reasons why cryptocurrencies are retreating. First, the drop is mostly because there have been no major catalyst to push the coins higher in the past few months. The most important events have already happened this year.

The Securities and Exchange Commission (SEC) has already approved spot Bitcoin ETFs while the halving event has already happened. There are signs that the agency will approve spot Ethereum ETFs soon. 

Second, they have dived because of the ongoing Bitcoin selling pressure. The German government has dumped substantial amounts of Bitcoin in the past few days. Similarly, many exchanges and Mt. Gox have started selling coins. Moves in the Bitcoin market tend to have an impact on other altcoins.

Finally, there are signs that the Fed will be among the last central banks to slash interest rates because US inflation has held quite steady in the past few months. The headline Consumer Price Index (CPI) has remained above 3% and has struggled to move to the Fed’s target of 2%.

There are other reasons why these coins have crashed. Technically, Bitcoin has formed a death cross, which is a popular bearish sign while the volume of Tether transactions has retreated. 

Attention turns to BitBot

Amidst this gloom, investors have turned to BitBot, one of the most popular pre-sale coins in the industry. The developers raised over $4.3 million in its token sale as hopes of its rally continued. 

BitBot will be in the spotlight on Thursday as the developers open the network for claiming. Those who participated in the token sale will be required to first connect their wallets from the BitBot website. They will need to use the wallet they used to purchase the BitBot tokens.

https://x.com/Official_Bitbot/status/1805902031997075804

After that, one will need to click the claim token in BitBot token and then verify their Telegram account. Finally, one will need to complete the claim process by clicking the verification button.

Analysts believe that BitBot has a great future because of what the network promises to do. For starters, BitBot aims to be the biggest Telegram trading bot in the industry. Users will be able to receive quality trading signals and alerts in a non custodial manner. You can find more about BitBot here.