The price of Bitcoin (BTC) is undergoing a very intense pressure, a trend that is dragging altcoins to new lows. With the drawdown, the price of Bitcoin is now changing hands for $69,670.58, down by 0.28% in 24 hours. This slight slip has created a deep slump in other altcoins, especially the memecoins like Floki.
Bitcoin Drawdown Triggers Intense Liquidation
As Bitcoin price slumped, Ethereum (ETH) fell by 1.20% to $3,670.56, Binance Coin (BNB) which recently saw a new All-Time High (ATH) dropped by 7.45% to $622.28. Other top altcoins like Solana (SOL) and XRP also dropped by 1.53% and 0.53% to $159.45 and $0.4960.
With the majority of altcoins correlated with Bitcoin, Toncoin (TON) showed an exception. The Telegram-backed digital currency managed to maintain its surge by 1.28% to $7.176.
Of this BTC and altcoin trends, the combined crypto market liquidation has topped $93.68 million. A total of 51,090 traders were caught up in this liquidation in 24 hours. Bitcoin is leading this liquidation trend with more than $14.59 million drained off. Ethereum and Solana comes in second and third spots with liquidations topping $12.3 million and $4.2 million respectively.
Crypto market liquidations are not new in the market as traders continues to hedge their bets through leveraged trading. Unlike what is observed in the market prior to this time, the combined market liquidation is growing, leaving pundits to question what might be the core reason for the market reaction.
For what it is worth, Bitcoin has the right incentives to surge. The United States Federal Reserve is on stock for its 2-day policy meeting that might see the announcement of a rate cut. Other central banks in the G7 including the Bank of Canada and the European Central Bank (ECB) unveiled similar rate cuts last week.
Bitcoin Rebound Imminent
These rate cuts from the G7 central banks are important growth triggers for risk assets especially Bitcoin. With lowered rates in crucial financial markets, the digital currency might be more attractive to institutional investors.
The gateway for these class of investors to embrace BTC has been created through spot Bitcoin ETF offerings. From the United States to the United Kingdom, Australia, Hong Kong and Thailand, more nations are supporting the growth of the nascent asset.
In all, Bitcoin rebound is imminent if the market indices and spot BTC ETF accumulation continues.
Read More: Floki Name Service Goes Live, Will It Trigger FLOKI Price Rebound?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin, Ethereum, Dogecoin Take Christmas Pause Amid $93M Longs Liquidation: Analyst Sees All-Time Highs Benzinga
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- CleanSpark will complete the $9.3 million all-cash deal for the two turnkey Bitcoin mining facilities this week.
- The facilities in Dalton, Georgia, will host 6,000 Antminer S19 XPs and S19J Pro+ rigs.
- CleanSpark CEO Zach Bradford says the deal puts the miner on track to reach its year-end hashrate target of 16 EH/s
CleanSpark (NASDAQ: CLSK), one of the largest Bitcoin mining firms in the world, has announced the acquisition of two BTC mining campuses in Dalton, Georgia.
The company said in a press release that it had struck a definitive agreement to purchase the two turnkey facilities for $9.3 million, an all-cash deal expected to close later this week.
CleanSpark targets 16 EH/s by end of year
According to the miner, the two campuses are set to host over 6,000 Antminer S19 XPs and S19J Pro+s, and will see the mining giant add just under 1 exahashes per second (EH/s) to its hashrate.
“This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s. It also continues to position us as one of the most power-efficient miners on an energy-per-hashrate basis,” Zach Bradford, CEO of CleanSpark, said in a statement.
CleanSpark’s latest purchase adds to multiple previous buys and acquisitions secured over the past several months. After purchasing 20,000 Antminer S19j Pro+ machines for $43.6 million in February, the company added 45,000 Antminer S19 XP units worth $144.9 million in April. In May, it bought 12,500 Antminer S19 XP rigs.
CLSK traded at $4.86, up 10% on the day on Wednesday. The crypto stock has rallied more than 140% in 2023 and analysts expect it to reach $12.
Metacade’s crypto presale has been a major success, and the project is only just starting. Today’s crypto news takes a deeper look into this promising GameFi platform and analyzes just how far a crypto investment in Metacade (MCADE) could go.
Crypto news today: Could the Metacade crypto presale be the best crypto investment of the year?
The biggest news story in the crypto sphere currently involves Metacade – a brand-new GameFi platform generating loads of hype among the blockchain community. Metacade’s crypto presale has attracted $9.6m of crypto investment quickly because it is arguably destined to be one of the most comprehensive platforms in blockchain gaming.
Today’s crypto news highlights that every single prior fundraising round for Metacade has completely sold out. This has meant that the price of MCADE has risen from $0.008 to $0.017 since the initial beta phase.
Metacade is releasing 70% of its total token supply during the crypto presale, allowing the community extensive opportunities to get involved before the end of the event. With such a high level of crypto investment already pouring into MCADE, the token is now preparing for significant long-term price action.
Can MCADE reach $5 in 2025?
Today’s experts analyzing crypto news suggest that MCADE could explode in 2023 and beyond. The MCADE crypto presale is a sign of more to come, with the project consistently attracting significant investment.
Thanks to the crypto presale, MCADE’s exposure is set for a dramatic rise as it enters digital asset exchanges. As such, experts have speculated that by the end of 2023, MCADE could reach $1 per token in value due to this surge in investment opportunities.
The Metacade platform will go live in 2023, and the project’s vast offering will be completed in 2024. By introducing a ground-breaking selection of crypto-earning mechanics and extensive benefits for the community, Metacade expects to attract a considerable number of users during this time.
In 2024 and 2025, Metacade could experience major success. The next bull market could see MCADE attract enormous levels of crypto investment, pushing the price of the MCADE token up to $7 due to the project’s deflationary tokenomics. This would be an incredible 350x gain from the end of the crypto presale – a rise to rival the other most successful GameFi projects in Web3.
What is Metacade?
Metacade is the biggest blockchain arcade. This means that it offers the most extensive collection of play-to-earn (P2E) games found anywhere on the blockchain, with every title offering integrated financial rewards for players.
On top of this, Metacade will become a central hub for all Web3 users. It will display the latest trends in blockchain gaming and connect its community in new and exciting ways.
Metacade also offers vast earning potential for users beyond the metaverse arcade. This will include Play2Earn, Compete2Earn, Create2Earn, and Work2Earn, as Metacade delivers an all-encompassing GameFi solution using blockchain technology.
How does MCADE work?
The metaverse arcade will offer casual and competitive gameplay, as users can play solo or go head-to-head in ranked events. Paid entry tournaments will offer major crypto prize pools for the winners, as competitive gamers can test their skills for ultimate glory.
The Web3 community hub will display crypto news today and the best new blockchain games in the space. It will also reward content creators through the Create2Earn feature, delivering financial incentives to users as they post game reviews, share alpha, and interact with other community members.
Metacade’s Work2Earn feature will connect new jobs for crypto enthusiasts, enabling anyone to kickstart their career in blockchain. Work2Earn will include gig work, freelance roles, and full-time positions at some of Web3’s hottest companies – a massively valuable offering unmatched by any other GameFi platform.
MCADE is taking blockchain gaming to the next level
The crypto news today that reported Metacade has attracted $9.6m in 15 weeks comes as no surprise. Metacade is a true game changer and will fund the next wave of game development directly.
The Metagrants program will provide early-stage investment to game developers as they build new P2E games for blockchain users to enjoy. It will involve a voting process, where the Metacade community decides which new titles are best, meaning that the most in-demand P2E titles can be brought into the metaverse arcade for the community.
Is MCADE worth buying?
The MCADE crypto presale could be the most lucrative opportunity of the year. With vast earning potential embedded into the platform and a sky-high price prediction due to the crypto news today, Metacade looks like a no-brainer addition to crypto investment portfolios. We can only expect the hype to increase with the presale entering the final stages in March.
Metacade is a prime example of a strong crypto investment during fluctuating market conditions, as its long-term potential from the end of the crypto presale is massive.
You can participate in the Metacade presale here.
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