2023-05-31 18:36:10
Easy Come Easy Go. This arguably best describes the situation unfolding for Bitcoin and many other of the largest cryptocurrencies by market cap this week. After a recovery on Monday and the BTC price rose to over $28,000, the $27,000 mark for Bitcoin fell once more today. The repeated downside break might result in a stronger correction. Meanwhile, Wall Street Memes is making big strides towards the $2 million mark.
Secure $WSM now at a low presale price.
After the Bitcoin price had been in a price range between $27,000 and $30,000 for months, it has now fallen below the support several times in the last week. After such a long sideways movement, the breakout is often all the more violent. In this case, however, the area has been breached downwards. Even if nothing worse has happened so far, the selling pressure can now be clearly felt, and a recovery does not last long, as this week has shown once more.
In the last 24 hours, the bitcoin price is down more than 2.7%. BTC is currently trading at $26,941 and still accounts for 46.2% of the entire crypto market with a market capitalization of around $522 billion. The losses are likely due to the fact that an interview was released today in which a senior Fed official suggested that interest rates are more likely to have to be hiked further and that there is no reason for a pause.
From the @FT’s @colbyLsmith interview with President Loretta Mester of the Cleveland #Fed.
The next policy meeting promises to be interesting, especially IF the next set of data comes in strong (namely, today’s JOLTS, Friday’s #jobs report, and next week’s CPI #inflation.)… pic.twitter.com/UqkzWruD4l— Mohamed A. El-Erian (@elerianm) May 31, 2023
After the inflation figures in the USA turned out worse than hoped for last week, a step like this was also foreseeable – even if nothing has been decided yet, of course. After the last meeting, the majority of market participants assumed that the first interest rate cuts would soon follow and at least that no further increases would be implemented in June. However, the mood seems to be changing now.
Even if the crypto market has already coped with the numerous interest rate hikes this year better than expected, higher interest rates still do not bode well for digital currencies. With such high interest rates, there are much safer investments that also bring acceptable profits and many investors switch to them, the willingness to take risks decreases in times of high interest rates.
First month of losses for bitcoin
It is therefore almost certain that Bitcoin will make losses in May for the first time this year. In the months from January to April, the price has always risen on a monthly basis. The opening price in May was around $29,200. Barring any more miracles in the next few hours, Bitcoin will close around $2,000 lower in the $27,200 area, down 6.85% in May.
Get in now and buy Wall Street Memes ($WSM) in the presale.
This is also well below the opening price of April. Since mid-April, the daily chart has also shown that lower highs and lower lows are forming, which means that the trend in this time unit is shifting and further losses are to be expected.
Especially if there really are further interest rate hikes in June and large investors in particular switch to alternatives. So if there is no bullish news soon, it is quite conceivable that Bitcoin will correct significantly lower once more and come dangerously close to the $20,000 range once more if it falls below the $25,000 mark. It’s just a year too early for the big bull run that many have been expecting for this year.
While there is currently not much to be gained from the big coins, crypto enthusiasts are looking for alternative coins that can enable significantly higher profits instead. Especially in the area of meme coins, extremely high returns are currently being achieved once more. Although this area is associated with significantly more speculation, it also enables profits of several thousand percent within a very short time. Above all cares here Wall Street Memes ($WSM) currently for a lot of attention.
Buy Wall Street Memes in presale now.
Wall Street Memes is nearing the $2 million mark
The $WSM token is less than a week old and has already raised nearly $2 million in pre-sales. The reason for this is obvious: meme coins are back in vogue and in order to separate the wheat from the chaff, it is particularly important to check whether a strong community is behind the coin. That’s clearly the case with Wall Street memes.
The social media accounts behind the $WSM token together have over a million followers on Instagram and Twitter. A figure that not even Pepe Coin can match, which recently reached a market capitalization of more than $1.5 billion as a meme coin. So it currently looks very much like $WSM might be the next coin that might follow in these footsteps and might also surpass the one billion dollar mark.
Investors still have the opportunity to get involved at a very early stage. The $WSM token is still available in presale and will regularly become more expensive in several presale stages, which means that investors can already take a high book profit if they enter the current phase. After the listing on the crypto exchanges, the price can increase many times over and the profit can be significantly higher.
Now buy $WSM in presale before the next price increase.
About the author: Manuel Lippitz has been an entrepreneur and investor for several years. After founding a number of successful companies, investing in a wide variety of assets became increasingly important to him. On his real estate blog he writes regarding life as a landlord and with the commissioning of his first own mining stations in 2020, he increasingly focused on cryptocurrencies & NFTs and the opportunities that come with them.
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