The cryptocurrency bull run has faded recently as many investors take profits and wait for the next catalyst. Bitcoin price has retreated from an all-time high of over $73,000 to $67,000. Similarly, Ethereum token has plunged from over $4,000 to $3,320.
As a result, the total market cap of all digital coins has dropped from almost $3 trillion to $2.6 trillion. Despite these challenges, BitBot has continued its bullish momentum as its token sale jumped to over $2 million.
Why crypto bull run has faded
There are two main reasons why the crypto bull run has faded in the past few weeks. First, there are signs that the much-anticipated rate cut by the Federal Reserve will not happen any time soon. This view was supported by Friday’s strong job numbers.
According to the Bureau of Labor Statistics (BLS), the American economy added over 303k jobs in March, higher than the median estimate of 212k. The economy has added jobs for 36 straight months, the longest winning streak in years.
The unemployment rate dropped to 3.8% while the average hourly earnings rose by 4.1%, down from 4.3% in the previous month. These numbers came a few days after the ISM said that the manufacturing PMI increased in March, the first time since 2022.
There are also signs that inflation slowdown has slowed in the past few months. The headline Consumer Price Index (CPI) stood at 3.1 in February while the core CPI remained at 3.8%. The core CPI is almost double the Fed target of 2.0%.
Therefore, Bitcoin and other cryptocurrencies have dropped because most investors expect that the Fed will not cut rates this year. Other analysts expect at least one cut, down from three or four when the year started. This also explains why stocks have tumbled this week.
BitBot token sale continues
Meanwhile, the BitBot token sale has continued this week as the developers raised over $2 million, meaning that there is strong demand. Its token sale has now moved to its stage 9.
For starters, BitBot is a company that is seeking to disrupt the financial and trading industry. The developers are building Telegram bots that will send signals to thousands of customers.
To be clear: Telegram bots are not new. It is a big industry with thousands of companies offering the service. A careful look at these platforms show that most of them are scams.
BitBot aims to change this by creating a genuinely honest trading bot powered by the blockchain technology. It will also be a decentralized bot, where token holders will make decisions about the network.
Token holders will also take part in revenue sharing, get exclusive access to its products, and the ability to mingle with the community and trading experts.
Therefore, unlike meme coins like MEME, Book of Meme, Bonk, and Samoyedcoin which have no utility, BitBot will have important use. This utility could help to stabilize its price even when there is a new crypto winter.
Still, there is no uncertainty that the BitBot token price will rise after being listed by major exchanges. As a result, it is always important to use risk management strategies to prevent substantial losses. You can buy the BitBot token here.
The post Crypto bullish momentum fades as BitBot demand escalates appeared first on CoinJournal.