When Bitcoin’s price slumped below $20,000 on Friday, more than 70 billion dollars was wiped from the cryptocurrency market in 24 hours. The US federal reserve chair Jerome Powell’s hint about a possible rise in interest rates, Silvergate bank’s insolvency crisis, and America’s plan to impose a 30% tax on electricity used in digital assets mining have heavily weighed on the market last week. But, the market seems to be recovering from the loss it suffered.
The dog themed coin Dogetti(DETI) continues to have a strong presale despite the negative trends of current market conditions and remains looking positive for investors.
Bitcoin And Ethereum Are Tackling The Negative Trend
What can be a better option than Bitcoin when it comes to investing in cryptocurrencies? Over the years the coin has built confidence in investors by performing well in the market. But whenever it suffers from market volatility the confidence shakes and investors are forced to reconsider their business options. The events that have been unfolding in the crypto market since the past week are making bitcoin look more vulnerable to market fluctuations.
Three years ago when the crypto market witnessed its historical bullish trend in 2021, Bitcoin’s price reached more than $65,000. But, at the time of writing, the price of BTC was trading at around $22,000. Although the price of BTC is higher than it was at the beginning of this year, it is worth noting that it has reached higher prices in the intervening period.
Two weeks ago when it was about to cross the $25,000 mark for the second time this year, the Silvergate bank’s insolvency crisis crashed the entire crypto market sending BTC to trade at $22, 0000. While the coin was trying to recover from the shock, Silvergate bank’s statement about voluntary liquidation and the US government’s announcement on a possible hike in interest rate, and 30% tax on crypto miners further influenced the market developments in a negative way that sent BTC value below $20,000. If all these were not enough another California-based bank called Silicon Valley Bank collapsed.
Both Silvergate and Silicon valley bank invested their money in the US treasury which lost its value after the Federal raised rates. As a result, both banks were forced to sell their bonds for a great loss.
The historic collapse of Silicon Valley Bank threatened to damage not only the crypto market but traditional financial sectors as well. But the US government intervened in time to assure all the depositors of access to their money quickly.
US president Joe Biden’s tweet on 13th February eased the tension in the market and encouraged the crypto market to trade in the green. As a result, Bitcoin’s price saw a sudden price rise and was trading at $22.5K, at the time of writing. It registered a 7.45% rise in the past 24 hours. The market capitalization of the BTC also rose 9.66%.
Ethereum, the second-largest cryptocurrency in the market, was also influenced by the events that turned the market upside down in the last week. On the day the Silicon Valley Bank crisis came to light, the price of Ethereum fell below the $1,400 mark. But similar to Bitcoin, Ethereum also started to trade in green after the US government came to rescue the Silicon Valley Bank. On the 12th of March, Ethereum recorded a 7.28% increase in its price. US president Biden’s tweet assuring the depositors of access to their money has a great influence on the Ethereum market. It is trading above the $1,600 mark again 10 days after Silvergate bank’s crisis.
Dogetti Becomes The Most Credible
After smashing the First stage of the presale, Dogetti, the new dog-themed meme coin is moving ahead without losing its bullishness, unaffected by the negative trend that prevailed in the market last week. With an aim to create a community ‘LIKE NO OTHER’, Dogetti has raised more than half a million dollars.
The Dog Mafia gang offers DogettiNFT in its ecosystem which provides the users an opportunity to own unique digital assets in the crypto world. The users will be able to breed, grow and then sell their NFTs in exchange for fiat or crypto to make a profit from it. The DogettiDAO will give the users the right to propose and vote on the proposal to develop the community. It also ensures transparency and accountability in decision-making. Though the project has decided to levy a 6% tax on every transaction, 2% of it will be added to charity wallets. Another 2% will be spent on the buy-back protocol that redistributes the tokens to the users’ wallets.
Dogetti is now audited by 4 major global blockchain security platforms. Solid proof, Soken, Coinsult, and Solidityfinance have audited the smart contracts of Dogetti. They verified the Certificate of Compliance, assessed Vulnerability, and tested custom scripts, codes, and SWC registry. It makes Dogetti a more credible project and profitable investment option.
At stage 2 of the presale a single unit of the DETI, the native token of the Dogetti ecosystem, costs $0.00029. Investors can avail 25% bonus on buying DETI tokens by using the WISEGUY25 code. Since the project is in the presale stage, it will not be affected by market volatility. Investors can save more money and earn more profit as Dogetti moves to the next stages of the presale. Click the link below to learn more about Dogetti.
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