Bitcoin’s (BTC) bullish streak seems to be at an end as Ethereum’s (ETH) price surged by 4.9% against Bitcoin’s (BTC) in July. Aave suffered a similar fate as the token lost 11.2% of its price in the week leading up to August 1. Investors closely analyze the persistent downtrend of both coins as VC Spectra (SPCT) yields $2.4 million in funding during the private sale.
Before we explore VC Spectra’s (SPCT) explosive surge, let’s take a look at the current situation of Bitcoin (BTC) and Aave.
Bitcoin (BTC) Struggles Amidst Market Turmoil
In July 2023, Bitcoin’s (BTC) price took a significant hit falling 5.4% from $31,066 to $29,390. This descending price action was followed by a similar 4.9% dip in market cap from $602.2 billion to $572.5 billion. Bitcoin’s (BTC) recent downtrend can be attributed to high market volatility and SEC’s crackdown on crypto.
On June 6, the SEC accused Coinbase and Binance, the two biggest crypto exchanges, of operating as unregistered brokers. This regulatory crackdown is responsible for the negative sentiment surrounding crypto. Bitcoin’s (BTC) bearish movement is primarily due to ongoing market turmoil and the SEC’s charges.
But Bitcoin’s (BTC) losses are gradually losing momentum as Binance negotiates with SEC. Experts believe a bullish movement is probable if Bitcoin (BTC) sticks to $31,000. Therefore, traders may want to avoid Bitcoin (BTC) until the downtrend ceases.
Will they look to Aave instead? Let’s look into it.
Aave Suffers From a Steep Decline in Value
On July 31, the SEC asked Coinbase to stop trading in all cryptocurrencies except Bitcoin (BTC) before suing the exchange. This had an impact on many altcoins coins, including Aave. Let’s look at the price action to see how this has impacted Aave.
On August 1, Aave’s price dived 1.4% from $63.9 to $63. Aave’s plunge in value was accompanied by a similar 1.9% dip in market cap from $930.7 million to 913.3 million. But perhaps Aave’s biggest loss was in trading volume, which fell a staggering 52.5% from $218.7 million to $103.8 million.
However, there is still hope that Aave might break its bearish streak if it surpasses the long-term resistance level of $100. But analysts predict that Aave may be unlikely to recover soon as its movement is influenced by broader market sentiment surrounding crypto. Therefore, traders may opt for VC Spectra (SPCT) instead, as it shows exceptional growth.
VC Spectra (SPCT) Soars as Presale Progresses
VC Spectra (SPCT) is a promising decentralized hedge fund focusing on early-stage investment and ICOs. VC Spectra (SPCT) utilizes innovative trading strategies and modern technologies like artificial intelligence to identify lucrative investment prospects.
Users who rely on VC Spectra (SPCT) benefit from maximum returns with minimum risks. Furthermore, VC Spectra (SPCT) incentivizes its users by allocating a substantial 40% of its gains for monthly and quarterly dividends.
VC Spectra (SPCT) has shown incredible growth throughout its presale stages. Users saw a staggering 37.5% surge in value as VC Spectra (SPCT) transitioned from Stage 1 to Stage 2 of its presale. As VC Spectra (SPCT) proceeds to Stage 3 of its presale, investors can expect a 127% value appreciation from $0.011 to $0.025.
Additionally, if you act now, you can take advantage of VC Spectra’s (SPCT) limited-time offer of a 25% bonus on all deposits.
Find out more about the VC Spectra (SPCT) presale here:
Buy Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io
Telegram: https://t.me/VCSpectra
Twitter: https://twitter.com/spectravcfund
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