DeFi
Whales Are Drowning Retail Investors With Massive Selloffs, Expert Recommends Staying Calm and Buying ETH, ADA, and DTX
July 8, 2024 by Editor’s Office
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The cryptocurrency market’s fear and greed scale is moving to “Fear” for the first time in months, due to the German government selling off its seized BTC and the capitulation of leveraged traders. But for those who have been in crypto for a while, this is just another time to buy the dip and know that prices are about to rise again.
The cryptocurrency market’s fear and greed scale is moving to “Fear” for the first time in months, due to the German government selling off its seized BTC and the capitulation of leveraged traders. But for those who have been in crypto for a while, this is just another time to buy the dip and know that prices are about to rise again.
Ethereum (ETH), Cardano (ADA) and DTX Exchange (DTX) are among the best choices to acquire.
German government crashes Bitcoin price – ETH price follows.
The last few weeks have been tough for cryptocurrencies, with a lot of FUD (fear, uncertainty, and doubt) and whale selling all happening at the same time.
According to data from Arkham Intelligence and analysis from Blockworks, the recent actions by the German and US governments account for nearly half a billion bitcoins sold or transferred to exchanges, at an average price of $62,435.
The two governments still hold about $18 billion in cryptocurrencies.
A German politician criticized Germany’s reckless actions, suggesting that BTC could be used and invested. Tron’s Justin Sun even proposed negotiating with the government to prevent it from selling and destroying the price.
This information, along with news of the Fed’s rate cut delay and upcoming Mt Gox repayments, has triggered fear in the market, sending the price of BTC, ETH, and many other cryptocurrencies plummeting. Some Crypto Twitter users suspect that this is a concerted effort to drive down the price of Ethereum, ahead of the approval of ETH spot ETFs.
According to on-chain data from LookonChain, a whale tried (and failed) to cover its leveraged positions on DeFi lending platform Aave as ETH prices fell, with two other whales doing the same for Compound. In total, the three whales deposited 28,558 Ethereum (worth about $82.2 million) on Binance, causing the price to drop further. Many other leveraged traders are being liquidated, putting additional selling pressure on ETH prices.
However, given that Ethereum is not directly affected by the majority of the news, the recent drop to $2,800 could represent a great buying opportunity, ahead of the Ethereum Spot ETF approval.
This is particularly relevant because it took some time before the price of BTC was positively affected by institutional investors rushing into BTC Spot ETFs.
Is Cardano (ADA) a sleeping giant, ready to rise again?
Cardano (ADA) is one of those projects with a lot of maxis, who believe not only in the technology but also in the social justice ethos of the chain. Unlike other chains, Cardano (ADA) has spent a lot of time researching the best way to build and create an ecosystem.
Critics argue that this figure was too long, with Cardano (ADA) accounting for just 0.15% of the TVL (total value locked) across all chains. Compare that to Ethereum’s $102 billion TVL.
But fans point to recent technical developments and say Cardano (ADA) is simply biding its time before using all the research it has done to become a well-used and profitable blockchain.
With Cardano (ADA) now trading at a low of $0.34 last seen in November 2023, this could be a good time to buy ADA for the long term.
Will DTX Exchange Presale Coin Triumph in Current Macroeconomic Climate?
We all know to “buy low and sell high,” but how can we be sure that the bottom has been reached?
You can’t. But you can make educated guesses about future highs, as we attempted with the price of Ethereum and Cardano (ADA).
Another option is to buy a pre-sale piece with a great concept that should increase in value no matter what happens in the market.
DTX Exchange is one such coin, currently in Phase 2 of pre-sale. The price has increased by 200% and there is still 200% increase left before it launches at $0.12.
And there’s more. DTX Exchange is not a featureless memecoin, but rather a new solution to integrate TradFi (traditional finance) and CeFi (centralized finance) with DeFi (decentralized finance).
How? By offering a decentralized trading platform built on the blockchain – and with access to over 100,000 financial products and trading pairs.
The current price declines in Bitcoin, Cardano (ADA), and Ethereum contrast with the rise in the S&P 500, showing crypto’s decoupling from TradFi.
This highlights the need to allow cryptocurrency traders to access all kinds of assets, so that they can diversify their portfolios, with complete anonymity and without KYC.