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It’s been a tough week for crypto majors Cardano ($ADA) and Polygon ($MATIC). Both tokens have trended downward in recent days, giving up significant ground in the past 24 hours.
However, while these major staking coins struggle, it’s not all bad news for crypto investors. A new Bitcoin-inspired staking token, Bitcoin BSC ($BTCBSC), achieved its presale soft cap of $4.5 million and is now closing in on selling out its remaining tokens.
Cardano Slides 5%, Adding to Woes in Bearish Year
Cardano, an Ethereum competitor with an ultra-fast blockchain, has been struggling to find its footing over the past year. $ADA is down 5% over the past month and 46% in the past 12 months. Over the past 24 hours alone, $ADA has slid a further 2%.
The token has faced a number of headwinds. As an altcoin, $ADA is highly susceptible to interest rate changes. And the US Federal Reserve has continued its hawkish stance on rates, recently signaling that further rate increases are not out of the question.
At the same time, investors are wary of buying Cardano after the US Securities and Exchange Commission alleged that $ADA is a security. The SEC hasn’t directly come after Cardano—at least, not yet—but called the token an unregistered security in a legal filing against exchanges Coinbase and Binance.
The most recent price drop appears to be another test of Cardano’s long-term price support level around $0.24. While many traders are betting that the support level will hold, the test doesn’t bode well for $ADA’s price trajectory in the near future.
Polygon Rolls Out Dragon Fruit Update as Traders Sell the News
While Polygon is also losing ground this week, the circumstances around its $MATIC token are very different from those around $ADA. $MATIC has lost 1.6% in the last 24 hours, but is nearly flat over the past 7 days of trading.
Polygon’s slide is somewhat counterintuitive because the project recently rolled out the latest upgrade to its zk-rollup version of the Ethereum Virtual Machine. The update, codenamed Dragon Fruit, launched yesterday.
The rollout went smoothly and it ensures that Polygon’s infrastructure for building blockchains remains compatible with the latest version of Ethereum. However, there’s a common trend in the crypto industry to sell a project after a big upgrade—and that seems to be what’s happening with $MATIC today.
Zooming out, $MATIC is down nearly 30% over the last 12 months. Part of this downward pressure stems from a new token in the Polygon ecosystem, $POL.
The founder of Polygon, Sandeep Nailwal, suggested that $POL could eventually replace $MATIC. Unsurprisingly, that’s made investors wary of holding onto $MATIC and led to increased selling action around the token.
Bitcoin BSC Defies Bear Market as its ICO Approaches $4.5 Million, Closing in on Presale Hard Cap
While many major coins are struggling, new tokens are finding plenty of traction among crypto investors. Bitcoin BSC, a new token that reimagines Bitcoin with staking for the BNB Smart Chain, has raised nearly $4.5 million in its presale and achieved its presale soft cap.
The project is now moving at a rapid pace towards its $6.06 million hard cap, leaving investors scrambling to join the presale before it sells out.
Bitcoin BSC takes the idea of Bitcoin and improves on it. The new project uses 99% less energy than Bitcoin thanks to its proof-of-stake validation mechanism. It’s also compatible with a wide range of crypto wallets, DeFi apps, and development tools.
Most important for investors, Bitcoin BSC supports staking. Investors can stake their $BTCBSC and earn rewards proportional to their share of the entire token staking pool, with the current APY estimated at 116%.
That’s a huge opportunity for presale investors, since the circulating supply of $BTCBSC will be small at first. Early investors can claim more of each staking reward, yielding potentially triple-digit interest rates on their staked tokens.
More than 69% of the Bitcoin BSC supply is set aside for staking, ensuring that rewards can be paid out until 2140. That’s the same year in which the last Bitcoin is expected to be mined.
During the presale, investors can buy $BTCBSC at a price of $0.99. The last time Bitcoin held that price was in 2011, so this could be a chance to turn back the clock and buy a Bitcoin-like token at a bargain price.
At the current pace of the presale, Bitcoin BSC could sell out within days. Investors can join the presale with Ethereum, Tether, or BNB.
Visit Bitcoin BSC Presale
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