A crypto boom is underway as Bitcoin dogs burn the 100m token.
Cryptocurrency prices made a strong comeback on Thursday, aided by the Federal Reserve's recent interest rate cut and a flood of funds from China.
Bitcoin (BTC) rose above $65,000 for the first time since July 1st. It jumped more than 20% from its lows this month, which means it has entered a bull market.
Other popular cryptocurrencies also pulled back, with Shiba Inu, Etena (ENA), Wormhole and Pepe leading the way. This price action is a Bitcoin Dogs (ODOG) give back.
Cryptocurrencies are back again.
Risk to sentiment is prevalent in financial markets. US stock indexes such as the Dow Jones, S&P 500, and Nasdaq 100 jumped to record highs, while the US Dollar Index (DXY) continued its downward trend.
This performance comes as the market continues to ponder the Federal Reserve's decision last week. In it, the bank decided to reduce interest rates by 0.50% and hinted that further reductions are coming. Bitcoin and other risky assets do well when the Fed is dovish.
Technically, Bitcoin is now sitting above its 200-day and 50-day moving averages, to the upside. Additionally, Coin avoided creating the much more dangerous Death Cross chart pattern.
Cryptocurrencies rallied after China signaled further stimulus to hit its 5 percent growth target. The government will provide more than $140 billion in incentives. As a result, Chinese stocks have risen sharply in the past few days, which has led to a global bull run.
There was some more crypto-related news. For example, MicroStrategy has continued to accumulate bitcoins over the past few months and now holds over 233k coins. as well as, Gary GenslerThe head of the Securities and Exchange Commission (SEC) said that Bitcoin is not a security.
Another noteworthy piece of news is that Avalanche, a leading Layer-1 network, has launched a massive $40 million funding program to grow its ecosystem.
Bitcoin Dogs May Rise Again.
Dogs, the most popular cryptocurrency that raised more than $15 million in its token sale, did not fare well.
It dropped to an important support level of $0.01, which is below the all-time high of $0.1224.
This makes it one of the cheapest meme coins to invest in. Also, most of the coins that have dropped significantly have made a strong comeback in the last few days. Some of these commemorative coins are Mama Iggy, which is related to Iggy Azalia and Daddy Tate.
Bitcoin Dogs have a lot of incentives up front. For example, the developers have announced that they are working on a pay-to-play game, where players will be rewarded with ODOG tokens. This startup will transform the coin from an ordinary meme coin into a token with utility.
Additionally, the developers have burned 100 million tokens, a move that is expected to make it rare.
🚀🔥 Incredible community power unleashed! 🔥🚀
Thanks dawgz to everyone who joined our Bark to Burn X space, we burned 100 MILLION #0DOG tokens! 💥
Let's keep the momentum going—stay tuned for more exciting updates! 💪🚀#0DOG #BarkToburn #CryptoCommunity #TokenBurn pic.twitter.com/cgAIxYdgEv
— BitcoinDogsClub (@BitcoinDogsClub) September 26, 2024
