Cryptocurrencies are volatile as the focus shifts to the BitBot token claim.

Cryptocurrency prices have fallen dramatically in the past few weeks.

The crash occurred as the supply of Bitcoin increased and expectations of Fed tapering increased.

BitBot will start its token claim event on Thursday.

Bitcoin and other cryptocurrency prices remained under pressure on Wednesday as investors awaited the next important trigger. After rising to $62,000, Bitcoin dropped to $60,000, causing a shift among most altcoins. Some of the top laggards were the likes of Blur, Mother Iggy, Turbo and Apu Apustaja.

Why are cryptocurrencies crashing?

There are three main reasons why cryptocurrencies are retreating. First of all, the fall is mostly due to the fact that there was no major incentive to push the coins higher in the last few months. The most important events of this year have already happened.

Half of the event has already happened as the Securities and Exchange Commission (SEC) has already approved the space for Bitcoin ETFs. There are indications that the agency will approve spot Ethereum EFAs soon.

Second, they plunged due to continued Bitcoin selling pressure. The German government has dumped a large amount of Bitcoin in the past few days. Similar: Many wallets started selling coins from Mt Gox. Movements in the Bitcoin market will affect other altcoins.

Finally, as US inflation has stabilized over the past few months, there are signs that the Fed will be one of the last central banks to cut interest rates. The Consumer Price Index (CPI) has remained above 3 percent and has struggled to reach the Fed's 2 percent target.

There are other reasons why these coins were damaged. Technically, Bitcoin has formed a death cross, which is a popular bearish sign when the Tether transaction volume pulls back.

Focus shifts to BitBot.

Amid this gloom, investors have turned to Bitbot, one of the most popular pre-sale coins in the industry. As the rally hopes to continue, the developers have raised over $4.3 million in the token sale.

BitBot will be in the spotlight on Thursday as developers open up the network to claim. Those participating in the token sale are required to first link their wallets to the BitBot website. They must use the wallet they used to purchase BitBot tokens.

After that you need to click on the claim in BitBot token and verify their Telegram account. Finally, he needs to complete the claim process by clicking on the Confirm button.

Analysts believe that BitBot has a great future because of what the network promises. For starters, BitBot aims to be the largest Telegram exchange in the industry. Users can receive quality signals and alerts in a protection-free format. You can find out more about BitBot here.