ORDI, Fantom, Aave prices lead losses as BitBot defies gravity.
ORDI, Fantom (FTM) and Aave were among the top performers in the crypto industry over the weekend as crypto sales surged. The ORDI token has crashed more than 15% in the last 24 hours and retreated more than 50% from its highs this year.
Phantom, meanwhile, has crashed more than 8% in the past 24 hours and retreated more than 45% year-to-date. Similarly, the AAVE token fell to $72.76, well below its year-to-date high of $153.90. The other most popular laggards were coins like KuCoin Token (KCS), XRP and Ethereum Classic.
Not all cryptocurrencies were in the red. The Bittensor (TAO) token is up more than 20% in the last 24 hours, while Celestia (TIA), Dogwhiphat (YF) and Wormhole (W) are up more than 10%. Bitbottom continues its token sale, raising over $2 million.
Why are cryptocurrencies falling?
There are three main reasons why cryptocurrencies crashed over the weekend. First, crypto investors are selling the news as Bitcoin's halving event is set to happen in less than two weeks.
This situation is known as buying the rumor and selling the news. They bought into the rumor as the coin rallied from under $20,000 to $73,000.
Second, they fell because of geopolitical risks that accelerated over the weekend. Iran retaliated against Israel by shooting down more than 300 drones and rockets. Most of these strikes were unsuccessful, aided by the country's iron fist.
These tensions mean that crude oil prices may continue to rise in the coming weeks. Brent, the global benchmark, has already risen to a multi-month high of $92.
Third, there are signs that the Federal Reserve will not cut interest rates in the coming months as widely expected. That explains why the U.S. dollar index jumped when U.S. stocks and bonds retreated.
Still, in the long run, analysts believe that cryptocurrencies will continue to do well because of Bitcoin. On top of that, institutional investors are getting into the coin and the coin is still becoming scarcer due to the halving.
The BitBot token sale is going strong
BitBot is growing even as crypto sales continue. The developers have raised more than $2.3 million from investors and are slowly reaching the $2.5 million target level of ten.
For starters, BitBot is one of the most ambitious companies in the blockchain industry. The developers intend to disrupt the instant Telegram bot market, which has been rife with scams for years.
BitBot will be the Telegram bot with the most advanced features in the industry. Apart from technical indicators, the platform will have advanced Artificial Intelligence (AI) features which will help in providing near accurate signals.
In addition, BitBot is powered by blockchain technology, which helps reduce or prevent fraud. This technology helps to decentralize the network, allowing all token holders to take advantage of the management opportunity. You can buy a BitBot token here.
