A few days ago, the crypto industry was rocked with the news of how FTX, the now bankrupt centralized exchange founded by Sam Bankman-Fried, sold its substantial holdings in Grayscale’s Bitcoin ETF, worth almost a billion dollars. As expected, the market reacted accordingly to the news with a massive dump, but some experts have argued that the massive sale would bring about stability in the industry and create an opportunity to buy $BTC at a relatively low price. Meanwhile, $GFOX continues its impressive performance, and it is close to raising $3 million in presale.
Positive Sentiment Returns to Crypto Market as FTX Sells-Off $1 Billion $BTC
While the crypto industry saw an extended and brutal bear market in 2022, then began to recover in 2023, crypto analysts see 2024 as a watershed year. Surprisingly, the move that could potentially trigger this massive rally was spearheaded by FTX.
FTX reportedly sold its shares from Grayscale, which is worth approximately $1 Billion. This groundbreaking development was accompanied by the approval of spot Bitcoin Exchange-Traded Fund (ETF) of Grayscale in mid-January.
Although $BTC, with the help of this approval rose to a monthly high value of $48,969.37 on January 11, it has declined in reaction to this massive sell-off to trade at $39,664.63, reflecting a 19% decrease.
From experts point of view, this decline in $BTC is a positive development for the industry in general. It presents potential buying opportunities for investors, who will now purchase $BTC at a lower price. This will lead to more people investing in the cryptocurrency, potentially increasing market volume. It also clears up the uncertainty lingering over FTX’s massive holdings, which were a dark cloud over the market.
Investors Excited as $GFOX Nears $3 Million in Presale
To the great excitement of crypto enthusiasts, $GFOX is about to achieve another incredible milestone in January- raising an outstanding amount of $3 million in its presale. Though being a memecoin, this new token has already defied market sentiments and is set to exceed experts’ expectations.
Galaxy Fox is a multi-purpose decentralized meme coin based on the Ethereum (ERC-20) blockchain. It is famous for the opportunities it offers token holders, which include earning through play-to-earn games and simply buying and staking $GFOX tokens.
Token Burn is one of the compelling features of Galaxy Fox. This feature helps keep the $GFOX token in circulation within its ecosystem in check. It is significant for improving the value of $GFOX tokens, as without it, $GFOX can get inflated and lose its value.
Staking activity is another feature that renders $GFOX holders an opportunity to earn from the platform. When holders of $GFOX stake their tokens, they receive a proportional share of rewards over time from the platform’s central hub for reward distribution, called Galaxy Fox Stargate. The hub will always have the funds as the platform replenishes it by adding 2% of every transaction in the ecosystem.
Now rounding off its presale stage 7 and currently sells for $0.00198 per token, stage 8 is expected to start soon and the token price will increase to $0.002178. Moreover, the subsequent stages – 9 and 10 see $GFOX rise to $0.002376 and $0.00264, respectively. When the presale is over $GOFX will launch at the price of $0.002904, reflecting a 450% increase from its first presale price of $0.00066.
Conclusion
FTX’s move with the spot Bitcoin ETF presents what is possibly one of the last opportunities to buy bitcoin at a relatively low price and sell high. However, $GFOX offers a safer option as it is currently in presale and allows investors to buy at a very low price while also profiting as the presale phase transitions from stage to stage till it eventually launches. This is why $GFOX is rapidly becoming investors favorite and has been tipped to be among the best cryptocurrency to buy this year.
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