Bitcoin (BTC) broke above $47,000, and inflows from Spot ETFs have been intense. ETF issuers combined hold more than 192,000 BTC- more than MicroStrategy. In less than a month, they have attracted more than one billion dollars in inflows. Is this recent Bitcoin rally due to the ‘Chinese New Year effect’?
The year of the dragon is associated with prosperity, and following Evergrande’s collapse, China has announced a plan to inject $140 billion into its economy. Markets have responded positively, and with global liquidity levels rising, the top 10 crypto coins continue to perform well. A new presale Galaxy Fox ($GFOX) has crossed $3 million in funding, as the $GFOX token prepares for retail launch, already securing listings on Coingecko and Coinmarketcap.
Bitcoin (BTC) Rally: Year of the Dragon?
Bitcoin is up more than 10% weekly and has crossed $47,000 for the first time since the Spot ETF approvals. The 10th of February marked the beginning of the Chinese Year of the Dragon, and this zodiac is seen as auspicious, bringing prosperity and growth. Chinese markets have lost $6 trillion in three years. However, the announcement from China’s sovereign wealth that it would start buying stocks led to the biggest rally the Shanghai Composite has seen in years.
Fiscal stimulus increases prices for risk assets, and due to Bitcoin’s global nature, it has been enjoying the effect of liquidity injections. China’s liquidity program has turned the fortunes of the Shanghai Composite Index, and now wealthy Chinese are turning their attention to Bitcoin. Powell will cut rates later in 2024, China is already pumping liquidity into its economy, and the auspicious year of the dragon has begun.
Bitcoin’s use as a store of value makes it an excellent crypto for beginners, and 2024 contains plenty more upside for BTC and the rest of the top 10 crypto coins.
Galaxy Fox (GFOX) Prepares For Retail Launch
Galaxy Fox is starting to prepare for its retail launch, and Stage 7 is 99% sold out. The move from Stage 7 to Stage 8 will see GFOX’s price increase from $0.00198 to $0.002178, marking a nice 15% move for early holders. Galaxy Fox introduces a new hybrid model, and this project blends the memecoin and play-to-earn genres.
A Web3 runner game pays out prizes to the top 20% of the leaderboard at the end of each season. Players who want to increase their chances of winning the prize pool can mint or purchase one of Galaxy Fox’s NFT collection. These NFTs grant in-game bonuses and are tradeable on the in-house NFT marketplace. However, Galaxy Fox diverges from the typical P2E model, which only rewards the most skilled players.
Galaxy Fox’s staking program rewards all users staking their GFOX in the Stargate module. Taxes fund these rewards, meaning there is no net inflation on the GFOX supply. In fact, because of the project’s token burn, GFOX has an aggressively deflationary nature. This burn is similar to Ethereum’s (ETH) EIP1559 and increases during heightened activity.
Closing Thoughts: The Chinese Zodiac Year of the Dragon- Prosperity & Good Fortune
The Year of the Dragon has always been associated with prosperity and good fortune- favorable conditions for investors. Bitcoin has always followed a simple pattern: one year down and three years up. 2022 was a down year. The top 10 crypto coins always perform better when Bitcoin rallies.
Galaxy Fox will launch for retail investors soon, and its Fair Launch mechanism will ensure distributed ownership. One of the leading factors for successful memecoins. A project to watch while Bitcoin rallies!
Learn more about $GFOX here:
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