Bitcoin closed just above $20,000 at the end of August. Heading into September, many investors are nervous, and with the average price movement for Bitcoin in September being -8% from 2010 to 2021, this anxiety appears well placed. Sometimes referred to as ‘The September Effect’, this is not unique to crypto, and September has historically been the poorest month in terms of performance for stock markets globally.
A new project, Uniglo (GLO), is defying the larger market slump and continues to appreciate despite the negative pressure on Bitcoin (BTC) and Ethereum (ETH).
Uniglo (GLO)
Uniglo thrives in the current market conditions. Its value proposition is amplified by the state of the market. Uniglo’s developers created a floating organic store of value by leveraging asset ownership and employing scarcity principles. As a result, GLO continues to climb.
The Uniglo Vault houses a mix of digital and physical assets, including high-end items such as fine art ordinarily inaccessible to ordinary investors. By diversifying its holdings, GLO perfectly weathers market ups and downs and improves its long-term performance whilst reducing risk. Funded via buy and sell taxes the Vault’s contents give GLO tangible backing; as the vault increases in value, so does GLO. But it is the scarcity principles employed within this protocol that make it revolutionary. With 2% of every trade being automatically burnt, GLO is the first hyper-deflationary token, and any uptick in trading volume means more burning and leads to further price appreciation. It is no surprise GLO continues to climb, and it is displaying bullish indicators signaling it can go much further.
Bitcoin (BTC)
Bitcoin is under real pressure. With Jerome Powell maintaining his hawkish stance, the future for assets looks grim. The DXY (U.S. Dollar Currency Index) reached a new high, and with Bitcoin trading inversely to the dollar, this is bad news for Bitcoin.
Bitcoin remains around $20,000, the peak of its prior cycle, which has historically represented the current cycle’s bottom, but Bitcoin has never experienced a recession before and is in new territory. This high-risk asset may see new plunging lows, and many experienced traders are calling for $16,000, some even as low as $10,000.
Ethereum (ETH)
Ethereum’s Merge is a huge move forwards for the project and the digital asset space as a whole, but taking place in crypto winter and in a bad macroeconomic environment, it does not seem likely that this event will act as a trigger for the start of a new bull run.
Find Out More Here
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
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