Cryptocurrency Bitcoin reached a record high with a price level of $69,170 on Tuesday, March 5. This was the highest price of Bitcoin in its 15-year history. Bitcoin’s previous all-time high price was $68,999 in November 2021.
However, this volatile asset experienced a sharp decline in a short time and fell to 62 thousand dollars again on March 5. Bitcoin price is 67 thousand 226 dollars at the time of writing. Investors expect to see a price performance of $70 thousand from BTC. There are concerns about whether volatility will continue.
Why Is Bitcoin Falling?
We know that Bitcoin has a history of significant fluctuation when it comes to its price. These fluctuations can come suddenly. 2024 started with strong momentum, with the Bitcoin price approaching $45,000 in early January. This uptrend was further strengthened by the approval of the Bitcoin spot ETF by the US Securities and Exchange Commission (SEC). The approval of ETFs was a long-awaited decision in the crypto community.
The assets under management (AUM) of the 10 physical Bitcoin ETFs currently traded in the US were $27.8 billion at the end of January. It rose to $48.2 billion by the end of February. BlackRock and Fidelity are attracting funds at an unprecedented pace. Although outflows from Grayscale’s GBTC were noticed immediately after the ETF launch, there was only one business day with net outflows in February.
Some analysts state that the Bitcoin ETF has not yet reached its true potential and that demand cannot be ignored going forward. Additionally, a major upgrade to Ethereum is planned for March 13. The ETH price is expected to rise by that day. This may also lead to an increase in the BTC price.
However, when the market rises this quickly, it enters a correction phase. It should be noted that volatility can be severe. In past BTC rallies, it was not uncommon for the market to correct by 20 percent to 30 percent. Therefore, analysts think that the BTC price may swing up and down widely in March.
According to sponsored content, while the BTC price is closely followed, two new projects attract the attention of investors. Green Bitcoin (GBTC)It offers an interesting staking mechanism by gamifying Bitcoin price predictions. Scotty The AI (SCOTTY) uses artificial intelligence to detect security vulnerabilities. In this sponsored article, details of the projects are conveyed.
Green Bitcoin (GBTC) – The Project That Wants to Turn Bitcoin Price Predictions into Profit
Purchasing Green Bitcoin tokens introduces a new mechanism that rewards you when you predict the price of Bitcoin. A bull run is expected in BTC due to the halving planned for April 2024, when Bitcoin will be halved. In an effort to gain greater returns from such market events, investors are pursuing innovative projects such as Green Bitcoin.
The Green Bitcoin project, as its name suggests, has a “green” theme and has sustainable features. Since it uses the more environmentally friendly Ethereum blockchain, it uses only 35Wh of energy. This is 10 thousand times more efficient than the traditional Bitcoin blockchain.
Green Bitcoin is trying to become a trend before the halving and raise awareness as it minimizes its impact on the environment. Investing in this project is becoming a popular topic among investors who are conscious about environmental issues.
Investors will be able to participate in “guess-win” games using GBTC tokens. After staking GBTC, they will be able to make daily price predictions. If the prediction is correct, a proportional distribution from the daily staking reward pool will be received as a reward.
Rewards will be distributed every 10 minutes in accordance with Bitcoin’s block schedule. It will allow users to submit a request every 24-hour cycle.
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Scotty The AI (SCOTTY) – Project Combining Artificial Intelligence with Blockchain
With the purchase of Scotty The AI token, an investment is made in an artificial intelligence token that calls itself the “Guardian of the Crypto Universe” in the digital field. Scotty the AI uses advanced artificial intelligence to check for vulnerabilities in crypto projects.
The project has two main features known as Scotty Swap and Scotty Chat. Scotty Swap will allow users to easily swap tokens. Additionally, it has been designed with a superior interface that provides easy access and fast implementation. It was integrated into the project using advanced algorithms and security protocols.
Scotty Chat will be an interactive platform that answers questions sent by users. It is equipped with a number of infrastructures to establish strong ties between the project and its community. Thus, users will be able to interact with each other on a wide range of topics.
Implementation of various plans such as the launch of Scotty Swap, beta release of Scotty Picks and CEX listings can help in the adoption and expansion of this ecosystem.
Additionally, the APY (annual return) of staking rewards is currently as high as 60 percent. SCOTTY attracts potential investors in this respect as well.
In addition to the meme coin aesthetics of the project, its artificial intelligence-based foundations; It is gaining popularity as artificial intelligence related crypto projects are topping the market.
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Source : Green Bitcoin Token, Scotty The AI