The crypto market is going down today, erasing some of the gains made last Friday when Jay Powell delivered a dovish statement. Ethereum price pulled back to $4,800, while the market cap of all tokens retreated below $4 trillion.
Why the Crypto Market is Going Down
The are likely three main reasons why the crypto market is going down today. First, the decline is happening because of the ongoing profit-taking among investors following the recent jump.
It is common for a cryptocurrency or other assets to pull back after experiencing a sudden jump as some retail and institutional investors book profits.
Second, the tokens are going down because of the potential fear that the recent surge was part of a dead-cat bounce (DCB). A DCB is a situation where a falling asset experiences a sudden surge and then resumes the downtrend.
Third, sentiment in the crypto market is weak, possibly because it is a weekend. CoinMarketCap data shows that the daily volume in centrlized and decentralized exchanges dropped by 40% in the last 24 hours to $130 billion.
At the same time, the crypto fear and greed index has moved to the neutral point at 53. Cryptocurrencies do well when there is a sense of fear in the market.
Read more: Crypto Bull Run: Why are Altcoins Like Arbitrum, Ethena, ETH Going Up?
Bitcoin Penguins Growth Accelerates
Not all cryptocurrencies are plunging today. Bio Protocol token jumped by 11% in the last 24 hours, bringing the 7-day gains to 135%. Other tokens lik Wayfinder, Neon EVM, and Artyfact were in the green today.
At the same time, Bitcoin Penguin (BPENGU), a popular cryptocurrency in its presale, is booming and attracting investors from around the world.
Launched three weeks ago, it has now raised over $4.4 million, and there are chances that the surge will accelerate as the token sale ends on August 27. BPENGU will then start trading in exchanges a few days later.
Bitcoin Penguins has attracted many investors because of its promise and transparency. The developers have promised to work hard and boost its value over time. One way that this will happen will be by partnering with a major toy manufacturer with the goal of making it a global sensation.
Another way that they intend to create value is to make it a community project. As such, the community has been allocated 55% of the token supply, with the team receiving just 3%. This reduces the chance of price manipulation as we have seen with other token sales.
The developers are also giving away four Bitcoins and offering staking solutions. For example, holders who maintain their positions for three months receive a 80% staking yield. Altogether, they expect that the BPENGU price will jump to $2, up by 105,825% from the current level. Hurry up and buy BPENGU here.