Crypto fear and greed index retreats as BitBot token sale thrives
The crypto fear and greed index has pulled back in the past few weeks.
This happened as Bitcoin and other altcoins moved sideways.
BitBot has continued to do well in the past few months.
The crypto fear and greed index continued to retreat this week after a major warning from Jerome Powell and Raphael Bostic. In separate statements, the two Fed officials warned that inflation remained stubbornly high and that they would not cut interest rates any time soon.
These statements led to a sense of fear in the financial market. Bitcoin retreated to $42,000 while the total valuation of all digital coins plunged to $1.7 trillion, according to data by CoinGecko. Other popular coins like EOS, IOTA, and Decentraland also continued falling.
Meanwhile, the crypto fear and greed index moved from the extreme greed zone of 78 to the neutral point of 50. This is a sign that investors are no longer greedy. The same trend is happening in the stock market, where the Dow Jones and Nasdaq 100 indices dropped by more than 1%..
BitBot is thriving
Despite the rising fear in the crypto industry, BitBot is thriving as its token sale intensifies. Data in its website shows that the token has already raised over $426k in the past few weeks. It is matching towards its goal of raising $630k in the current stage, which you can participate here.
For starters, BitBot is a platform that aims to disrupt one of the biggest industries in the trading and investing world. It is aiming to streamline the Telegram bot market that generates millions of dollars every year.
Telegram bots are tools that millions of day traders subscribe to with the goal of receiving day trading signals. The challenge with most of these bots is that most of them are highly inaccurate and they tend to be opaque.
BitBot will change this by using blockchain technology since it will be powered by $BITBOT token. This token will give holders the ability to share revenue that the network generates. It will also give them exclusive access to pre-sales and other features in the ecosystem.
Most importantly, the network will merge the features of non-custodial trading solutions and its superior security features. This means that traders will maintain their keys and their wallets, which is a good way to boost security.
Is BitBot a good investment?
BitBot’s token sale is doing well at a time when demand for cryptocurrencies has waned slightly in the past few weeks after the SEC accepted a spot Bitcoin ETF. The total volume of cryptocurrencies traded in exchanges has retreated modestly in this period.
Still, a case for investing in BitBot’s presale can be made. For one, most analysts believe that the outlook for cryptocurrencies is still bullish. Besides, the Fed will ultimately start cutting interest rates this year.
Also, the closely-watched Bitcoin halving will take place later in April. Historically, cryptocurrencies tend to do well ahead and after the halving happens. If this happens, BitBot will likely do well in the coming months.
However, there is a caveat about all this. Historically, cryptocurrencies tend to be high-risk and high-reward assets. As such, there is a likelihood that the token could surge or retreat after going public. This means that traders should only invest funds that they are comfortable losing.