It has been another gruesome day in the cryptocurrency market, with Bitcoin price sliding to $16,000. Ethereum, the second-largest cryptocurrency, dropped further down the rabbit hole and is trading 5% lower on the day at $1,117. The sell-off accompanied a 3.6% decline in the crypto market cap to $830 billion.
The FTX debacle continues to wreak havoc in the cryptocurrency market
The entity or individual who made away with $600 million from the fallen FTX exchange has been busy moving funds after a couple of days of swapping cryptocurrencies. The news reverberated across the crypto space on Monday as the “FTX Accounts Drainer” swapped Ethereum for Bitcoin via a Ren’s BTC Gateway.
Before the swap, the hacker consolidated funds from different wallets. The first batch of 5,000 ETC was swapped on Sunday for 347 renBTC. This is a version of a wrapped Bitcoin executed on the Ethereum blockchain. It facilitates cross-chain value transfer and can be cashed out for the native Bitcoin.
According to PeckShieldAlert, a platform tracking the movement of the stolen funds, the first value transfer process was followed by another 344.53 renBTC on Monday, which sent the crypto market into a tailspin.
As the market bleeds, interested investors can consider buying some tokens with strong macro and technical fundamentals. Tokens like Dash 2 Trade (D2T), Trust Wallet (TWT), RobotEra (TARO), NEM (XEM) and IMPT promise massive gains despite the 2022 bear market.
Dash 2 Trade (D2T)
Dash 2 Trade comes first among these promising presales. This platform enables the creation and testing of trading strategies for traders and investors to make informed market decisions. Dash 2 Trade is designed to take your crypto trading to the next level.
D2T is an ERC-20 token on the Ethereum Network dedicated to powering the Dash 2 Trade platform. This token allows access to crypto analytics, signals and social trading features needed to excel in the market.
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Trust Wallet price holds between a rock and a hard place
Trust Wallet price shot up to $2.75 after the FTX implosion. Investor interest peaked for decentralized crypto wallets like Trust Wallet, and MetaMask as centralized exchanges like Binance and Coinbase became slightly unpopular for holding assets. Millions of market participants are counting losses running into billions of dollars after FTX filed for bankruptcy.
Although many cryptocurrencies have already given up the gains accrued in October, Trust Wallet price holds marginally above $2.00. A massive hurdle at $2.40 prevents bulls from pushing to higher price levels, while the demand area at $1.85 keeps TWT’s downside in check.
Trust Wallet price could retest $1.85 if short-term support provided by the 50-day Exponential Moving Average (EMA) (in blue) at $1.98 caves in. Moreover, TWT has not managed to fight the sell signal presented by the Moving Average Convergence Divergence (MACD) indicator on 15 November.
Nevertheless, minor pullbacks in price should not worry investors because sidelined buyers will probably buy TWT to reinforce the tailwind. A break above resistance at $2.40 will pave the way for another northbound move to a new all-time high.
The founders of RobotEra are creating a platform similar to the popular metaverse crypto project, the Sandbox. However, they are initially selling TARO, a native crypto token, to power the in-world economy. Later they will sell land parcels and robot characters as NFTs.
Players will have access to custom-built tools to create assets within the game, meaning no coding experience would be required when building in the metaverse.
TARO’s presale is underway and selling for $0.020. Within the first three weeks of the presale, the team has raised over $161,000. The price will, however, increase to $0.025 in the next stage.
NEM (XEM) price erases daily gains as investors book profits
NEM price shot up on Monday despite the sell-off in the cryptocurrency market. A bullish candle wick stretched to a weekly high of $0.0405 before dropping sharply to $0.0325. Possibly investors were quick to book early profits, resulting in a sharp drop still underway.
The Super Trend indicator sent a buy signal during the Asian session on Monday, but it has been replaced with a call to sell due to the pullback. Short positions could flip profitable if XEM slides below support at $0.0320 with a profit target at $0.03.
IMPT is another promising presale – a green coin that can help with portfolio diversification. IMPT taps the Ethereum proof-of-stake (PoW) and is suitable for individuals who want to reduce their carbon footprint.
Experts believe this eco-coin can achieve 50x gains and allows investors to buy, sell or retire carbon credits while simultaneously avoiding double counting and fraud.
IMPT is considered the greenest cryptocurrency, ideal for ESG investors. With IMPT, crypto can save the world – and is way better than SolarCoin and Powerledger.
The IMPT presale is at its second stage – and is selling fast. So far, approximately 698 million of the 1,260,000,000 have been sold. IMPT is selling for $0.023, with the team expecting to raise slightly over $25 million before listing on exchanges.