Top Coins Experience Retracement
In the past week, leading cryptocurrencies like Solana (SOL) and Polygon (MATIC) have seen some retracement in their prices.
Currently, MATIC is down 5.73% and priced at $0.781, while Solana is down 7.61% this month and priced at $95.09.
Federal Reserve’s FOMC Meeting Results in Sell-Offs
The recent sell-offs in the crypto market can be attributed to the Federal Reserve’s FOMC meeting, where interest rates were kept steady.
Investors were expecting a rate cut that would have improved liquidity for risk-on assets like cryptocurrencies.
However, Fed chair Jerome Powell stated that the central bank needed evidence of inflation moving towards the 2% benchmark rate.
This resulted in forced liquidations, with $1.61 million worth of MATIC and $9.63 million worth of SOL being liquidated.
Jupiter Airdrop Impacts Solana’s Price
Solana’s price drop coincided with the Jupiter airdrop, which briefly surpassed Uniswap in 24-hour trading volume.
Jupiter (JUP) has a market cap of $791 million and a $1.3 billion 24-hour trading volume.
Despite the initial excitement, JUP has experienced a 63% drop from its highs due to profit taking.
Bitcoin Minetrix Raises $10 Million in Presale
A new crypto project called Bitcoin Minetrix has successfully raised over $10 million in its ongoing presale.
Bitcoin Minetrix is an Ethereum-based cloud mining solution that allows users to earn Bitcoin rewards without the need for mining hardware or technical expertise.
Users can stake BTCMTX tokens for Bitcoin mining credits, which are non-transferable ERC-20 tokens that can be burned for cloud mining power.
Real Bitcoin Rewards and Staking Incentives
Bitcoin Minetrix offers real Bitcoin rewards and has allocated 12.5% of its total supply to staking rewards.
Presale investors can stake their tokens and receive 66% APY as rewards, although this yield will decrease as the staking pool grows.
The platform is secure, transparent, and has been audited by a third party, attracting users to participate in the presale.
Currently, BTCMTX tokens are available for $0.0132 during the presale stage.
Hot Take: Bitcoin Minetrix Raises Millions While Top Coins Retrace
In a surprising turn of events, Bitcoin Minetrix managed to raise over $10 million in its presale while top coins like Solana and Polygon experienced retracement in their prices. While MATIC and SOL faced sell-offs due to the Federal Reserve’s FOMC meeting results, Bitcoin Minetrix offered an alternative way for crypto enthusiasts to earn Bitcoin rewards through its cloud mining solution. With real Bitcoin rewards and staking incentives, the project attracted investors who were looking for opportunities in the crypto market. The success of Bitcoin Minetrix highlights the ongoing demand for innovative projects in the crypto space.
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