Here’s Why Major Crypto Prices Are Sliding, But Some Coins Are Rebounding

Cryptocurrency prices have continued falling this week, with Bitcoin ($BTC) now hovering around the $26,000 level.

Several factors are contributing to this downturn, including a high volume of Bitcoin liquidations and the ongoing wait for the SEC’s decision on a spot $BTC ETF.

However, some newer coins like Wall Street Memes ($WSM), Launchpad XYZ ($LPX), and Sonik Coin ($SONIK) have continued to gain traction amid their limited-time presale phases.

1. Crypto Liquidations Accelerate Market Decline

A key reason behind the recent slide in crypto prices is a series of significant liquidations for derivatives investors.

When Bitcoin and Ethereum ($ETH) fell last week, billions of dollars of leveraged positions were forced to close.

According to an article, nearly 177,000 traders were liquidated in 24 hours as volatility spiked. One Binance-based liquidation even amounted to $55 million, highlighting the scale of the market chaos.

Notably, this specific liquidation was the largest since FTX’s collapse at the end of 2022.

These mass liquidations have helped accelerate the latest crypto price fall, adding uncertainty to the short-term outlook.

2. Hawkish Fed Weighs on Crypto Prices

Another major factor in the cryptocurrency downturn has been the Federal Reserve’s continued hawkish stance on interest rates to combat inflation.

Interest rates have climbed above 5% while inflation still exceeds the Fed’s 2% target, so borrowing costs have skyrocketed for consumers and businesses.

Here's Why Major Crypto Prices Are Sliding, But Some Coins Are Rebounding

Naturally, this reduces the amount of money consumers and businesses have to invest in “risky” asset classes – like cryptocurrency.

Unfortunately for crypto investors, with inflation expectations still around 3.6% for 2024, the Fed seems poised to keep interest rates high for the foreseeable future.

Due to this, investors will likely shift towards fixed-income assets like Treasury bonds over speculative investments – putting further pressure on the cryptocurrency market.

3. SEC Delays Create Uncertainty in the Crypto Market

Finally, the SEC’s ongoing refusal to approve a spot Bitcoin ETF in the US has also weighed on crypto prices recently.

Despite years of applications from major firms like ARK Invest and Grayscale, the SEC has used its entire 240-day review window to delay decisions on these proposed ETFs.

According to Binance’s newsfeed, a final decision for ARK’s application won’t be made until January 2024 – with other firms potentially having to wait until March 2024.

The lack of regulatory clarity on whether spot Bitcoin ETFs will be allowed has created uncertainty throughout the market.

Moreover, the SEC’s hesitance to permit these funds has hindered institutional investment, slowing the crypto market’s growth.

Ultimately, without greater regulatory clarity, it’s unlikely that large investors will be comfortable with significant crypto exposure – possibly contributing to stagnant price action in the near term.

Which Coins Are Defying the Bear Market?

While the broader cryptocurrency market faces challenges from liquidations, rate hikes, and regulatory delays, some newer coins are showing signs of strength.

Three of these coins are Wall Street Memes, Launchpad XYZ, and Sonik Coin, all making significant progress in their respective presales.

Wall Street Memes Raises $25m Ahead of Tier-1 CEX Listings

Wall Street Memes ($WSM), in particular, stands out, having raised an incredible $25 million in its presale.

As a meme coin drawing inspiration from the WallStreetBets Reddit community, $WSM is enjoying a surge in popularity, evidenced by over 20,000 people joining the project’s official Telegram channel.

Wall Street Memes is now in the final stage of its presale phase, with $WSM tokens available for just $0.0337.

Here's Why Major Crypto Prices Are Sliding, But Some Coins Are Rebounding

The project’s developers plan to launch $WSM on “multiple” Tier-1 exchanges at the end of September, marking the first time that they’ll be traded publicly.

Wall Street Memes’ developers have even launched a staking protocol for $WSM – with yields currently at 96% APY.

The project has gained the attention of Elon Musk and is being backed to explode by the likes of Michael Wrubel.

All in all, Wall Street Memes’ community focus and potential for high returns have resonated with those seeking viable opportunities in today’s bearish market.

Visit Wall Street Memes Presale

Web3-Focused Launchpad XYZ Hits $1.4m Milestone & Offers 20% Presale Bonus

Launchpad XYZ ($LPX) is another project defying the market downturn, focusing on making the world of Web3 more accessible.

With a goal to help users maximize profits through innovative tools like an AI-powered trading assistant and proprietary asset ranking system, Launchpad XYZ has already attracted significant attention.

Its presale has now raised $1.4 million, with $LPX token still available at the low price of $0.0445.

Here's Why Major Crypto Prices Are Sliding, But Some Coins Are Rebounding

Notably, the project’s developers have implemented a limited-time 20% token bonus scheme available for new buyers and those who have already invested.

As outlined in Launchpad XYZ’s whitepaper, the developers even plan to launch additional features in the future, including an NFT directory, play-to-earn (P2E) gaming hub, and even their own decentralized exchange (DEX).

In an uncertain market, Launchpad XYZ’s combination of technology and community engagement has undoubtedly piqued the attention of investors looking to navigate the world of Web3.

Visit Launchpad XYZ Presale

Sonik Coin Capitalizes on Nostalgia & Raises $450,000 Through Viral Presale for Stake-to-Earn Token

Finally, Sonik Coin ($SONIK) is also making waves in the crypto market, drawing inspiration from the nostalgic appeal of Sonic the Hedgehog.

Sonik Coin’s rapid presale success, raising $450,000 in just over one week, has showcased the strong early interest from meme coin investors.

However, $SONIK aims to be more than just a meme coin, offering real-world utility through an exciting staking setup.

Here's Why Major Crypto Prices Are Sliding, But Some Coins Are Rebounding

As noted on Sonik Coin’s staking dashboard, over 16.4 billion $SONIK tokens have already been staked, with yields of up to 146% per year available.

With a hard cap of just $2 million and plans for a Uniswap listing, Sonik Coin’s creators have set their sights on achieving long-term success.

As such, Sonik Coin’s unique branding and valuable utility make it a standout project in the ever-changing meme coin market.

Visit Sonik Coin Presale

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