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Overleveraged traders got wiped out on December 11th as a violent wick to the downside liquidated millions of long positions.
The Bitcoin (BTC) rally paused just shy of $50,000, and now traders fear an impending bull trap. Is this the end of the 2023 rally? Or is it sophisticated traders purposefully targeting liquidations?
A classic long squeeze. Larger investors see the build-up of open interest and target liquidation zones. However, despite BTC’s current price action, presales remain overwhelmingly strong. The Galaxy Fox (GFOX) presale breaks a new high of $800,000.
Bitcoin Bull Trap?
Bitcoin rallied aggressively throughout early December, going from the high thirties to almost $45,000. But this recent liquidation flush sent BTC tumbling back down toward $40,000. Certain investors fear a bull trap, whereas experts view this as a natural pullback following an overextended movement upwards.
Liquidity for BTC is thin at these levels. This was shown when Bitcoin rallied rapidly, blasting upwards without stopping. Leveraged traders have been fighting to push into each other’s liquidation zones, and in this event, it happened that the most profitable liquidation zone was to the downside. This type of flush will grow increasingly common with more TradFi money managers trading BTC.
Galaxy Fox (GFOX) Changing the P2E Landscape
Galaxy Fox raises the bar amongst P2E projects, introducing an innovative approach to earning while retaining the skill-based earning system. Built around a classic runner game, Galaxy Fox pays out prizes- exchangeable for GFOX– to the top 20% of players at the end of each season.
Players can purchase an NFT to upgrade their in-game stats, which can later be sold on the in-house NFT marketplace. Alternatively, players looking to enhance their skills purchase upgrades with GFOX tokens, and 50% of this in-game spending is automatically routed to the next prize pool.
These skilled players use their gaming acumen to win. But Galaxy Fox’s staking rewards change the game and allow all ecosystem participants to earn. Buy and sell taxes fund staking payouts, and this methodology introduces a direct correlation between ecosystem growth and rewards.
Another feature taken from the memecoin genre is Galaxy Fox’s viral aesthetic and marketing efforts funded by the Treasury, which accrues 2% of all buy and sell taxes.
Learn more about GFOX here: Galaxy Fox Presale | Community
Disclaimer
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Source: https://beincrypto.com/gfox-presale-breaks-new-high-of-800k/