Grayscale Continues Pushing $BTC Price Lower as Investors Take Shelter in Presales

In just a week after the approval of spot bitcoin ETFs, the price of bitcoin fell by about 10% before going on to break the $40K support level, where it currently sits at just above $39K. While many analysts attribute the crash to FTX dumping Grayscale $GBTC holdings worth a staggering $1 billion, investors are shifting their focus to more promising coins during this period of heavy volatility. Presale gems like $GFOX are proving to be some of the best cryptocurrencies to buy and a cool shelter as things heat up in the crypto industry.

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$GFOX The Best Cheap Crypto to Buy Now?

As an avid investor, you know that once the price of $BTC dips significantly, altcoins tend to follow suit. With the price of $BTC on a continuous downturn for days now, the altcoin market is likely to dip as well. This is why new ICO cryptos like $GFOX are a good option in such times.

With a presale coin like GFOX, you get a lowly priced coin ($GFOX is going for $ 0.00198 in the stage 7 of presale) but you also get to capitalize on all the gains the coin will make for as long as you have it. For example, cryptocurrencies are known to skyrocket once they are listed on major exchanges. Buying a coin like $GFOX while it is still in its ICO ensures you capitalize on this event, making over 100X your initial investment.

What is more, as $GFOX rolls out new features in accordance with its roadmap, the price of the token is likely to go up, giving you further opportunities to make money. A good example is the play-to-earn game, a feature that allows you to make extra income while enjoying engaging gameplay is likely to stir up a lot of interest from avid gamers, positively impacting the price of $GFOX.

Other features such as the collection of 3,000 NFTs are also likely to stir up interest from the crypto community, further increasing the project’s value. Additionally, the collection of physical merchandise will help bring $GFOX closer to investors and at the same time make the project a well-known brand.

While this is not always common for all crypto projects, $GFOX has a token burn feature that removes a portion of the $GFOX tokens in circulation. As the project gains popularity and more users get on board, the token burn feature removes some $GFOX tokens from circulation. This causes a sense of scarcity in the market, which in turn enhances the token’s intrinsic value.

These features work together perfectly to form a crypto project with a high growth potential. Investors have been quick to recognize $GFOX as one of the best cryptocurrencies to buy as evidenced by the fast-selling presale. At stage 7, the $GFOX ICO has raised a whopping $2.9 million, and it is expected to soon surpass the $3 million mark.

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$BTC Price Plummets: Are Grayscale Withdrawals Responsible?

The recent $BTC price drops have coincided with significant withdrawals made from Grayscale after the fund launched its spot bitcoin ETFs. As a result, some crypto enthusiasts are convinced that the recent drop in the price of $BTC is directly related to these withdrawals, especially selling pressure from FTX holdings. However, some analysts beg to differ.

Since January 11, Grayscale has moved upwards of $726 million of $BTC to Coinbase, the largest crypto exchanges in the US. These funds are meant to fund the surge in redemptions witnessed after Grayscale investors got the chance to redeem their shares.

As the crypto community learned of these transfers, the price of $BTC plummeted, and a short rebound soon followed, before the price of $BTC continued its downward trajectory. At the time of writing, $BTC is trading at $39,625, a 7% decrease in the past 7 days.

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Final Word

Whether the recent Grayscale withdrawals are responsible for the recent drop in $BTC’s price or not, the fact remains that Bitcoin is in a highly unstable position, and other altcoins have followed suit with far worse results – some blue chips even dropping over 40%. As an investor, it’s your time to secure your portfolio with the best cryptocurrencies to buy such as $GFOX during tumultuous times in the crypto space.

Learn more about $GFOX here:

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