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Bitcoin, the largest cryptocurrency in the world, has shown signs of stabilization in recent weeks, but following Federal Reserve Chair Jerome Powell’s keynote presentation, it dropped again below $20,000 before experiencing a marginal bounce. But the threat of punching below $20k still remains.
Bitcoin originally exhibited no reaction to Powell’s speech, but then nosedived dramatically, and on Sunday, it was hanging around $19,975 per digital coin, which is more than a 60 percent reduction from its value last November, when it hit a record-high of $68,000.
After dropping below $20,000 in June, the price of bitcoin has since stabilized at $23,000 to $24,000.
There has been some optimism that the embryonic cryptocurrency market may have bottomed out because Ethereum and other major digital currencies have seen price increases in the previous two months.
However, this upbeat outlook may be unrealistic and short-lived. Media coverage indicates that the difficulties facing businesses with crypto connections persist.
Despite widespread belief to the contrary, Bitcoin has not shown to be an asset that benefits from rising inflationary pressures and interest rates.
The price of Bitcoin may fall to $10,000 this year, according to reports from last month.
The Bitcoin price is expected to return to the $10,000 range, according to the results of the most recent “MLIV Pulse study” from Bloomberg.
Kevin O’Leary, of Shark Tank fame, agrees that Bitcoin is not yet at its lowest price.
Bitcoin is expected to drop below $10,000 before returning to the $30,000 level, according to market analysts.
Several cryptocurrency exchanges and trading platforms have shut down, laid off employees, and halted hiring as a result of Bitcoin’s all-time lows in recent months due to the economic catastrophe.
In the second quarter (April-June), the global bitcoin market lost at least $670 million, 97% of which was due to hacks and frauds.
Which Cryptocurrencies Should You Invest In To Reduce Risk?
Battle Infinity
Creators of the upcoming free-to-play game Battle Infinity aspire to merge gaming and the virtual world to provide gamers a more robust experience.
The IBAT Premier League, one of the six accessible platforms, features a fantasy sports game with ties to the Metaverse.
Players need to buy an NFT pass in order to take part in any leagues or matches. To achieve this, you can invest in the platform’s native coin, IBAT.
Battle Swap is an online exchange where players may buy and sell NFT tickets and exchange their winnings for cash or other items. The coin may be bought by customers at this exchange.
Assigning monetary worth to goods and characters that, in the traditional gaming industry, would not typically be deemed valuable, Battle Market allows players to compete against one another for the highest rewards available in Battle Staking.
In addition to making their own unique avatars, Battle Arena players can further personalize their in-game personas by purchasing cosmetic items from the Battle Market, such as clothing and hairstyles.
You may also accessorize your avatar with headgear and jewels from the Battle Market. Battle Games users get access to a wide selection of NFT games on the site.
Players who have won NFTs can convert their NFT holdings into fiat currency at any time. Frequent staking participants are rewarded with a proportion of the fees generated by IBAT transactions.
Players that have IBAT may use it to promote their wares on billboards inside the ecosystem, which helps everyone out.
Joining the Battle Infinity Telegram channel is a great way for players to stay up-to-date on the game’s latest news and improvements (remember admins will never DM you first).
For those looking for projects with growth potential, Battle Infinity is a fantastic alternative; the presale has already sold out, but the token may be found on cryptocurrency exchanges like PancakeSwap. As far as investors are concerned, this is all the information they need.
Tamadoge
One of the trendiest investments right now with a high potential return is the new cryptocurrency game project Tamadoge, which is now on presale until Q4 2022. Investing early during a presale or initial coin offering frequently yields the greatest rewards.
Similar to CryptoKitties, Neopets Meta, and Catecoin, but with a Doge-based motif, Tamadoge is a projected non-fungible token (NFT) pet’s game.
It aims to make use of the game’s existing currency system while also capitalizing on the enormous interest in meme coins. Players that take their Doge pets into battle will be rewarded with Tama, the game’s native token.
The game’s name is a play on “Tamagotchi,” and players are tasked with raising virtual dogs from infancy until adulthood.
Next up in the pipeline is a new feature called move to earn, which will allow customers to earn rewards for taking their dogs on walks with Tamadoge.
Learn more about this endeavor by clicking the link below, and sign up for their official Telegram to get updates (beware of imposters in crypto Telegram groups, admins will never DM you first).
It is expected that Tamadoge, will sell out like Battle Infinity did during its inaugural round of presale, which has already raked in almost $800,000.
Lucky Block
If you’re looking to put your money into an NFT competitions cryptocurrency in 2022, Lucky Block is a fantastic option.
Lucky Block, to put it bluntly, is a one-of-a-kind cryptocurrency gaming platform hosted on the Binance Smart Chain (BSC) that offers players the chance to win a daily prize.
These jackpots are distributed in LBLOCK, Lucky Block’s native currency, which speeds up the process of awarding rewards.
A 12% tax was levied on all token sales at the beginning of this year, with the revenues going directly into Lucky Block’s reward pool. LBLOCK began trading on decentralized markets in January.
The first prize draw is expected to take place in the middle of May 2022, and the total amount of the prizes is already above $2.2 million.
To stay on the right side of the law, Lucky Block will employ the Chainlink VRF service to choose the winners. Lucky Block’s daily prize draws have a ticket price of $5 USD and may be purchased using LBLOCK.
Users may buy BNB with their credit or debit card on the Lucky Block website and then convert it into LBLOCK in a few short minutes. This is a possible way to gain LBLOCK.
The most notable aspect of the Lucky Block platform is that any LBLOCK holders who connect their cryptocurrency wallets to the site will automatically be included into the daily prize drawings at no cost.
In addition to these prize draws, Lucky Block will provide a wide range of raffles for digital and physical merchandise.
In addition, a “Games Gallery” section including location-based P2E games will be added, providing players with even more chances to win prizes.
Lucky Block NFT holders will also be included into a daily prize draw that will occur in conjunction with the main platform contests. That’s right; from now on, you’ll have twice as many chances to win each day as before.
The fact that the official Lucky Block Telegram group already has over 46,000 members is proof that these features of the platform have generated a ton of buzz.
There are now a number of play-to-earn games available, but because Lucky Block will shortly begin hosting prize drawings, we recommend it as the best option.
Silks
In 2022, Silks is among the top bets for maximizing earnings. Silks is more than just a game built on the blockchain; it’s a complete virtual universe. This earn-to-play game connects the actual world with the virtual multiverse.
Silks, in essence, has built its own digital universe in which horse races may be experienced in realistic detail. The platform generates truly unique digital horses by combining information about their training, races, breeds, and bloodlines.
Thus, NFTs may be used to simulate the ownership of real-world thoroughbred racehorses, allowing you to bet on and perhaps win races without actually having to wager on the horses themselves. Every time your actual horse wins a race, you’ll receive $STT, Silks’ native crypto coin. In a variety of venues, you may compete with your horse against others.
Since the horses’ underlying NFTs will be tradable, a secondary market can be established. Tokens worth $STT can be spent on a wide variety of goods and services within the Silks ecosystem. Gains may also be made by staking Bitcoin and by raising and selling horses.
The Silks roadmap concludes with plans to offer avatars for sale to the general public in the second quarter of 2022. In the third quarter, land and stables will be put up for sale, and in the fourth quarter, the first public auction of Silks horses will take place. In the last three months of 2022, Silks players will be able to register their virtual stables in the Metaverse and begin on-ramping to begin earning racing and breeding incentives.
The Sandbox
To earn cryptocurrency on the blockchain, the Sandbox is one of the finest places for imaginative individuals to spend their time.
To that end, The Sandbox is an open-world game powered by the Ethereum blockchain. Since then, the game has shifted to Polygon’s layer 2 in order to cut down on its energy consumption and associated costs, as well as to boost its overall performance.
The game is a lot like Roblox or Minecraft, and it’s a popular GameFi crypto token initiative. In the hub, players may create their own games, build their own environments, and plan adventures.
These can then be sold individually or in bulk for a profit. You might, for instance, develop your own supplementary game and charge users to engage with it.
In the Sandbox, land is the most sought-after commodity. Each LAND token represents a stake in digital real estate. Players also have the option of creating their own custom maps. For this reason, you may earn money by renting out your land.
In this P2E game, you may also make and sell your own customized items. For this reason, if you’re artistically inclined and want to make some money, you may sell your works on the market for SAND tokens.
In the Metaverse, SAND tokens serve a variety of purposes, including currency exchange, government, mortgages, and more.
SAND tokens may be won by participation in platform-wide tournaments and games. The Sandbox is accessible through mobile app for iPhones and Androids, as well as desktop versions for computers running Windows, iOS, and macOS. eToro offers a transparent and low-cost option for purchasing Sandbox tokens.
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Tamadoge – Play to Earn Meme Coin
- Earn TAMA in Battles With Doge Pets
- Capped Supply of 2 Bn, Token Burn
- NFT-Based Metaverse Game
- Presale Live Now – tamadoge.io
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Source: https://insidebitcoins.com/news/how-low-will-bitcoin-go-and-which-5-cryptos-should-you-buy-to-control-risk-in-your-portfolio