2024-04-16 04:00:00 ET
Cryptocurrency prices remained on edge on Tuesday in a sign that investors were embracing a risk-off sentiment in the market. After surging to a record high of over $73,000 in March, Bitcoin has now plunged to below $65,000.
Other altcoins have crashed by over 20% from its highest level this year. Some of the most notable losers were tokens like IOTA, Solana, Ethereum, and Ondo Finance . Still, despite this sell-off, Kangamoon ($KANG)has raised over $4.8 million from investors.
Risk-off sentiment prevails
Bitcoin and other digital coins have plunged hard in the past few weeks. This crash happened as investors have embraced a risk-on sentiment in the market.
Cryptocurrencies are not the only assets have crashed hard this month. American stocks have crashed hard this year, with the Dow Jones and Nasdaq 100 indices have nosedived by over 4% from their highest points this year.
Even some of the most popular stocks in Wall Street have also crashed hard. Nvidia’s stock price has nosedived by 11.8% from its highest point this year, meaning that it is in a correction.
Similarly, Super Micro Computer’s shares have dived by over 28% from its highest point this year, meaning that it is in a deep bear market. Apple, the second-biggest company in the US, has dropped by 13% as growth slowed. Other popular companies like Tesla, Rivian, and Lucid Motors have crashed hard this year.
The bond market is also going through major headwinds. Data shows that the 10-year bond yield has soared to 4.62% while the 30-year has spiked to 4.78%. Bond yields rise when the price is falling.
The main catalyst for this trend is that hopes that the Federal Reserve will start cutting interest rates soon have faded. Recent data showed that the US inflation rose to 3.5% in March while the core CPI to 3.8%. As such, there is a possibility that the bank will maintain a hawkish tone.
Kangamoon token sale is going on
Meanwhile, Kangamoon’s token sale continued this week, signaling that there is demand for the coin. The developers have raised over $4.86 million, representing about 33% of the total available tokens.
Kangamoon aims to become the leading meme coin in the market. The developers aim to give it utility by venturing into other fields like social media and gaming. This game will have play-to-earn features, allowing users to compete and earn rewards.
At the same time, the developers aim to have a marketplace where users will be able to buy and sell tokens in the ecosystem.
Therefore, there is a likelihood that Kangamoon’s token sale will continue doing well as investors wait for the next crypto comeback. Some analysts believe that Bitcoin will still bounce back in the coming months. Standard Chartered analysts see the coin soaring to over $100k this year. You can learn more about Kangamoon here .
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