In the first two weeks after the Grayscale Bitcoin Trust (GBTC) was approved, there was a massive sell-off, causing Bitcoin to plunge. However, the outflows from GBTC have dropped by 70%, followed by a BTC price recovery. The price of Bitcoin has now recovered above the $43,000 level.
In other news, Galaxy Fox ($GFOX), one of the best ICO presales of 2024, has hit a new milestone. Over 94% of its $GFOX presale tokens have been sold out, as it contends for the best cryptocurrency investment of 2024. Read on to find out more.
Bitcoin ($BTC) Recovers As GBTC Outflows Fall by 70%
The approval of spot Bitcoin ETFs in January was a watershed moment for the cryptocurrency market. However, the bullish moment quickly turned sour as investors in the Grayscale Bitcoin Trust ($GBTC) began selling their stake.
In January, GBTC investors dumped a total of 132,195 Bitcoin BTC. This selling pressure forced the price of Bitcoin to tumble by more than 20%, setting a yearly low at $38,700. However, the selling pressure from GBTC investors has slowed down by a remarkable 70%.
Also, quelling the selling pressure, the other approved spot ETFs added a total of 151k BTC coins. This has provided a lift-off for Bitcoin. Recovering from its yearly lows, the price of Bitcoin has blasted past the $43,000 level.
Many experts expect this bullish trend to continue, especially with the halving in less than 80 days. MVRV metric copies Bitcoin bull cycles, suggesting that the leading altcoin could soar to $60K, making it one of the best crypto coins to invest in now. Galaxy Fox is another that has caught investors’ attention.
Galaxy Fox ($GFOX) Presale is Almost Sold Out Amidst Rising Interest
Even through the sell-off in January, Galaxy Fox ($GFOX) remained a bright spot. The ERC20 coin increased by a staggering 200% to set a new high at $0.00198. Amidst this impressive price surge, there has been a great demand for $GFOX.
In just a few weeks, 94% of the 3.5 billion $GFOX tokens earmarked for presale have been sold out, making Galaxy Fox one of the best ICO presales.
Why Investors Are Interested in Galaxy Fox
A new meme coin, Galaxy Fox ($GFOX), has emerged as a potential competitor to Shiba Inu and other top-rated meme coins. This new ICO crypto has grabbed attention for its ambition to transform the meme coin sector as a whole. Galaxy Fox is at the forefront of a new generation of meme coins powered by functionality.
Galaxy Fox’s blockchain gaming ecosystem now includes a peer-to-peer game, an NFT marketplace, some of the coolest NFT collections, and a merchandising store. All of the protocol’s offerings are designed to increase ecosystem engagement.
Galaxy Fox users receive compensation for participating in any of the ecosystem’s products. Not only that, but Galaxy Fox has a taxation system, an excellent tokenomics model, a deflationary mechanism, and staking incentives. It is also ranked as one of the best meme coins to buy $GFOX also boasts a better tokenomics model than $GFOX.
To maintain the project’s long-term viability, 10% of all $GFOX tokens will be placed in a liquidity pool. These are the reasons Galaxy Fox has emerged as one of the best ICO presales and why experts believe it can rise by 100x in 2024. With such a prediction, now is the best time to join the Galaxy Fox train.
Learn more about Galaxy Fox ($GFOX) here:
Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter
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