The cryptocurrency market has continued with a bearish trend today. The broader cryptocurrency market cap is around $900 billion at the time of writing. Bitcoin is also trading around $17,500.
However, this intense bearish pressure could soon come to an end. Below are the top three reasons why crypto prices will stop falling soon.
Favorable CPI data
Sky-high inflation rates have led to the Federal Reserve raising interest rates severally this year. The result of the Fed’s hawkish stance has been a rise in the value of the US dollar and a decline in stocks and cryptos.
There has been speculation that the Fed will slow down interest rate hikes, and the release of the CPI data on Thursday shows that these speculations could be accurate. The data shows that consumer prices increased 7.7% in October, and crypto prices could react with an uptrend, and a bullish thesis will be formed.
Transparency in the crypto market
The collapse of the FTX exchange has affected users whose funds are stuck on the platform after withdrawals were halted. However, there seems to be a silver lining in this, as cryptocurrency exchanges are now sharing proof of reserves to reassure users that their funds are safe.
The Binance exchange has said that it will allow users to access proof of reserves in the coming weeks. Huobi, OKX and Crypto.com have also said they will release the data. Kraken already offers proof of reserves.
This action will boost transparency in the sector, and it could result in long-term gains for the entire cryptocurrency space.
Speculations of Justin Sun bailing out FTX
Binance has already backed out of the FTX acquisition deal. However, it seems like Justin Sun, the founder of TRON, could bail out the FTX exchange. After a disastrous week for FTX and the crypto space, a bailout could stop prices from falling further.
Sun tweeted that he was looking for ways to help the FTX exchange and its users. While he did not share in-depth details, he said he and his team were coming up with a solution. A draft of a slack message by FTX CEO Sam Bankman-Fried to his employees showed that the exchange was seeking a new raise.
Coins to add your portfolio in this bear market
One coin you might consider adding to your crypto bag as the broader market dips is Dash 2 Trade. Dash 2 Trade is a trading analytics and signals platform powered by D2T. You can buy the D2T presale early to enjoy discounted prices, as the price will increase in each of the ten stages. Investors are currently buying D2T at $0.0513 in the third stage. $5.8 million has so far been raised.
RobotEra is one of the interesting coins whose presale is worth checking out. RobotEra is similar to the renowned metaverse game the Sandbox. However, unlike in the Sandbox, players on RobotEra get to use robots to create planet worlds. The TORA token presale commenced yesterday and is priced at $0.020. RobotEra is supported by LBank Labs.
If you want to invest in an impactful carbon offsetting program, you need to jump into the IMPT presale before the next price increase. As blockchain technology continues to gain adoption in many industries, many have been looking into how it can prompt environmental sustainability. IMPT is offering a solution by tapping into blockchain to fight climate change. The IMPT presale launched on October 3, and it has raised more than $12.6 million.
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