Bitcoin dropped 9% in a day, wiping out over $200 million in leveraged long positions as the price fell from $73,000 to $66,800. The drop follows as unexpected rise of inflation as measured by the US Consumer Price Index to 3.2%, lowering chances of rate cuts this year.
However, Bitcoin spot ETFs are buying over 10,000 BTC daily, while the mining output is 900 within the same time frame. Because of that, this pullback could be short-lived. One Bitcoin alternative, called Green Bitcoin , is defying the drop, however. It has now raised over $4.5 million for its ICO.US CPI data unexpectedly rose to 3.2% year-over-year beating the estimates of 3.1%. This has cooled expectations that the Fed will start rate cuts this year.
While Bitcoin is having a respite from a 12-month rise, one Bitcoin alternative is showing massive investor interest as it raises over $4.5 million in its presale.Green Bitcoin is a Bitcoin alternative that uses an environmentally-friendly proof of stake consensus mechanism, thanks to being built on the Ethereum network. This means you stake your GBTC to earn more GBTC tokens.
Interested traders and investors can buy GBTC tokens for $0.9542 apiece, which is likely to go up during the presale. Since it uses the Ethereum network as a base layer, you need ETH, USDT or a card to complete the purchase and to stake your tokens.
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