FTX Asset Liquidation Sparks Concerns, but Newcomer Bitcoin BSC Raises $2 Million
In a recent turn of events, FTX, a prominent cryptocurrency exchange, has received court approval to proceed with the sale or staking of its digital assets. This decision was issued by Judge John Dorsey of the U.S. Bankruptcy Court for the District of Delaware. While this news has sent ripples of concern throughout the crypto community, there's another cryptocurrency project, Bitcoin BSC (BTCBSC), that's making waves by raising $2 million in just ten days.
FTX's Asset Liquidation:
The court approval allows FTX to take action on its crypto assets valued at a staggering $3.4 billion. FTX can now sell up to $100 million worth of cryptocurrency assets weekly and engage in hedging and staking agreements. Galaxy Digital will oversee the asset sales, adding an extra layer of complexity to the situation.
The FTX news has ignited fears of a potential crypto crash, primarily because FTX holds substantial amounts of popular cryptocurrencies such as Solana (SOL), Bitcoin (BTC), and Ethereum (ETH). Solana, in particular, stands out with holdings worth $1.16 billion, while Ethereum and Aptos follow with $192 million and $137 million, respectively.
Bitcoin's Safe Haven Status:
Amidst this market uncertainty, some investors are looking to Bitcoin and its derivatives as potential safe havens during turbulent times. Bitcoin (BTC) itself has remained relatively resilient, showing a 1.5% rise while other assets like Solana (SOL) and Aptos (APT) experienced losses of 4% and 6.5%, respectively. Bitcoin's robust $520 billion market capitalization suggests that its sale by FTX is unlikely to trigger a significant crash.
The Rise of Bitcoin BSC (BTCBSC):
Interestingly, as investors ponder the implications of FTX's asset liquidation, a new cryptocurrency project called Bitcoin BSC (BTCBSC) is gaining substantial attention. Bitcoin BSC managed to raise an impressive $2 million in just ten days, a testament to the growing excitement surrounding the project.
Bitcoin BSC is introducing an innovative stake-to-earn system designed to alleviate selling pressure on the token after its launch and promote long-term participation from holders.
The project's total supply mirrors the 21 million supply of Bitcoin ($BTC), with the presale offering 6.125 BTCBSC in two phases for a mere $0.99. This pricing strategy harks back to Bitcoin's early days in April 2011 when 6.125 million $BTC were in circulation for just $1.
Staking for Rewards:
Bitcoin BSC incorporates a staking mechanism that releases tokens following Bitcoin's original block rewards schedule. Stakers of BTCBSC earn a percentage of rewards through a PoS consensus mechanism, with more tokens staked equating to a larger share of rewards.
This staking concept is poised to create a supply shock in the market, with a substantial portion of the total supply locked in staking contracts. Approximately 69% of the total supply, or 14.455 million BTCBSC, will be locked in staking for 120 years.
The FOMO (Fear of Missing Out) Factor:
With nearly 1 million BTCBSC tokens already staked, providing an impressive 270% APY, there's a looming shortage of BTCBSC tokens for newcomers following the presale. This could potentially lead to higher prices as new investors seek to enter the market.
Bitcoin BSC has been receiving widespread attention across the crypto industry, featuring in notable publications like Cointelegraph, CoinMarketCap, Yahoo Finance, and many more. Its rapid success in raising $2 million within just ten days is turning heads, and as FOMO continues to build, the presale is not expected to last much longer at its current fundraising rate.
To stay updated and join the Bitcoin BSC community, you can follow their Telegram channel and Twitter for the latest developments.