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Manta Network (MANTA), SUI, and Pullix (PLX) soar as crypto market takes a hit

  • MANTA, SUI, and PLX defy market downturn, showcasing resilience amid Bitcoin’s decline.
  • Manta Network surges on Bithumb listing and successful airdrop, capturing investor interest.
  • Pullix’s PLX presale gains momentum, offering an innovative “Trade-to-Earn” concept.

In the midst of a crypto market downturn triggered by Bitcoin’s recent price decline, some altcoins are defying the trend and experiencing significant growth. Manta Network (MANTA), Sui (SUI), and Pullix (PLX) have emerged as standout performers, showcasing resilience amid the broader market challenges.

Read along as we delve into the reasons behind Bitcoin’s slump and explore the notable rises of MANTA, SUI, and the ongoing presale of PLX.

Bitcoin’s decline and crypto market plunge

As Bitcoin faces increased volatility, the entire crypto market has witnessed a notable downturn. Bitcoin briefly dropped leading to millions in liquidations. Although BTC price has regained $40,000, the recent decline in Bitcoin’s price, coupled with broader market uncertainties, led to double-digit losses for various altcoins.

Investors are grappling with the impact of these market movements, which have contributed to a cautious sentiment and a temporary loss of support for many cryptocurrencies.

Manta Network (MANTA): defying the odds

Amid the crypto market turmoil, Manta Network (MANTA) stands out with a remarkable surge. Recent positive developments, including a listing on Bithumb and a successful airdrop for early supporters, have contributed to MANTA’s significant price increase. The token has seen a 30% surge in a single day.

MANTA price chart

The token’s resilience in the face of market challenges positions it as a noteworthy player in the decentralized finance (DeFi) landscape, garnering attention from investors seeking alternatives. Surprisingly, Manta’s surge comes against the backdrop of a major DDoS attack.

SUI token: a rising star

SUI, another altcoin in focus, has experienced notable growth despite the broader market uncertainties. The recent achievement of surpassing Bitcoin in Total Locked Value (TVL) following the approval of a spot Bitcoin ETF has propelled SUI into the spotlight.

With a surge of over 8% in the last 24 hours and more than 70% in the last 30 days, SUI is capturing the interest of investors looking for promising opportunities beyond the traditional crypto heavyweights.

SUI price chart

Pullix (PLX): shaping the future of crypto trading

Pullix, an innovative player in the crypto space, is currently in its presale stage, challenging the status quo of traditional exchanges. PLX, the native token of the Pullix ecosystem currently in its presale stage, introduces a novel concept of “Trade-to-Earn,” enabling users to earn rewards from the platform’s daily revenues.

The platform’s hybrid approach, combining the strengths of centralized and decentralized exchanges, aims to address liquidity issues and provide a comprehensive trading experience.

The PLX presale is gaining momentum and attracting investors in droves. As of the latest update, Pullix has raised $4,364,732, with a remaining supply of 15.1%. In the current presale stage, the PLX token is going for $0.08, with a price increase expected in a couple of days.

The presale, scheduled to progress through stages, offers users the opportunity to participate in the early growth phases of the platform. With a fixed supply of 200,000,000 PLX tokens and a strategic allocation across presale, rewards, team, exchange listings, and marketing, Pullix aims to create a robust and sustainable ecosystem.

Conclusion

In a crypto market characterized by fluctuations, Manta Network (MANTA), SUI, and Pullix (PLX) emerge as notable players exhibiting resilience and growth.

While Bitcoin’s recent decline has created a challenging environment, these altcoins showcase the dynamism and diversity within the crypto space. As investors navigate uncertainties, the unique features and positive developments surrounding MANTA, SUI, and Pullix contribute to their standing as intriguing options in the evolving landscape of digital assets.

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These altcoins are poised for growth amid recent Bitcoin decline causing $83M liquidations

  • Bitcoin’s recent dip below $40,000 triggered $83 million in liquidations.
  • Cardano (ADA) stands resilient, leading in development and boasting a diverse ecosystem.
  • Optimism (OP) gains momentum with the rising adoption of L2 solutions.

The cryptocurrency market is navigating turbulent waters as Bitcoin’s recent price decline triggered nearly $83 million in liquidations. The impact of this downturn is reverberating across the crypto space, presenting challenges but also opportunities for certain altcoins.

However, amid this chaos, altcoins like Cardano (ADA), Optimism (OP), and the new Memeinator (MMTR) meme coin are positioned for growth.

Bitcoin price decline sparks $83M liquidations

The crypto market witnessed a significant setback as Bitcoin’s price nosedived to $38,555 on Tuesday, triggering a cascade of liquidations totalling $83 million in the futures market.

Analysts attribute this sharp decline to several factors, including the recent approval of spot Bitcoin ETFs by the SEC. Traders, seizing the opportunity for profits, engaged in a sell-off that further fueled the downward trend.

Additionally, experts suggest a connection between the Bitcoin price decline and GBTC redemptions by the bankrupt crypto exchange FTX.

Cardano (ADA) emerges strong amid market downturn

While the broader market faces headwinds, Cardano (ADA) stands out with a surge in development activity, surpassing major players like Ethereum. With a bustling GitHub and a diverse ecosystem comprising 9.45 million projects and 6,332 unique tokens, ADA remains resilient.

Trading within the range of $0.418 to $0.724, ADA’s 10-day Moving Average at $0.504 and 100-day Moving Average at $0.452 provide stability. Despite market challenges, Cardano’s innovative prowess positions it as a potential growth asset, drawing attention with relentless progress.

Optimism (OP) gains momentum amid expanding adoption

Optimism (OP) experiences a notable uptick in value driven by increasing adoption of its layer-2 (L2) solutions. Boasting over 936,000 addresses currently in the money, OP’s sharp focus on crafting efficient and scalable Ethereum solutions is paying off.

Trading between $2.61 and $3.01, with support levels at $2 and $2.4, OP reflects a bullish trend. As the platform’s user base grows and infrastructure solidifies, Optimism remains poised for sustained growth in the competitive landscape of layer-2 solutions.

Memeinator emerging as an intriguing meme coin player

Amid these market fluctuations, Memeinator has emerged as an intriguing player, fueled by AI technology and a disdain for sub-par memes. The MMTR token presale has raised an impressive $3,887,372, nearing the $4 million mark across thirteen stages.

The MMTR token is going for $0.0197 in the current presale stage and is expected to rise to $0.0208 in the next stage. With the current stage more than 90% sold out, investors are angling to have a stake in this intriguing meme coin. If interested in the project, you could as well visit the Memeinator presale website to purchase your share of the MMTR tokens.

Memeinator’s approach involves leveraging AI insights and innovative products like the Memescanner and the Memeinator Game.

Conclusion

While the crypto market grapples with external factors, including the recent Bitcoin price decline and global economic challenges, altcoins like Memeinator (MMTR), Cardano (ADA), and Optimism (OP) could offer an alternative opportunity for crypto investors.

However, as investors explore opportunities, caution is advised, especially in the case of emerging projects like Memeinator, where risks and uncertainties warrant careful consideration.

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Nexo seeks $3 billion in damages from Bulgaria over aborted investigation

  • Nexo says the investigations tarnished its reputation and hampered its growth.
  • Bulgarian authorities dropped the Nexo case in December 2023, citing a lack of evidence.

In one of today’s biggest cryptocurrency news, Nexo, a leading crypto lender that is reportedly seeking $3 billion in damages from Bulgaria.

Specifically, as Reuters reported on Wednesday, Nexo AG, a Swiss arm of Nexo Capital, says last year’s aborted criminal investigation completely destroyed the company’s expansion plans, including a potential US listing.

Nexo files for arbitration with ICSID

Nexo, in a filing with the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), says Bulgaria’s investigation tainted its reputation. It also wrecked shareholder value.

As CoinJournal highlighted in December 2023, the Bulgarian prosecutor’s office announced a termination of the criminal investigations against Nexo and four of its executives, citing a lack of evidence.

The prosecution’s move followed nearly a year of investigations, with police having raided Nexo’s offices in the country’s capital Sofia in January 2023. Among the allegations levelled against the crypto lender and its top executives were money laundering, computer fraud and unauthorised banking activities.

Despite the dropped case, Nexo contends the damage from the raids and allegations was immense. It filed for arbitration with the ICSID on January 18. Reuters reports that Bulgaria’s finance ministry has acknowledged receipt of an arbitration request from the ICSID.

While officials say an inter-departmental committee will review this request and propose next steps, this does not constitute an “admission as to the substance of any claims or as an acceptance of any arbitral jurisdiction.”

ICSID, based in Washington, USA, is an international arbitration institution that handles disputes between countries and international investors. Some of the countries ordered to pay significant damages to companies include Pakistan, Ecuador, and Venezuela.

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Appeals court orders an independent scrutiny of FTX bankruptcy

  • The federal appeals court in Philadelphia ordered that an independent examiner be appointed to scrutinize the FTX collapse.
  • Bankruptcy court judge John Dorsey had earlier denied the trustee’s request.

A federal appeals court has ordered following a three-judge bench decision that an independent examiner should scrutinize FTX’s bankruptcy case.

Federal court orders for appointment of an examiner in FTX case

The Associated Press reported on Tuesday that the appeals court in Philadelphia has reversed an earlier ruling denying a US bankruptcy trustee’s request for an independent examiner. US bankruptcy judge John Dorsey dismissed the trustee’s request in February last year.

Judge Dorsey had agreed with FTX’s argument that an examiner’s involvement would only duplicate what new CEO John Ray III, federal agencies and the committee of unsecured creditors was doing. 

FTX also argued that having an independent examiner was too costly.

But in its ruling last Friday, the appeals court agreed with the bankruptcy trustee’s position that FTX’s collapse, which followed allegations of massive fraud, warrants an independent review rather than rely on an internal investigation.

Judge Luis Felipe Restrepo, writing for the appeals court panel, noted that the trustee’s case raised “straightforward issues” and that the bankruptcy code provides for an independent examiner’s appointment.

An examiner, judge Restrepo said, will make public all findings. Debtor or creditors’ committees do not have such an obligation.

FTX filed for bankruptcy in November 2022 and its founder and former CEO Sam Bankman-Fried is awaiting sentencing after he was found guilty on all charges, including fraud. The sentencing is scheduled for March 2024. 

Earlier this month, US prosecutors hinted at not pursuing a second trial for Bankman-Fried.

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Bitcoin slips below $40k as Bitbot’s presale surpasses $300k

Key takeaways

  • Bitcoin has declined below the $40k level for the first time in nearly two months.

  • Bitbot’s presale has raised more than $300k a week after its launch.

Bitcoin’s selling pressure continues as BTC dips below $40k

Bitcoin, the world’s number one cryptocurrency by market cap, has been underperforming over the last few days. It is down by more than 20% since the spot Bitcoin exchange-traded funds (ETFs) were approved two weeks ago.

At press time, the price of Bitcoin stands at $39,761, down by roughly 1% in the last 24 hours. Despite the current bearish trend, market participants still expect the bull market to launch in full force this year.

The Bitcoin halving is barely three months away and it usually signals the beginning of a Bull Run. If the bullish cycle commences this year, Bitcoin and altcoins could record massive gains in the coming months. 

What is Bitbot? 

The current bearish trend in the market hasn’t put a dent in the Bitbot presale. It has been a week since the Bitbot presale began and it has already crossed an important milestone. 

The rising demand for Bitbot’s token can be attributed to its unique value proposition in the market. Bitbot is a Telegram trading bot that puts the power in the hands of the user. It is a self-custodial trading bot that enables users to trade via their cold wallets on Telegram. 

Bitbot provides an innovative way of trading as it leverages Telegram’s position as one of the leading social media platforms for crypto users. 

Per the development team, Bitbot will provide numerous powerful features to help traders grow their trading portfolios. The features would be institutional-grade, granting them access to world-class trading functions.

The Bitbot team comprises individuals with vast experience in various fields including traditional finance and blockchain. With Bitcoin expected to reach new highs in the coming months, trading volume will skyrocket in the crypto market if that happens. 

Bitbot’s trading innovations

Bitbot is working to develop excellent trading tools for traders. With the right level of adoption, its native token could become one of the biggest winners in the bull cycle. 

An exciting aspect of Bitbot is that the tool prioritises security. According to the team, Bitbot will work with Knightsafe to offer a self-custody solution. Thus, mitigating the typical risks associated with Telegram trading.

Part of the funds raised from the presale will be directed towards the development of anti-MEV and anti-rug solutions for users to protect their assets. These features would enable traders to protect themselves from bots artificially pumping transaction costs and block scam projects.

BitBot uses an ultra-flexible wallet management fuelled by non-custodial API technology. The trading tool also uses the open-source smart contract wallet to provide a way superior security level for the non-custodial solution to users.

Bitbot is working on a copy trading feature that would allow investors to copy the trades of the strongest performing wallets based on on-chain activities; predicted to be one of the most popular aspects of the product.

Bitbot raises over $300k in a week

The Bitbot presale is moving on excellently. The team has raised more than $300k a week after the presale began. The presale is currently in its second stage and the team is close to reaching the $410,000 target set for this round. 

The new milestone of $300k shows that Bitbot is gaining fast adoption within the cryptocurrency space. The $BITBOT token is going for $0.0105 in the current presale round and will increase to $0.011 once the third round commences. 

Per the whitepaper, 20% of tokens will be held by the Bitbot development team to fund ongoing development. 14% to marketing & CEX listings while 3% is allocated to exchange liquidity provision.

Click here to read more about Bitbot’s upcoming presale. 

Could Bitbot be a top performer in 2024? 

The US SEC has already approved spot Bitcoin ETFs and the Bitcoin halving is 89 days away. These catalysts could help push Bitcoin’s price to a new all-time high this year and the broader crypto market could benefit.

The Bull Run could favour low-cap gems and Bitbot could be one of the biggest winners. Bitbot is putting in the work to become an excellent project for cryptocurrency traders.

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