Bitcoin’s price was heavily rejected at $76,000 a couple of days ago, and the correction accelerated today. The cryptocurrency is now trading below $70,000, sending the entire market sentiment to extreme fear.
Major altcoins like Ethereum and Ripple’s XRP are also on the downside, both losing important support levels.
Amid these dwindling market conditions, Playnance’s newly launched native token, GCOIN, is eyeing an impressive milestone.
Bitcoin’s Price Corrects Heavily
The leading cryptocurrency was trading at around $74,00 last Friday when the bears were able to intercept the movement and pushed it south toward $70,000 during the weekend. This happened after the most recent bombings that took place in the Middle East. The good news was that it was able to maintain this level, allowing for the buyers to return in force.
The retaliation took place on Tuesday morning, when the BTC price exploded to a price that we hadn’t seen in around six weeks at $76,000.
As you can see on the chart, though, the momentum was anything but sustained. Although the price remained near the local highs on Wednesday, more volatility occurred in the hours leading up to the highly anticipated FOMC meeting. The US Federal Reserve announced that it wouldn’t change the interest rates – an entirely expected outcome.
Unfortunately, the markets responded negatively, perhaps driven by rising geopolitical uncertainty, and BTC plunged to $71,000 almost immediately upon the announcement’s public release.
Today, the price fell further, and it’s currently trading in the mid $69,000s. Most altcoins also suffered, as it can be seen in the heatmap below.
The entire thing resulted in more than $500 million in liquidated positions, as well as the broader market returning to a state of extreme fear. But it’s these conditions that can also serve well for projects with solid foundations.
PlayNance’s GCOIN Eyes $100M FDV
Launched yesterday, GCOIN, the native cryptocurrency of the PlayNance ecosystem, is already turning heads. At the time of this writing, GCOIN boasts $80 million in fully diluted valuation, less than 24 hours since its token generation event.
Moreover, the locked supply currently stands at more than 3.2 billion tokens, while another 1.3 billion are staked, effectively removing more than 10% of the circulating supply from the market. This reduces selling pressure while also showing conviction in the project’s fundamentals.
The cryptocurrency boasts an impressive user base of more than 200,000 holders, trading on the popular MEXC exchange.
GCOIN is the native utility token that powers the entire PlayNance ecosystem. It’s designed for the Web3 gaming and entertainment infrastructure of the protocol, enabling real-time on-chain interactions through many platforms and digital experiences.
Already, the PlayNance ecosystem powers an average of 1.5 million on-chain transactions every single day, all executed using GCOIN as the settlement and utlity layer. The token might be trading for a day, but its ecosystem has been shaped and honed for the past five years, already catering to a plethora of users and developers.
Those who want to get in on the action early can find more information about GCOIN here.
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