Ethereum ETF Delay Causes Cryptocurrency Prices to Plummet Top Alternative Coins to Consider Buying During the Downturn
Bitcoin and other large-cap altcoins experienced significant losses in today’s cryptocurrency price crash, with BTC briefly dropping below $60,000. Experts believe that concerns about an impending economic downturn may be driving the decline in crypto prices.
At the same time, Ethereum fell 7% from its weekly high of $3500, trading as low as $3,275 in early US trading hours after the US Securities and Exchange Commission postponed the launch of spot ETH ETFs. ETH beta plays such as Ethereum Name Service, Pepe, and Floki also saw substantial corrections, all falling nearly double digits.
Some traders suggest that today’s crypto price crash was largely benign, with the Bitcoin price simply retesting the $60,000 demand zone. Others believe that the downward movement was intended to close last weekend’s CME gaps. Bitcoin has a history of closing these gaps, which occur when the BTC price makes a significant move on weekends while the Chicago Mercantile Exchange is closed.
However, there may be a more bearish explanation for the weakness in cryptocurrencies today. Concerns about an impending recession are mounting, with today’s ISM services and manufacturing employment outlook confirming economists’ worst fears. Additionally, the Atlanta Federal Reserve revised its Q2 GSP expectations down from 4% in May to 1.5%.
Rumors are circulating about whether the delay of spot ETH ETFs by the SEC has contributed to the bearish trajectory of Ethereum and large-cap altcoins. However, Bloomberg analyst James Seyffart has dismissed these concerns, remaining extremely confident that the ETFs will begin trading in July.
In the midst of Bitcoin’s bearish trend, smart money traders are acquiring presale tokens at a fixed price, which remain unaffected by short-term price action. These presale tokens are expected to launch when the broader market sentiment is more positive. For example, the BRC-20 token, 99Bitcoins (99BTC), has raised over $2.3 million in its ongoing presale and continues to attract significant retail investment. Experts consider these tokens as a beta play on Bitcoin, with the potential to deliver outsized returns once BTC resumes its bullish trajectory.
Similarly, new meme coins like Base Dawgz have garnered widespread attention, raising $2.3 million in its ICO in just a few weeks. This dog-themed meme coin, built on the Base blockchain, offers staking rewards and share-to-earn opportunities, impressing several crypto influencers. Experts believe that Base Dawgz could potentially deliver 100x returns, especially as the top Base meme coin, Brett, pushes towards new highs.
