The crypto market has seen another downturn in the past day, with Bitcoin (BTC) falling below $43,000 and Ethereum (ETH) dipping to $2,300.
Overall crypto market capitalization has dropped by 2.2% as several factors weigh on investor sentiment.
While traders are cautious in the current environment, one project that continues generating buzz is Meme Kombat (MK), a play-to-earn fighting game that offers scope for passive income.
Crypto Sell-Off Deepens as Fed Decision Looms
This week’s downtrend across the crypto market can be attributed mainly to growing macroeconomic uncertainties.
Bitcoin is now trading around $42,550, just above the critical support level of $42,000 that the bulls are eager to defend.
Ethereum dropped under $2,300 as well, dragging down the broader altcoin market.
Major altcoins like Solana (SOL) and XRP (XRP) are down over 5% in the past day, while Internet Computer (ICP) is down almost 7%.
One of the main factors fueling the sell-off is the anticipation around today’s FOMC meeting, which is expected to provide further clarity on the Fed’s intended rate trajectory in 2024.
Markets are bracing for potential hawkish signals, which would place more pressure on risk assets like cryptocurrency.
Additionally, over $113 million in longs were liquidated in the past 24 hours.
These liquidations suggest growing market fear and could trigger a cascading effect, further driving down prices.
German Police Seizure of 50,000 BTC Stokes Crash Fears
In another development fueling bearish sentiment this week, German authorities seized over 50,000 Bitcoins connected to two individuals allegedly involved in selling pirated content.
The Bitcoin haul, valued at over $2 billion, was voluntarily transferred to police by the accused parties.
No decision has yet been made regarding the potential sale or utilization of the seized BTC.
However, some traders fear authorities may opt to sell – and a sudden dumping of 50,000 BTC could drive the coin’s price lower by overwhelming buying pressure on exchanges.
Bitcoin has struggled to maintain upside momentum as is, and such a sale could trigger further liquidations.
For this reason, the market has been cautious today, with little buying pressure evident across top crypto assets.
Meme Kombat Defies Bearish Momentum with Explosive Presale Success
Amid the bearish mood in the crypto market, one project continuing to buck the trend is Meme Kombat (MK).
The P2E fighting game built around viral meme characters has attracted over $7.7 million in its ongoing presale
Now in the final stage, early investors are looking ahead to MK’s Uniswap listing as a potentially explosive event.
Meme Kombat taps into the popularity of meme characters like Wojak and Pepe the Frog, allowing users to bet on virtual fights between them.
The battles occur in an Ethereum-based “arena,” with supporters able to earn MK prizes by picking the winner.
Not only that, but Meme Kombat also has a built-in staking protocol for MK – meaning there are two ways for supporters to generate income.
Given the millions in presale funding raised already, it’s clear there is enormous demand for MK from the retail community.
Some traders, like Zach Humphries, believe MK could ride the hype in the meme coin space created by successful projects like Bonk (BONK) and dogwifhat (WIF).
With MK tokens still available at $0.279 for a limited time, there’s a growing belief that now could be the ideal opportunity to get involved in the project on the ground floor.
Visit Meme Kombat Presale
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