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The world’s largest cryptocurrency by market capitalization—Bitcoin—is seeing a much-appreciated relief in its price action this week. Meanwhile, a new crypto project designed to also function as a store of value on the Binance Chain is gaining rapid traction during its presale phase.
Boasting a 2.7% increase over the past seven days, BTC investors are now awaiting the upcoming FOMC meeting, anticipating even higher profits. One event that could explain this optimism after going through shaky times was the unexpected decrease in interest rates from the Chinese Government.
On July 25th, the People’s Bank of China (PBOC) announced an unexpected cut to its benchmark lending rates. Investors worldwide see this as a promising economic paradigm, and it could have a reflection on the upcoming FOMC meeting happening later this month.
Another economic data that supports a potential pivot for BTC is the fact that Blackrock BTC ETF has recently surpassed the Nasdaq-tracking ETF QQQ, in year-to-date flows.
As a result, the market-leading cryptocurrency had a positive week. Currently trading at $65,772 as per CoinMarketCap data, the asset traded as high as $68,323 on the 21st, before correcting its price. Currently, $BTC trades at a 0.58% increase over the past 24 hours, also boasting a 39.40% volume spike during that time frame.
Bitnance Ramps Up Sales
Meanwhile, a new project offering an alternative store of value solutions is gaining recognition on the Binance Chain. By the name of ‘Bitnance’, the new store of value asset is rapidly selling tokens during its presale phase.
With 129 days to go before the funding round ends, the project has already sold nearly 52,000 tokens, raising around $18,551 during the process. As the presale progresses, the project expects to see a rise in interest from people looking to buy a deflationary token based on scarcity.
Currently selling for $0.357 per token, investors looking to buy have the chance of claiming a cryptocurrency based on deflationary features, capable of gaining value over time. Moreover, as the funding round progresses, price-per-token will increase as milestones are reached.
Earlier this year, a similar store-of-value project on the Ethereum Blockchain rewarded investors with 300% yields on its listing day. As BTN presale progresses, investors are bound to join aiming for similar results.
What is Bitnance?
Bitnance ($BTN) is a community-driven cryptocurrency that is quickly gaining traction during its presale phase. One of its most redeeming qualities is the fact that it is designed to create a stable and deflationary ecosystem that offers long-term value to its holders.
The founders are committed to renouncing ownership of the contract post-launch and also burning liquidity. This move is designed to enhance the value, scarcity, and demand for $BTN.
By removing the possibility of manipulation, the project aims to forge a stable environment for investors, who can expect a steady increase in the coin’s value. According to the whitepaper, these mechanisms are anticipated to drive a 10x increase in value within just a few months.
Bitnance launches with a deliberately low, finite supply of 10.5 million tokens. This scarcity is by design, aimed at boosting demand and potential. A low supply combined with increasing demand is a fundamental economic principle that can significantly enhance the value of an asset.
As a deflationary cryptocurrency akin to Bitcoin, Bitnance is structured to continuously gain value over time. Each token burn and renouncement of contract ownership contributes to reducing the total supply, creating an environment where the remaining tokens become more valuable. This deflationary model is intended to provide a hedge against inflation, making Bitnance an ideal store of value.
