Cryptocurrency prices were on edge on Tuesday as investors watched the performance of Bitcoin and other big coins. Bitcoin was trading at $66,530, much lower than this month’s high of $70,000. Other tokens like Ethereum (ETH), Cardano (ADA), and Solana (SOL) were in a tight range too as enthusiasm about the upcoming Blackjack token sale rise.
BOME, Mog Coin, and XRP prices lead
Altcoins remained in a tight range on Tuesday. Book of Meme (BOME) was one of the best-performing coins as it rose by 5%. It was followed by Ripple (XRP), which rose by almost 4% and Mog Coin that rose by over 3%.
On the other hand, the top laggards were tokens like Popcat, Stacks, Jupiter, and Dogwifhat, which fell by over 7%.
The main catalyst for this price action was Bitcoin, which suffered a harsh reversal after soaring to $70,000 for the first time in weeks on Monday. It dropped to $66,000 after the US moved some of the Silk Road tokens. According to Arkham, the US is likely not selling these tokens. Instead, it likely moved them to a custodial account.
The other reason for the consolidation is that investors are waiting for the upcoming Federal Reserve interest rate decision. Analysts believe that the bank will decide to leave interest rates unchanged and point to a September rate cut.
Focus shifts to Blackjack
Meanwhile, investors are focusing on Blackjack (JACK), an upcoming player in the Solana ecosystem that will start its token sale on Wednesday.
As the name suggests, Blackjack is a cryptocurrency project that is at the intersection of cryptocurrencies and gambling, two of the fastest-growing industries.
Analysts believe that the blockchain industry has a big role in the gambling industry. For example, the technology has already made Polymarket, a prediction company, one of the fastest-growing companies in the industry.
Unlike other token sales, Blackjack will have a fair launch, where 85% of all tokens will be offered in the market. Buyers will then be able to trade them in popular Solana DEX platforms like Raydium and Jupiter.
A case for buying such a token can be made. For one, the crypto fear and greed index has moved to the greed zone, meaning that investors are embracing risk more.
Also, with the Federal Reserve set to start cutting interest rates, there are chances that risky assets will do well.
Most importantly, recently, we have seen many tokens come from nowhere and achieve substantial success. Mantra token has surged by over 5,000% from its lowest point this year while meme coins like Popcat and Book of Meme are thriving.
Still, there is a risk of investing in these tokens. As a result, traders should embrace risk management strategies to ensure that they can only lose money they can afford to lose. Read more about Blackjack here.
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