Crypto Investors are Moving Funds into This Virtual Reality Project Before it Lists on Exchanges – What Does it Do?
As cryptocurrency markets dip amid growing macro headwinds and as sentiment wanes amid slowing spot Bitcoin ETF inflows, crypto investors are moving funds into an exciting new virtual reality project called 5thScape (5SCAPE) ahead before it lists on exchanges.
Bitcoin (BTC) is probing for a potential near-term break under $60,000. Ether (ETH), meanwhile, is knocking on the door of a possible break below $3,000. Both are down 16% and 26% respectively from their recent peaks.
According to data presented by The Block, net ETF flows have been negative so far this week. That’s thanks to continued, albeit still slowing GBTC outflows of $110 million on Monday and $80 million on Tuesday.
And as macro headwinds grow ahead of the halving on Saturday, price risks could be tilted towards further losses.
US bond yields and the US Dollar Index (DXY) recently vaulted up to their highest levels since last November. US economic data has come in stronger than expected in recent weeks, forcing the Fed to turn more hawkish.
Fed Chair Jerome Powell emphasised a lack of progress on inflation this week. All this has forced investors to substantially downsize Fed rate cut bets.
As per the CME’s Fed Watch Tool, the money market implied probability of a July rate cut has faded to under 45% from around 80% one month ago.
Amid the bearish outlook for major cryptos, it’s no surprise that crypto investors have been eyeing up alternative investment strategies.
Presale investing is a popular alternative to investing in major cryptos. Up-and-coming web3 projects often raise funds at an early stage via the discounted sale of their native token.
One presale that has been attracting a lot of attention recently is 5thScape, with investors betting it will become a
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