The Upober Fooled Us All With Bitcoin’s Price Being A Dead Cat Bounce

 While most of the crypto flock is cheering in joy, ogling at their bags full of green, others remain more cautious and prepare for worse. Undoubtedly, the market dynamics in Uptober have lived up to their name and once again showed us the power of self-fulfilling prophecy.

Cryptos across the board have been steadily increasing for the last two weeks, with Ether leading the rally and having a nice 14% price increase and DOGE is up more than 145% in the past seven days. On the back of this news, Bitcoin has been accumulating strength to rally to the $21,000 support level and even try to get that sweet $23,000 spot since November was historically its best month in price-wise performance.

However, despite growing optimism, the current market conditions should not fool you. In today’s editorial, we will look into what has been pushing the crypto market along with Bitcoin to reside in the green territory, where it is not supposed to be by all accounts. With that in mind, we will also consider a new kid on the crypto block, Big Eyes Coin, which has been smashing its presale targets across the board. Let’s dive in.

Bitcoin: Hedging Inflation Is Not A Superpower

Since Satoshi Nakamoto dropped Bitcoin’s White Paper, the world has never been the same. The first cryptocurrency ever created has paved the way for permissionless transactions between individuals without needing a third party to facilitate this process. Cryptocurrencies, like Bitcoin, are part of a blockchain with the network required to power it. A blockchain essentially represents a distributed digital ledger, which is a shared database that stores data.

Multiple specified encryption methods secure data within the blockchain. When a transaction occurs on the blockchain network, the previous block’s information is copied to a new block with the latest data, fully encrypted. The transaction is then verified by validators—called miners—in the network, enabling it to work around the globe with the help of anyone with a computer and internet connection. With that in mind, let’s take a closer look at the current market’s rally and what role external factors play in Bitcoin’s recent price spike.

Evidently, it is the first significant bounce back after a major sell-off in the traditional markets that was happening due to the rising inflation and Fed’s monetary tightening counter-measures. The primary reason for the latest market relief originates from a series of dovish remarks from senior Fed officials, indicating that the institution is considering stopping raising interest rates soon.

Nevertheless, the timing for this kind of news is rather suspicious and is most likely chosen because of the US Midterms elections that will be held next week. After all, failing markets have always been a pain in the neck for an incumbent party and what’s a better way to shift people’s attention than a good old market pump?

Overall, the current rally will likely be a dead cat bounce. On a macro scale, the situation is still pretty bad, with geopolitical tensions rising in Europe and East Asia, which remains a significant factor that could influence the global energy sector and the semiconductor industry. In other words, if your bags are in the green this month, you better take some profits before you can.

Big Eyes Coin: The King Of The Presale Game

While the market has been going through ups and downs, the presale game for Big Eyes Coin remains one of the most stable projects in the crypto world. At the time of writing, it has amassed more than $9 million, and with several upcoming stages, the goal of reaching $15 million suddenly does not sound too far-fetched. What started initially as your go-to meme coin project grew into a ‘Cat Nation’ community of like-minded individuals who believe this cute anime-inspired Japanese cat has a future among the crypto elite.

Although this project’s aesthetics differentiates it from a plethora of copycat projects (pun intended) that are either dog-themed or ape-derivative, this is not the only thing that makes it unique. Big Eyes Coin amalgamates two of the most lucrative crypto niches, DeFi and NFTs, under its umbrella to produce a top-tier bundle of services for its users.

To ensure the smooth sailing of the ‘Cat Nation’, the team behind the project introduced an NFT tax, where each subsequent sale would get 4% to the original holder, while an additional 5% would be distributed between the holders of the platform’s native token BIG. By doing this, the BIG token would always get the necessary liquidity to stay afloat, and JPEG enthusiasts would be incentivised to sell their precious NFTs to earn passive income. If this project resonates with you, here is a free promo code, BIG519, to get some tokens if you purchase BIG. Happy trading!