1 month ago
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It's Uptober season in the crypto market, but most of the top altcoins are not trending as expected. In fact, the top two cryptos–Bitcoin (BTC) and Ethereum (ETH)–are experiencing Ihuge outflows on their ETFs, impacting their token prices negatively.
There's a lot to consider as the token prices are declining. However, profits are paramount in the minds of traders, and they are headed for Cutoshi (CUTO) to find them. What does CUTO have in store? And why is the new token getting investment from BTC and ETH traders?
Bitcoin Price Could Go Even Lower
September represented a period of recovery for Bitcoin (BTC), as it rose from about $54,000 on September 6 to about $66,000 at the end of the month. Correction was always on the cards, given the overbought status of the entire market, but how low could Bitcoin's correction go?
The crypto giant recently bounced from a demand zone, as the token now trades at about $61,000. It's a recovery of sorts, but FXStreet reports indicate the bearish mood about Bitcoin could force it even lower.
Bitcoin's $54,000 low represents a minimum price level from which the token can maintain its current status. Anything below that jeopardizes the chances and intensity of a bull run for Bitcoin (BTC).
Ethereum ETFs Experience Massive Outflows
Both Bitcoin and Ethereum ETFs seemed fine last week, but apparently, all tokens did anyway. After some weeks of net outflows, Ethereum's ETFs seemed back on track for a surge in inflows.
However, that is not the case at the moment. The assets have lost $63 million since the start of the trading week as the effects of the crisis in the Middle East bite the general crypto market. The result? Ethereum (ETH) price slumped by 10.05% in the past seven days.
Some traders intend to buy the dip on Ethereum (ETH), but with so much uncertainty, that may very well peter out. There's been a brief bounce from the $2,375 level, and it's left to users to see how far it goes.
Bitcoin (BTC) and Ethereum (ETH) have taken huge hits from the market dip, and their traders are cutting their losses. Maybe Cutoshi (CUTO) does have a concrete plan.
Cutoshi: More Than Memes?
It's been difficult to take a meme coin seriously lately, especially considering the reputation meme tokens have for being largely inconsistent. As far as memes go, Cutoshi (CUTO) is a token of the culture, as the meme coin draws inspiration from the Chinese lucky cat of good fortune. Even better, the CUTO platform offers far more use cases than just community.
The token pays tribute to the DeFi sector by adding its own DEX–the Cutoshi DEX–to the Cutoshi (CUTO) ecosystem. Financial transactions are growing by the day, and scalability is still an issue in the crypto-verse. With a decentralized platform on Cutoshi, the platform processes its own transactions and takes a significant burden off the bigger blockchains.
As for the community users, Cutoshi (CUTO) offers complimentary rewards intermittently to appreciate its users and token holders. From NFTs to token rewards, members of the CUTO community have so much to gain from simply holding onto their tokens.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
