The recent crypto rally has cooled as many investors take profits and await the next catalyst. Bitcoin’s price fell from an all-time high above $73,000 to about $67,000. Similarly, Ethereum’s token slipped from over $4,000 to around $3,320.
As a result, the total market capitalization of all digital coins dropped from nearly $3 trillion to $2.6 trillion. Despite these headwinds, BitBot continued its momentum, with its token sale raising more than $2 million.
Why did the crypto bull run fade?
There are two main reasons the crypto rally has faded in recent weeks. First, signs have emerged that the long-anticipated interest-rate cuts by the Federal Reserve may not arrive soon. Strong employment data published on Friday reinforced that view.
According to the Bureau of Labor Statistics (BLS), the U.S. economy added more than 303,000 jobs in March, above the median estimate of 212,000. That marked the 36th consecutive month of job gains, the longest streak of job growth in years.
The unemployment rate fell to 3.8% while average hourly earnings rose 4.1%, compared with 4.3% the previous month. These figures came days after the ISM reported that the manufacturing PMI increased in March for the first time since 2022.
There are also signs that the pace of disinflation has slowed in recent months. The headline Consumer Price Index (CPI) was 3.1% in February, while core CPI remained at 3.8%. Core inflation is still nearly double the Fed’s 2.0% target.
As a result, Bitcoin and other crypto prices fell because most investors now expect the Fed not to cut rates this year. Some analysts still expect at least one cut, rather than the three or four cuts predicted earlier in the year. This outlook helps explain why equities also declined this week.
BitBot token sale continues
Meanwhile, the BitBot token sale advanced this week as developers raised more than $2 million, signaling strong demand. The presale has now reached its ninth stage.
BitBot is a project aiming to disrupt financial and investment services by building trading bots that operate through Telegram and deliver signals to thousands of users.
To be clear: Telegram-based bots are not new. This is a large industry with many companies offering similar services. A careful look at these platforms reveals that many are scams or deliver poor results.
BitBot intends to address these issues by creating a more transparent trading bot powered by blockchain technology. It plans to be decentralized, with token holders participating in governance decisions for the network.
Token holders will also share in revenue streams, receive exclusive access to products, and gain opportunities to engage with the community and trading experts.
Unlike meme tokens such as MEME, Book of Meme, Bonk, and Samoyedcoin, which have little practical use, BitBot aims to provide tangible utility. Real utility could help support the token’s price even during a future crypto downturn.
That said, there is no guarantee the BitBot token price will rise after listings on major exchanges. Risk-management strategies remain essential to avoid significant losses. You can participate in the BitBot token sale here.