Bitcoin has been on a rollercoaster ride lately. It finally broke through the $100k mark in early December and peaked at $108k on December 17. But BTC’s price has fallen slightly since then, starting this week at around $98,000.
Now, the latest announcement from the US Department of Justice (DOJ) has seen Bitcoin plummet, with its price falling to $93,000.
The Department of Justice has been given the green light to sell $69,370 worth of Bitcoin (about $6.5 million USD) seized from the dark web market.
The Justice Department reportedly cited concerns about Bitcoin’s volatility as the main reason for pushing for the flash sale, which was approved by a federal judge on December 30.
Bitcoin was seized from Silk Roada market for illegal goods and services, including drug trafficking, computer hacking, and money laundering. Its founder, Ross William Ulbricht, was arrested in 2013 and is currently serving a life sentence.
By the way, President-elect Donald Trump said – as he promised in his election campaign – that he would do so Commutation of Ulbricht’s sentence If he is elected.
Trump’s inauguration on January 20 was widely expected to boost the price of Bitcoin in light of his pro-cryptocurrency stance, including the creation of a strategic reserve for digital assets.
However, the Department of Justice’s announcement led to a sharp market impact on the price of BTC.
Economist Peter Schiff Lots to say About this last step. He sees the Justice Department’s decision as confirmation of his warnings that Trump will not buy Bitcoin despite his promise not to sell it.
With Bitcoin under control, is Altcoin considered a successful season?
Since volatility is the name of the game for Bitcoin, it remains to be seen how it will perform in the coming months, making altcoins even more attractive. Here are our top picks for the top 5 cryptocurrencies to buy right now.
1. Wall Street Baby ($WEPE) – Record-setting pre-sale
This meme is in pre-sale, however Wall Street Baby It is witnessing huge interest from investors. In one month of its pre-sale release, it has raised a whopping $44.6 million. $WEPE is easily one of the Cryptocurrencies with potential growth.
Retail investors are jumping in to join $WEPE’s frog army, where they’ll get trading tips and insights from Wall Street Pepe himself.
Why does he do that?
This no-nonsense Wolf of Wall Street dressed as Pepe the Frog is on a mission to take down the whales manipulating the market while hiding in insider trading pools. So he trains his army of frogs to trade like professionals and become whales in their own right.
The $WEPE pre-sale was originally supposed to close at the end of February. But with the rate at which tokens are being minted, it could be faster.
2. Solaxy ($SOLX) – The second layer of Solana is under construction
Solaxy Causes a stir. It’s the world’s first layer 2 ecosystem for Solana, and it promises big things. Also in pre-sale, Solaxy The platform will build on the good points made by Solana. But as many investors know, Solana has serious problems with traffic congestion and failed transactions.
This is where Solaxy is set to be a game changer – eliminating these issues Unparalleled speed, scalability, and reliability. Solaxy has The total token supply is 138 billion, and 30% is allocated to the development of the layer 2 ecosystem.
With $9.4 million already raised, all eyes are on Solaxy. We look forward to seeing what massive improvements it will bring to the party once it’s up and running.
3. Fat Penguins ($PENGU) – An old faithful that bucks market trends
After initially launching on the Ethereum blockchain in 2021, Pudgy Penguins launched on Solana in December last year.
I did this to expand the $PENGU community and reach new users. And so far, it has been Recipe for success.
The Pudgy Penguins NFT collection (the name alone says it all) includes 8,888 cartoon characters. While the penguins themselves – representing love, happiness, empathy, compassion and other emotions are all very cute – this altcoin means serious business.
$PENGU’s market capitalization currently stands at $2,058 billion, placing it at number one No. 67 on CoinGekko. Looking at its performance over the past month, the price of $PENGU has remained relatively stable – 1 $PENGU costs $0.03282 – despite the market not being so.
4. Best Wallet Token – Exciting benefits for holders
You’ve probably heard Best wallet app. You may already be using it. This 100% mobile-first, no-holds-barred app has a lot of advantages. Now Best Wallet plans to offer additional features, backed by its original wallet Best wallet code (The best).
These benefits for $BEST holders include early access to new projects and pre-sales, reduced transaction fees, higher staking rewards, and stronger community governance. And with nearly $6.8 million already raised in pre-sale, there are no signs of it slowing down.
You can read $BEST Literary Paper For more information about the ecosystem, token and future plans.
5. Pepe Unchained ($PEPU) – A solid start to this tier 2 ecosystem
Pepe Unchained, like Wall Street Pepe, is another member of the Pepe the Frog clan, and what a tremendous prequel it is.
By the time $PEPU reached the $30 million mark, the community was hailing Pepe Unchained as “The best-selling pre-sale code of all time.”
By the end of the sale, Pepe Unchained had raised a whopping $74 million and was listed on the DEX and CEX exchanges in December.
Pepe Unchained is a layer 2 blockchain for meme coins that is now fully operational, and the launch of its Pump Pad is imminent.
To be fair, last week wasn’t very kind to $PEPU. It has seen a steady decline in line with the general market (thanks in part to the DOJ’s Bitcoin bomb). But its previous performance was very good, and we expect it to rise in the not too distant future.
In conclusion
For investors shying away from Bitcoin after the upcoming DOJ selloff of $69,370, take it easy. It’s not all doom and gloom.
Who knows – the Trumpster might help Bitcoin rise once he’s settled in the Oval Office.
In the meantime, there are other options available, including the five best cryptocurrencies to buy we’ve covered in this article, that are worth considering.
However, don’t take our word for it. After all, we are not financial advisors. MAKE SURE DYOR BEFORE MAKING ANY INVESTMENT DECISION.
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