Bitcoin had a tumultuous Thursday which caught many traders unawares. Inflation data from the US Labor Department sent the cryptocurrency into a downward spiral and $60K seems to be the next possible correction target. However, $GFOX is on an ascent that will potentially take it to a new ATH. After surpassing the $4.6 million milestone, the goal is now $5 million. Investors feel $GFOX has the potential to go all the way up because of its strong utility and tokenomics.
Sudden Plunge in $BTC Price Triggers $800 Million in Liquidations, $60K Range Is New TargetÂ
Early Thursday morning, Bitcoin was notching for yet another all-time high. It had been steadily climbing to a peak level of $74,000, before the sudden plunge.Â
The release of higher-than-expected US inflation data from the US Labor Department sent the cryptocurrency into a downward spiral, this triggered almost $800 million worth of liquidations across the crypto market within 24 hours.
By Friday morning, BTC dropped to as low as $65,848, representing an 11% decline from Thursday’s peak of $74,000. The sudden dip clearly caught many traders off guard. Amid BTC’s spectacular recent rally, they had bet hundreds of millions of dollars on continued price increases.
Also, some crypto technical analysts have predicted that 60-60.5k ranges will likely serve as a support level for a potential price reversal for $BTC in this current retracement. It is worthy to mention that the halving of the token coming up very soon is expected to send it to a new ATH.
Galaxy Fox Headed to New ATH, Investor Frenzy Heats Up
The Galaxy Fox presale has been an undeniable success, and the $GFOX token is heading to set new records. It has blasted past the $4.6 million mark and looks set for a new ATH. Its unique features and multiple use cases position the project to revolutionize the memecoin market. Enthusiasts predict massive gains with the possibility of surpassing established memecoin competitors.
What sets Galaxy Fox apart is its addictive endless runner game. Players earn $GFOX tokens directly based on their performance, adding a layer of engagement and real-world value. The $GFOX token offers true utility, acting as the game’s currency while also being a tradable asset on exchanges.Â
As an innovative blockchain platform, Galaxy Fox provides 3,000 unique NFTs to improve the gaming experience. In the Galaxy Fox universe, these open up special in-game perks, and privileges. These NFTs improve gameplay and increase user engagement by giving access to exclusive events and boosting the gaming experience. The NFTs are also tradable on marketplaces like OpenSea.
Galaxy Fox’s success hinges on its innovative tokenomics model. Investors in $GFOX benefit from a deflationary asset with built-in yield generation. A dynamic pricing mechanism drives price increases during presale rounds. The deflationary design includes token burns to reduce supply and boost value. Additionally, Galaxy Fox employs on-chain buy/sell taxes to directly fund staking rewards, further enhancing investor returns.
Conclusion
Many Bitcoin bulls were left with red faces as the $BTC price plunged, leading to $800 million worth of liquidations across the crypto market within 24 hours. The retracement target is now said to be around the $60K range. Whereas $GFOX is on its way to a new all-time high. It appears to be going all the way up after crossing the $4.6 million threshold. Galaxy Fox is an exciting initiative with the potential to completely change the meme currency market because of its innovative approach and thriving community.Â
Do you want to benefit from this innovative token? Sign up for the Galaxy Fox ecosystem today, and get a 15% discount when you buy $GFOX. Visit the website to get started and join the teaming telegram community for more updates.
