Bitcoin has been on a rollercoaster ride lately. In early December, the price finally broke through the $100,000 barrier and peaked at $108,000 on December 17. But since then, the price of $BTC has gone slightly downhill, starting this week around $98,000.
And now, a recent announcement from the U.S. Department of Justice (DOJ) has caused Bitcoin to take a major dive, to $93,000.
The DOJ has been given the green light to sell 69,370 $BTC (approximately $6.5 million) seized from a darknet marketplace.
Concerns over Bitcoin’s volatility have reportedly been cited by the DOJ as the main reason for pushing for a quick sale, which was approved by a federal judge on December 30.
The Bitcoin was seized Silk Roada marketplace 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 has – as one of his election campaign promises promised – said he would Commuting Ulbricht’s sentence if chosen.
Trump’s inauguration on January 20 was widely expected to increase the price of $BTC in light of his pro-crypto stance, including the creation of a strategic reserve for digital assets.
However, the DOJ’s announcement has resulted in a sharp market impact on the price of $BTC.
Economist Peter Schiff has done that a lot to say about this recent move. He sees the DOJ’s decision as confirmation of his warnings that Trump would not buy Bitcoin despite promising not to sell it.
Is Altcoin Season Over With Bitcoin Under The Cosh?
Since volatility is the name of the Bitcoin game, it remains to be seen how it performs in the coming months, making altcoins all the more attractive. Here are our top picks for the 5 best cryptos you can buy right now.
1. Wall Street Pepe ($WEPE) – A record presale
This meme coin is in the pre-sale phase, but Wall Street Pepe is seeing phenomenal interest from investors. In a month after its pre-sale launch, it has raised a whopping $44.6 million. $WEPE is easily one of the cryptos with the most potential growth.
Retail investors are eager to join $WEPE’s frog army, where they will receive trading advice and insights from Wall Street Pepe himself.
Why does he do that?
This no-nonsense Wolf of Wall Street, disguised as Pepe the Frog, is on a mission to take out whales who manipulate the market while hiding in insider groups. So he trains his army of frogs to act like professionals and become whales themselves.
The $WEPE presale was originally scheduled to close at the end of February. But given the speed at which the tokens are being stolen, it could be sooner.
2. Solaxy ($SOLX) – Tier 2 for Solana in the making
Solaxy causes a stir. It’s the world’s first Layer-2 ecosystem for Solana and it promises big things. Also in presale, the Solaxy platform will build on Solana’s good points. But as many investors know, Solana has serious problems with traffic congestion and failed transactions.
That’s where Solaxy will be a game changer – by eliminating these problems unparalleled speed, scalability and reliability. Solaxy has one The total token supply is worth $138 billion, and 30% is allocated to the development of the Layer-2 ecosystem.
Now that $9.4 million has already been raised, all eyes are on Solaxy. And we look forward to the tremendous improvements it will bring to the party once it is up and running.
3. Pudgy Penguins ($PENGU) – An old believer that bucks market trends
After initially launching on the Ethereum blockchain in 2021, Pudgy Penguins launched on Solana in December last year.
It did this to expand the $PENGU community and reach new users. And so far it is one recipe for success.
The Pudgy Penguins NFT Collection (the name alone says it all) includes 8,888 cartoon characters. And while the penguins themselves – which represent love, happiness, empathy, compassion and other emotions – are all very cute, this altcoin means serious business.
The market cap of $PENGU is currently (ahem) $2.058 billion, which equates to a market cap of $PENGU #67 on CoinGecko. And looking at the past month’s performance, the price of $PENGU has remained relatively stable – 1 $PENGU costs $0.03282 – despite a market that has been anything but.
4. Best Wallet Token – Exciting Benefits for Holders
You’ve probably heard of it Best Wallet App. You might even already be using it. This mobile-first, 100% no-holds-barred app has a lot to offer. And now Best Wallet plans to introduce additional benefits powered by its native Best Wallet Token ($BEST).
These benefits for $BEST holders include early access to new projects and pre-sales, lower transaction fees, higher wagering rewards, and the power of community governance. And with almost $6.8 million already raised in pre-sales, there are no signs of growth slowing down.
You can read $BEST’s Litepaper for more information about the ecosystem, token and future plans.
5. Pepe Unchained ($PEPU) – A Strong Start for This Layer-2 Meme Ecosystem
Pepe Unchained, like Wall Street Pepe, is another member of the Pepe the Frog clan, and what phenomenal pre-sales he had.
By the time $PEPU reached the $30 million mark, the community hailed Pepe Unchained as the ‘best-selling presale token of all time.’
By the end of the sale, Pepe Unchained had raised a whopping $74 million, and in December it was listed on DEXs and CEXs.
Pepe Unchained is a Layer-2 blockchain for meme coins that is now fully operational and the launch of its Pump Pad is just around the corner.
To be honest, the past week hasn’t been too kind to $PEPU. There has been a steady decline in line with the overall market (thanks in part to the DOJ’s Bitcoin bomb). But its previous performance has been quite good, and we expect it to recover in the not-too-distant future.
Finally
For investors avoiding Bitcoin after the DOJ’s upcoming $69,370 BTC sell-off, rest assured. It’s not all doom and gloom.
Who knows – the Trumpster could help Bitcoin rally once he settles into the Oval Office.
In the meantime, there are other choices available, including the five best cryptocurrencies we reviewed in this article, that are definitely worth considering.
However, don’t just take our word for it. After all, we are not financial advisors. Be sure to consult DYOR before making any investment decision.
