Bitcoin Price Faces Strain Amid $268m FTX Sales, While Bitcoin BSC Crypto Presale Surpasses $1 Million Mark
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The Bitcoin price is languishing around $25,000, but Bitcoin BSC has other ideas as it blasts past $1 million in presale contributions.
‘Bitcoin on BNB Smart Chain’ coin Bitcoin BSC ($BTCBSC) has received contributions of $1,088,549 as it hit its quarter milestone in less than a week and speeds toward its target total of $3,960,000, despite bearish ructions in the broader crypto market.
News emerged last week that the bankruptcy court was likely to allow failed exchange FTX to sell down its crypto holdings to go some way toward making creditors whole again.
Among the top coins under selling pressure are Solana, Bitcoin, and Ethereum, as FTX looks to unload $200 million worth of crypto weekly.
As of April this year, the new team at FTX had discovered $3.4 billion in crypto assets held by the bankrupt exchange allegedly run as a personal piggy bank by CEO Sam Bankman-Fried.
FTX’s Bitcoin stash, valued at $263 million, is in the mix to be sold. It could be that FTX can line up several big over-the-counter deals that do not affect the price of the coins it is selling, which would devalue the holdings it wants to sell later.
Still, it is unlikely that all the FTX sales, which are due to start as soon as this Wednesday, can be kept off the spot markets.
The harmful impact of the FTX collapse in November last year is yet to dissipate, but some areas of the crypto market remain unaffected and continue to thrive – Bitcoin BSC, take a bow.
FTX is expected to receive approval to liquidate the following assets on September 13th.$SOL $685,000,000$FTT $529,000,000$BTC $268,000,000$ETH $90,000,000$APT $67,000,000$DOGE $42,000,000$MATIC $39,000,000$BIT $35,000,000$TON $31,000,000$XRP $29,000,000
They had $3.4… pic.twitter.com/ydEohN23EX
— Crypto Rover (@rovercrc) September 9, 2023
Bitcoin BSC: The Safe Haven You’ve Been Seeking
In recent weeks a noteworthy trend has emerged that has seen version 2 of the original coins being launched. Such coins first popped up in arguably less severe corners of the crypto world.
We’ve seen Pepe 2.0, Dogecoin 2.0, Shiba Inu 2.0, and Bitcoin 2.0 come and go.
A meme coin called HarryPotterObamaSonic10Inu (HPOS10I) that cheekily appropriated the ticker BITCOIN jumped in with its version of ‘bitcoin’ too. At its height, the coin gained 66,000% on its listing price. Those gains have since shrunk to 15,000% – but that’s still an enormous profit for early buyers.
If the bullish price action is not found in the actual Bitcoin market, plenty is going on in the Bitcoin derivative and clone markets.
Alongside the stratospheric gains of HPOS10I are the successes of the longstanding forked derivatives of Bitcoin, like Bitcoin Cash, Bitcoin BSV, Bitcoin Gold, and many others we could name.
For instance, Bitcoin Cash has consistently outperformed Bitcoin since late August.
Yet, remarkably, there is a trend within this trend that catches the eye. A recent crop of version 2 coins has adopted a staking feature as one of their unique selling points. BTC20 is one such coin, and Bitcoin BSC is another.
While Bitcoin flounders, BTC20 at the start of this week was trading up 35% since its launch barely a month ago – a significant feat given the general deterioration in market conditions.
Although it hasn’t yet reached the 500x gain of HPOS10I, BTC20 did touch an all-time intraday high of $5.9 in its first week after listing on the decentralized exchange Uniswap for a return of nearly 7x.
If Bitcoin is a relatively safe haven when altcoins are hemorrhaging value as the FTX fears mount, then alternative coins with increasing staking utility look like they are the even safer option.
That probably explains why more than $1 million has flowed into the Bitcoin BSC presale from crypto investors seeking to diversify their portfolios and preserve capital.
Explore the future of staking with #BitcoinBSC!
Our BEP-20 #Token, built on the BNB Smart Chain, mirrors #Bitcoin's block rewards.🚀
Join the #Presale and secure your $BTCBSC for incredible token rewards.💵
Don't miss out!https://t.co/oM0YP8IlbV pic.twitter.com/O48szNTDMn
— Bitcoinbsc (@Bitcoinbsctoken) September 10, 2023
Leveraging Bitcoin BSC Staking: Making Your Coins Work for Passive Earnings
Staking provides token holders with a way of earning token rewards in proportion to how many coins of the total pool they deposit into a staking smart contract and the time they choose to stake for.
This staking feature will deliver price support while offering both positive capital returns and income yield to network participants.
Bitcoin BSC staking is live now, even before the coin lists on the decentralized exchange PancakeSwap.
The attractiveness of Bitcoin BSC staking lies in its transparent structure, unlike the complex algorithms underpinning protocols like Terra Luna, which imploded, giving staking a lousy name.
Read the Bitcoin BSC whitepaper; it clarifies where the tokens to pay the rewards come from. Set out in its tokenomics is the stipulation that 69% of the total token supply is allocated to reward distributions.
Like BTC20, Bitcoin BSC mimics the block production of the original Bitcoin. It rolls back to 2011 when bitcoin was priced at around $1 – hence, the price of $BTCBSC is set at $0.99.
It has the same block production rate as bitcoin, which means the rewards will cease in 120 years. The rewards a staker receives depend on their share of the overall staking pool and the time the coins are staked.
Out of the total supply of 21 million, 6,125,000 tokens are up for grabs in the presale, with the rest to be released over the next 120 years.
To date, more than half a million (see screenshot below) $BTCBSC has been deposited into the staking smart contract by token owners.
The annual percentage yield is currently a massive 447%, although that percentage will steadily decline as more coins are added to the pool.
Again, similarly to bitcoin, new blocks are produced every 10 minutes.
With $BTCBSC, which runs on the BNB Smart Chain, the yield is paid out over 120 years, in line with Bitcoin block confirmations. Altogether, 69% of the total token supply is allocated to distribute as rewards.
There’s a 7-day withdrawal lock on staked coins. To start earning yield before the presale ends, purchasers must pay with BNB.
You can monitor how many token holders are staking by visiting the real-time Bitcoin BSC staking dashboard.
Stay up-to-date with all project news by following the X (formerly Twitter) account and joining the Telegram channel.
Additional Reasons to Opt for Bitcoin BSC Over Bitcoin
Staking is not the only advantage BTCBSC has over Bitcoin.
First, $BTCBSC uses a proof-of-stake protocol, which means it runs on a much more scalable blockchain that is cheaper and more efficient to transact on. $BTCBSC is a green version of Bitcoin.
Then there’s the fact that $BTCBSC is built on the BNB Smart Chain. That design decision means that transaction fees are less than $0.10, compared to around $10 on Bitcoin and approximately $20 on Ethereum, depending on network conditions.
Transaction fees are not just cheaper. They are way faster, too. $BTCBSC transaction speeds are less than 5 seconds compared to 10 minutes for Bitcoin, BCH, and BSV.
Finally, all the advantages flow from it being an application layer, unlike Bitcoin. The BNB Smart Chain runs applications of all sorts, which means there is a limitless horizon of possible future development for Bitcoin BSC.
A relatively small investment now in Bitcoin BSC could quickly turn into 5x or even 100x gains. But because of staking, you don’t have to fixate on immediate improvements because you know you can deposit and earn a sizeable yield as passive income.
Bitcoin BSC is one of the most tempting value propositions in crypto today. Buy with BNB, ETH, or USDT. The minimum purchase amount is $10.
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