Uncertainty Mount for Bitcoin (BTC) and Binance Coin (BNB) Ahead of Fed Announcement, Sparklo (SPRK) Gains Investors – CryptoMode
The crypto market led by Bitcoin (BTC) is experiencing a relief rally after the shocking 5% crash to start the month of May. While Bitcoin (BTC) and Binance Coin (BNB) have benefited from the rally, there is no certainty that the rally will continue for two of the leading cryptos.
The Federal Reserve is preparing to make its interest rates announcement on May 3, leading to uncertainty for Bitcoin (BTC) and Binance Coin (BNB). Despite the market uncertainty, a new precious metals investment platform, Sparklo (SPRK), has been gathering investors.
Can Bitcoin (BTC) Hold $28k?
The recent sell-off saw the price of Bitcoin (BTC) plunge as low as $27,930. However, Bitcoin (BTC) quickly recovered with a 4% rally that saw its price hit an interday trading high of $28,880.
Bitcoin (BTC) now trades at $28,600, holding over its crucial $28k support level, but there are questions as to whether the number one digital asset can continue to hold its position after the Fed announcement.
Although lawmakers led by Democrats have advised the Fed to halt the interest rate hikes, market analysts expect a 0.25% bp increase. Anything lower than that could mean bullish news for Bitcoin (BTC), but that is yet to be seen.
Binance Coin (BNB) Struggles Amidst Outflows
Binance Coin (BNB) – the native token of the leading crypto exchange – has fared worse than Bitcoin (BTC) but for different reasons. While Bitcoin is in the green today, Binance Coin (BNB) is trading in the red, and down by more than 6% in the last week.
The reasons for the decline in the price of Binance Coin (BNB) can be linked to the soaring outflows from its exchange – Binance. Since the Ethereum upgrade, the staking service of Binance has suffered a net outflow of $340 million.
Binance Coin (BNB) could continue to suffer further bearish pressure because the outflows are the result of regulatory pressure on Binance and investors dumping the exchange for other decentralized alternatives.
Gold Investment Platform, Sparklo (SPRK), Attracts Investors
The migration of investors from centralized platforms like Binance has led many to a decentralized alternative that offers investors a great opportunity to invest in precious metals like gold, silver, and platinum.
When an investor buys any of these precious metals, Sparklo (SPRK) mints a fractionalized NFT for them. However, unlike regular platforms, the NFTs minted on Sparklo are backed by actual precious metals – gold, silver, or platinum.
For transparency, Sparklo has been audited by the InterFi Network as 100% safe and the team behind the project is undergoing another KYC Audit that will reinforce its security. In addition, Sparklo will lock the initial liquidity of the project for 100 years, assuring users of the future of the project.
Sparklo (SPRK), the native token that will power the ecosystem is currently on presale and sells at $0.017 per token. Given its unique offering, Sparklo (SPRK) has the potential to become a blue-chip crypto, as it has significant potential for growth.
Find out more about the Sparklo presale:
Website: https://sparklo.finance
Presale: https://invest.sparklo.finance
Twitter: https://twitter.com/sparklo_finance
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