Bitcoin dips below $68k as Bitbot develops its staking feature
Key takeaways
Bitcoin has dropped below $68k following a poor start to the week.
Bitbot is working on its staking feature after raising more than $4m in presale.
Bitcoin fails to break past the $72k resistance level and could dip lower
Bitcoin, the leading cryptocurrency by market cap, has been underperforming over the last few days. It has lost nearly 3% of its value in the last 24 hours and is currently trading above $67k per coin.
The poor performance comes as spot Bitcoin ETFs recorded a $64 million outflow on Monday. This was the first time the US-based spot Bitcoin ETFs recorded outflows in the last three weeks.
What is Bitbot?
The crypto market is still consolidating but that hasn’t stopped projects from building excellent products. One project that has completed its presale and is currently developing its products is Bitbot.
Bitbot is an exciting project that has raised capital from investors in a bid to address certain pain points in the market. This Web3 project seeks to bring unique value propositions to traders in the cryptocurrency space.
As a Telegram trading bot, Bitbot will be self-custodial, enabling users to trade via their cold wallets on Telegram. Bitbot users will enjoy certain features available only to institutional investors, making it easier for traders to grow their trading portfolios.
Bitbot to roll out staking features to users
Bitbot is rolling out tech solutions that could help retail traders excel in the cryptocurrency market. After its presale round, Bitbot is using the funds to develop products that investors can use to boost their trading activities.
According to their recent X post, the Bitbot team revealed that they are currently working on the Staking Feature for the bot. By integrating a staking feature into the Bitbot product, users who claim their tokens through the bot can stake them and earn a competitive Anual Percentage Yield.
In addition to the staking feature, Bitbot will also leverage the Knightsafe to offer a self-custody solution. This solution helps in mitigating the typical risks associated with Telegram trading.
The integration of anti-MEV and anti-rug solutions will further help users protect their assets. Finally, some of the funds raised in the presale are already being chanelled towards integrating Ultra-flexible wallet management fuelled by non-custodial API technology.
Bitbot raised over $4m in presale
The Bitbot presale has ended and the team raised $4,323,777 during the event. With the Bitbot presale now over, the team is focusing on other aspects of its project.
According to its website, Bitbot is currently working on the formation of its team, smart contract development, community formation, marketing drive, and alpha testing. Once those are completed, Bitbot will focus its attention on getting the $BITBOT token listed on crypto exchanges, top influencer partnerships, and its Telegram Bot launch.
The whitepaper indicated that the Bitbot development team will hold 20% of the total token supply and use it to fund ongoing development. An additional 14% is allocated to marketing & CEX listings while 3% is allocated to exchange liquidity provision.
Should you buy the Bitbot token when it launches on exchanges?
Since the presale is now officially over, the only way to obtain the $BITBOT token is to purchase it once it gets listed on centralised and decentralised exchanges. It is tough to determine the listing price as token prices are usually volatile once they launch on crypto exchanges.
However, Bitbot could be an excellent crypto project if the development team rolls out its products and they get massive adoption. Bitbot is looking to gain massive adoption in the market by offering unique technologies that would allow traders to improve their trading activities. Its $BITBOT token could be a big winner in the coming months and years with the right level of adoption.
The post Bitcoin dips below $68k as Bitbot develops its staking feature appeared first on CoinJournal.
