As Wall Street shed gains following today’s Consumer Price Index (CPI) data release, the price of Bitcoin slipped from a two-year high above $50,000. Meanwhile, Ethereum retreated from near $2,700 as altcoins dropped.
Despite this macro-related dip, the overall crypto sentiment remains upbeat and one of the biggest news coming out of the sector this week drops tomorrow – February 14, 2024. Bitcoin Dogs (0DOG), the world’s first ICO on Bitcoin, launches on this day at 11 am GMT.
Bitcoin Dogs attracts investors ahead of ICO launch
While the declines have dented recent upside momentum for BTC, tomorrows launch of the first-ever ICO on the Bitcoin blockchain has the community excited. The countdown to the Bitcoin Dogs (0DOG) presale is now just hours away.
The public sale will see the gaming and NFT platform offer 810 million of the native 0DOG tokens to the community. The presale allocation accounts for 90% of all BRC-20 tokens minted on the Bitcoin blockchain and sold to participants over the next 30 days.
Bitcoin Dogs will offer the utility token over 10 stages, with the final stage expected to conclude on March 15, 2024. Key features that have impressed investors include the tokenomics (including token burn), staking pool and NFT trading. Also promising is the roadmap that highlights a DAO governance, multi-chain bridge and P2E game.
Check out the Bitcoin Dogs whitepaper for more details on how the project works.
Bitcoin, stocks slip after CPI data release
Today’s release of the Consumer Price Index (CPI) data for January saw the crypto market mirror US stocks in a sharp downward reaction.
According to the U.S Bureau of Labor Statistics report on Tuesday, CPI rose 0.3% in January and 3.1% year over year for the month. The inflation reading was slightly lower than the 3.4% in December. However, it came in hotter-than-expected, surpassing the projected 2.9%.
With investors now turning attention to what this means for the Federal Reserve’s interest rates policy, what’s the outlook for equities? What about Bitcoin?
Analysts expect the sell-off will wither off in coming days, and the S&P 500 could resume its record moves above 5,000. Meanwhile, a number of catalysts, including the upcoming Bitcoin halving could propel BTC beyond the $50k mark again. The bull market predictions for Bitcoin price foresee a run to $100k or higher in 2024.
This outlook could provide new tailwinds for 0DOG, whose market debut will come just weeks to Bitcoin’s halving. The gaming and NFT sectors are also seeing a resurgence, themes that Bitcoin Dogs is bringing to the Bitcoin blockchain via its BRC-20 presale.
