The post With Crypto Prices Down After FOMC Meeting, Could New ICOs Provide a Safe Haven? appeared first on Coinpedia Fintech News
Crypto prices have plunged this week following the FOMC meeting on Wednesday. However, it’s been business as usual for ICOs, illustrating that these newer projects could help investors balance portfolios and dodge the market’s sweeping volatility. No Surprises on FOMC Outcome, but Market Braces For Less Rate Cuts in 2024 The market is repricing amid …
The post With Crypto Prices Down After FOMC Meeting, Could New ICOs Provide a Safe Haven? appeared first on Coinpedia Fintech News
Crypto prices have plunged this week following the FOMC meeting on Wednesday.
However, it’s been business as usual for ICOs, illustrating that these newer projects could help investors balance portfolios and dodge the market’s sweeping volatility.
No Surprises on FOMC Outcome, but Market Braces For Less Rate Cuts in 2024
The market is repricing amid a growing certainty of just one interest rate cut in 2024.
As expected, Wednesday’s United States Federal Open Market Committee (FOMC) meeting decided that interest rates will remain unchanged between 5.25% and 5.5%.
Fed Chair Jerome Powell explained to the media that central bankers are waiting for more progress in inflation reduction before implementing a rate cut.
“Inflation has eased over the past year but remains elevated,” was the overarching message from the FOMC meeting statement.
The statement also said, “In recent months, there has been modest further progress toward the Committee’s 2 per cent inflation objective.”
The CME FedWatch Tool data reflects the market bracing for less dovish monetary policy in 2024.
In January 2024, expectations were over 65% for a sub-4% interest rate by the end of 2024. That figure is below 1% today.
Based on recent data, the target rate probability for December 2024 is 4.75-5%.
Indeed, the dramatic flattening in macroeconomic expectations has taken its toll on crypto prices, with Bitcoin down 5% this week, while Ethereum is down 7%, and BNB and Solana are down 14%.
Some crypto analysts see this as an overreaction to neutral market developments and anticipate a correction to the upside to follow.
Meanwhile, CryptoJelle noted that Bitcoin has reacted negatively after each FOMC meeting in 2024 but has quickly recovered each time.
Yet, while the leading cryptocurrencies are tied to the global macroeconomic stage, new ICO tokens have seemingly uncoupled, continuing to display huge strength while other assets struggle.
3 New ICOs to Watch
With that in mind, let’s take a look at three ICOs that could provide a safe haven while the broader market is in turmoil.
PlayDoge
PlayDoge has fared as the top-performing crypto ICO amid the recent market slump.
The token has raised a whopping $4.2 million and launched less than three weeks ago, averaging over $200K of daily inflows!
But this investor interest is not without merit. PlayDoge is both a meme coin and Play-to-Earn cryptocurrency, benefiting from two of crypto’s most promising and retail-friendly narratives.
Adding to its appeal, the project is inspired by the hit 1990s Tamagotchi game, which sold over 82 million users.
In the same fashion as Tamagotchi, PlayDoge users will care for their pet, ensuring it’s fed, rested, and entertained.
But here’s the kicker: PlayDoge provides $PLAY rewards, adding monetary value to a nostalgic and enjoyable gaming experience.
The presale is ongoing and currently priced at $0.00507. However, this will rise throughout the campaign, with the next uptick in five hours.
WienerAI
WienerAI is another ICO piggybacking on two hot trends. Like PlayDoge, the presale has also seen rampant success, raising almost $6 million so far.
WienerAI has a meme coin exterior favourable among meme coins enthusiasts and beginner investors.
However, the project’s main selling point is its AI-powered trading bot, which makes users better traders while providing a seamless on-chain experience.
Users can ask the bot questions or outline criteria, and it will search the market for the best trading opportunities.
Once users are happy with the results, they can execute trades directly from the bot interface, which is instant, MEV-resistant, fee-free, and noob-friendly.
While its meme coin exterior displays the team’s understanding of crypto’s laidback demeanor, the protocol’s underlying premise provides real value.
Establishing AI-powered trading and an improved on-chain user experience, WienerAI is leading multiple fronts of crypto innovation.
99Bitcoins Token
99Bitcoins is a leading crypto news outlet with a track record dating back to 2013.
Since its inception, the outfit has been at the cutting edge of crypto media and education, but its new initiative, 99Bitcoins token, looks to raise the bar.
The token has hit the ground running after launching at presale, raising over $2 million so far.
But that’s no surprise given 99Bitcoins’ expansive audience, which comprises its website readership, 700K YouTube subscribers, and 2.8 million email subscribers.
$99BTC is part of the platform’s new Learn-to-Earn layer, which will reward users for learning about cryptocurrencies.
99Bitcoins borrows this concept from Learn-to-Earn and Move-to-Earn, which has given rise to countless hyper-successful projects in recent years.
However, the education-based approach penetrates a new market, and the timing couldn’t be better given that crypto prices are expected to surge by 2025.
Users require the $99BTC token to access the platform, aligning its popularity with the token’s demand. Holders will also receive crypto trading signals, staking rewards, and much more.
