Cryptocurrencies have suffered a significant price drop this week as bears regained control over the market. However, things could get worse for Bitcoin (BTC) and Cardano (ADA) as options are set to expire on Friday. On the other hand, Sparklo (SPRK) continues to defy the bearish sentiment of the crypto market, building massive momentum from investors.
Sparklo (SPRK) gains traction from investors in stage two
Through the bearish market, Sparklo is one of the few cryptos that have consistently attracted investors. Retail investors are drawn towards Sparklo because it solves long-standing problems of accessibility, affordability, and storage of precious metals.
Sparklo is the first investment platform built on blockchain to allow investors to buy and sell silver, gold, and platinum bars. Sparklo achieves this using fractionalized NFTs that are backed by physical bars of gold, silver, and platinum stored in highly-secured values in different parts of the world.
Sparklo presents the first opportunity many retail investors have to own these precious metals. Hence, the massive support from investors. Following a successful stage one of its presale, Sparklo is now in the second stage, and you can buy a SPRK token for as low as $0.026.
$2.26 billion Bitcoin (BTC) options to expire on Friday
For the fourth time in the last two weeks, the price of Bitcoin (BTC) failed to break above the $27,500 resistance. Bitcoin (BTC) currently trades at around $26,200 after the last rejection yesterday. With more than $2.26 billion worth of Bitcoin (BTC) set to expire on Friday, the number one cryptocurrency could experience more bearish pressure.
If the price of Bitcoin (BTC) falls below $25,000 by the expiry of the options, bears could make up to $270 million in profits. This is because 84% of the options were placed by bulls who betted on the price of Bitcoin (BTC) closing above $29,000 by Friday, May 26.
Cardano (ADA) investors fall for a bull trap
Earlier this week, Cardano (ADA) was one of the biggest gainers on the daily timeframe. The price of Cardano (ADA) rose above $0.37 accompanied by a massive whale activity. For the first time since May 2021, the whale transactions on the Cardano (ADA) network exceeded 12,000. Many investors perceived Cardano (ADA) was preparing for a massive altcoin rally.
However, it was only a bull trap that has caught many investors. Since reaching the weekly high, the price of Cardano (ADA) has fallen by more than 6%. Cardano (ADA) now trades at $0.3576, losing 2.5% of its value in the last 24 hours. With signs of a further downside, many investors are looking to the more promising Sparklo (SPRK).
We definitely believe that Sparklo (SPRK) is a very promising investment opportunity which you should check out below.
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