Why Is the Bitcoin Price Down Today? Traders Flock to Ethereum’s Dexs Aave and Rcof

Traders wonder why Bitcoin (BTC) crashed during the week after reclaiming the $70,000 region. As experts investigate BTC’s dip, investors gravitate towards Ethereum decentralized exchange platforms Aave (AAVE) and RCO Finance (RCOF), which exude a promising outlook.

Let’s find out why the price of BTC is down and why traders picked AAVE and RCOF.

Bitcoin Price Plummets: Here’s Why

Bitcoin had a bearish start to August amid the anticipated outcome of the Federal Reserve’s decision on rate cuts and Vice President Kamala Harris gaining more grounds than her opposer, Donald Trump, in the campaign preceding the United States Presidential election in November. 

On July 31, Jerome Powell, the Chairman of the Federal Reserve, announced that the FED would maintain interest rates between 525 and 550 basis points.

However, he added that adjustments might be made should inflation drop below the current level. The pioneer cryptocurrency initiated a correction amid the FED Chair’s speech, falling 5% to $63,400 by the end of the following day.

Also, reports indicated that Kamala Harris surpassed her rival, Donald Trump, in Key Swing states, receiving 48% approval instead of Trump’s 47% approval. With this outcome, Bitcoin can fluctuate should investors sense a negative wind around cryptocurrencies.

Furthermore, the $3 billion Bitcoin transfer Mt. Gox authorized on July 30, involving 47,000 BTC to Kraken and Bitstamp, also weighed on its price as market players interpreted it to be a step towards reimbursing individuals affected by the 2014 hack. Amid these, Bitcoin is finally cooling off at $60,000, having shed over 7% of its market value in the last three days.

Aave Rallies After V3.1 Update Goes Live

AAVE witnessed a remarkable price boost after the initialization of Aave V3.1 and increased whale activity. The launch of Aave V3.1 symbolizes a huge breakthrough for the protocol, underlining its growing influence and market-wide optimism. This update has improved its performance and other important features, such as security, usability, and operational efficiency.

Another factor behind AAVE’s price increase is the increase in whale activity. Recent market data shows that many AAVE transactions have occurred lately. Specifically, whales transferred a sizable amount of AAVE tokens from exchanges, impacting its market price.

AAVE rallied 18% the previous week, indicating a solid upward movement provoked by market dynamics and the latest network updates. In the last 24 hours, the token rose 7% to $111. Experts believe AAVE will continue upward in the coming days as more users become attracted to the network.

RCO Finance’s Transformative AI Tool Gains Eminence

RCO Finance has become a beacon of innovation within the decentralized finance (DeFi) sector due to its incorporation of artificial intelligence. The AI tool, a robo-advisor, uses a machine-learning algorithm to provide automated investment strategies to investors. It roleplays an actual financial advisor, telling users when to invest in or divest an asset or adjust their trading leverage to taper unprecedented losses.

With over 120,000 assets on RCO Finance’s trading platform, singling out the best asset to invest in can prove rather difficult. However, with the robo-advisor advisor’s help, investors will know what to buy and when, whether stocks, shares, derivatives, ETFs, or real-world assets. 

Its machine-learning program allows it to read and understand market data like trends, patterns, indicators, sentiments, and price actions and forecast price behavior based on this report.

The KYC-free platform allows users to hop aboard without giving up private information. It also issues a debit card to foster transactions with local banks. With SolidProof constantly auditing RCO Finance, the platform is safe for users to store their funds or trade.

Users who hold RCOF will be rewarded with access to airdrops, contests, tier-based rewards, and quarterly dividends. The platform offers low interest rates on lending and borrowing, a high yield on staking, 24/7 market coverage, and customized trading tailored to an individual’s specific needs. Its outstanding tokenomics help build a structure that prevents pumps and dumps or liquidity crunches.

RCOF Rises In Its Presale As Bitcoin Falls

RCOF continues to cover more ground in its presale, recently entering Stage 2. At this stage, RCOF trades at $0.0343 per token, having grown 169% from the previous stage. The token has also generated over $20,000 from the sales of almost 10 million tokens.

Although $0.0323 is low, investors can reduce it by 40% using the code RCOF40 during purchase. With 3,000% gains up for grabs for early investors, the best time to milk this entire price projection is now.

For more information about the RCO Finance Presale:

• Visit RCO Finance Presale
• Join The RCO Finance Community

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