Celestia and Stacks prices bounce back as BitBot demand rises

Cryptocurrency prices are having a difficult week as some investors took profits and the recent rally took a breather. Celestia (TIA), the fast-growing modular data network, plunged to a multi-month low of $11.50 on Tuesday, down from the year-to-date high of $21.15. It has now bounced back to about $15.

Stacks (STX), the layer 2 network for Bitcoin, initially crashed to $2.47 and then bounced back to $2.80. As this was happening, BitBot, an upcoming blockchain platform, was raising substantial sums of money as the token sale jumped to over $1.12 million.

Celestia and Stacks price action

It was a sea of red in the cryptocurrency market on Tuesday. Bitcoin, the biggest cryptocurrency in the world, tumbled from last week’s high of over $73,000 to below $62,000. This sell-off triggered a bloodbath in the altcoins market.

Therefore, the recent Celestia and Stacks crash did not happen because of any bad news in the ecosystem. Instead, their decline was because of the price of Bitcoin, which also explains why most altcoins also plunged.

There are signs that the sell-off is easing now that Bitcoin has bounced back to $64,000 in a high-volume environment. 

Looking ahead, the next important news that could move Celestia and Stacks will be the upcoming Fed decision. The actions of the Federal Reserve will likely have a big impact on both cryptocurrencies and stocks.

Economists believe that the Fed will deliver a hawkish pause. In this, the bank will leave rates unchanged at the 23-year high of between 5.25% and 5.50%. It will then change its tune about the timing of the first rate cut since inflation has been stickier than expected.

A hawkish Fed could mean trouble for cryptocurrencies like Bitcoin, Celestia, and Stacks. However, on the positive side, the implication may be limited since it has already been priced in by market participants.

BitBot token sale is surging

Meanwhile, the BitBot is seeing strong demand in its popular token sale. After crossing the important $1 million milestone last week, the developers have now raised over $1.2 million and this trend may continue.

BitBot is a company that is attempting to change the trading industry that is seeing strong growth during the stock and crypto bull run. 

Their goal is to develop a Telegram trading bot that is powered by blockchain and artificial intelligence (AI) technologies. The blockchain element will be powered by the $BITBOT token, which will be used for transactions and for governance purposes.

$BITBOT holders will be able to receive discounts in the platform and take part in votes about crucial parts of the ecosystem. For example, they will be able to vote about a decision on its ecosystem. The robot will have some AI features that will ensure that its signals are accurate. Also, it will be non-custodial, a feature that will promote safety of funds. You can learn more about BitBot and take part in the presale here.