Bitcoin News: BTC Faces Big Whale Selloff, RenQ Finance (RENQ) Nears Launch, Final Presale Phase 85% Sold Out
Bitcoin (BTC), the world’s largest digital currency by market capitalization, has been under pressure recently as some large investors, known as whales, have sold significant sums of their coins. BTC has fallen below $29,000, wiping out billions of dollars in value.
Meanwhile, RenQ Finance, a new decentralized finance (DeFi) initiative, is gathering interest as it prepares to debut its platform and currency in Q2 2023. RenQ Finance (RENQ) aims to bridge isolated blockchain networks like Bitcoin and Ethereum , allowing users to access DeFi services with their BTC. In this article, we will look at the reasons behind the BTC sale and the potential of RenQ Finance as it approaches its official launch. RenQ Finance (RENQ) is currently in the final phase of one of the highly invested pre-sales of 2023. This phase is over 85% sold out, with over $17 million raised through the pre-sale.
Why are whales selling BTC?
Bitcoin whales are individuals or entities that own large amounts of BTC, usually more than 1000 bitcoins. According to data from Glassnode, a blockchain analytics firm, around 2,000 whale addresses have BTC worth more than $1 billion. These whales significantly affect the market as their buying and selling activity can move prices up or down.
There are several possible reasons why whales are selling their BTC in 2023. One is profit taking, as some whales may have bought BTC at lower prices and want to cash out before it drops further. Another reason is tax-related, as some whales may wish to realize capital gains or losses before the end of the financial year. A third reason is diversification, as some whales may want to allocate their funds to other assets or cryptocurrencies that offer higher returns or lower risk.
Whatever the reason, the whale sell-off has created a bearish mood in the market, as many investors fear that BTC could enter a prolonged downtrend. However, some analysts argue that the sale could also create a chance for new customers to join the market at lower prices. This will consequently drive up prices.
Click here to join the RenQ Finance (RENQ) pre-sale.
Explaining RenQ Finance (RENQ) and why whales are coming on board
RenQ Finance (RENQ) is a new DeFi initiative that seeks to connect blockchains such as Bitcoin (BTC) and Ethereum. These are two of the most prominent and valuable cryptocurrencies in the world. DeFi refers to various financial services and apps that operate on decentralized networks. Lending, borrowing funds, trading and investing are some examples. Traditional banking systems give consumers less autonomy, transparency and efficiency than DeFi.
However, interoperability is one of DeFi’s problems. Interoperability refers to the ability of multiple blockchains and protocols to communicate with each other and exchange assets. Bitcoin (BTC) and Ethereum (ETH) have incompatible designs and consensus methods. This inhibits BTC holders’ ability to access DeFi services on Ethereum, which hosts most DeFi projects and liquidity.
RenQ Finance (RENQ) aims to solve this problem by creating a decentralized protocol that allows users to lock their BTC in a smart contract and create renBTC, an ERC-20 token that represents BTC on Ethereum. Users can then use renBTC to interact with any DeFi application on Ethereum, such as lending platforms, decentralized exchanges, or yield farming protocols. Users can also redeem renBTC for BTC at any time by burning tokens and unlocking BTC from the smart contract.
RenQ Finance (RENQ) offers several advantages over existing solutions that attempt to bridge Bitcoin (BTC) and Ethereum, such as faster transactions and lower fees. RenQ Finance (RENQ) is powered by its native token, RENQ, which is used for governance, staking and rewards. RENQ holders can vote on proposals, stake their tokens to secure the network and earn rewards for their participation.
Click here to buy RenQ Finance (RENQ) tokens.
Visit the links below for more information on RenQ Finance (RENQ):
Website: https://renq.io
White paper: https://renq.io/whitepaper.pdf
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent Bitcoinists. Bitcoinist does not guarantee the accuracy or timeliness of the information available in such content. Do your research and invest at your own risk.
