Bitcoin Price Falls Under $19K as Pro Traders Avoiding Leverage Longs

BTC hit another rough patch a few hours ago as it dipped to its lowest value since July 13. In less than two hours, the prominent cryptocurrency showed an unexpected price correction from $19,820 to $18,965.

Many pro-traders have maintained a skeptical view of the BTC chart and have refused to leverage longs. They claim that a quick recovery from this recent price correction may not be possible. Some are yet to take action to avoid further losses, seeing as the surprise price movement resulted in over $70 million liquidation in Bitcoin futures at various exchanges. This liquidation is recorded as the largest in the past 21 days. Second to the $2,500 BTC drop on August 18, which resulted in $210 million futures liquidation.

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24% Correction Off The Rally To $25,000
Bitcoin’s volatility in the past four weeks is similar to its general price corrections since the year started. Within the last 24 hours, it went as low as $18,579, peaked at $19,146, and is currently priced at $19,055. This shows approximately a 24% price correction away from the August fifteenth $25,000 rally.

Many speculate that the sudden price correction can be attributed to pro traders’ bearish position on quarterly futures in the last seven days. Recall that professional traders often trade futures rather than spot markets to protect against fluctuating rates and price differences. Yet, since the start of the month, data shows that a few pro traders have leveraged bullish positions as Bitcoin futures premium charts read below 3%. In a regular market, the indicator would be trading between 4% to 8% annual premium, ensuring all costs and risks are covered instead of the neutral to bearish positions seen in the last weeks.

While BTC has been making these noticeable nose dives, it is worth noting that a 2% pump above $20,100 was seen in the early hours of Tuesday. However, this move was quickly overshadowed within the hour as BTC returned to $19,800. While all these have been going on, assets like Tamadoge have been riding the presale wave to the moon.

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Brief Overview of Tamadoge (TAMA)
Tamadoge is commonly referred to as the greatest meme coin ever to grace the Play-to-Earn crypto niche. It is the accepted token for the Tamaverse, which allows users to breed, produce, care for, and engage in battle with other users for Tamadoge pets.

The Tamaverse has a built-in pet NFT store and is played using play-to-earn principles. A lauded feature of this game is that it allows users to earn dogepoints whenever they complete tasks and participate in contests. Players also qualify to receive TAMA tokens when they gather the highest number of Dogepoints. Gamers will be allowed to exchange their dogepoints and NFT pets for TAMA tokens once the store is opened.

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Latest Updates on Tamadoge
In the past 24 hours, the official Tamadoge Twitter account recorded an influx of more followers to cross the 51k mark. This demonstrates that many users are migrating to the Tamaverse in droves to experience the modernized version of the Tamagotchi game. Data from the ongoing presale shows that over 65% of available Tamadoge tokens have been sold.

Experts predict that Tamadoge’s recent 5% burn rate on the platform’s pet store may push the token’s price upwards. Despite crossing the $11 million goal a few days ago, Tamadoge is fast approaching the $12 million mark, and it shows no signs of slowing down anytime soon—not even after presales. It is reasonable to expect a spike in buzz, purchases, and player enthusiasm when the game is finally released in a few weeks.

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How To Buy Tamadoge
Step 1 – Create a Crypto Wallet

If you don’t already have one, you first need to create a crypto wallet to buy Tamadoge.
Most wallets are simple to create and are completely free. With that said, we recommend you go with MetaMask since it includes multi-chain support.
Go to MetaMask’s official website, press “Download,” and follow the instructions to set it up.

Step 2 – Buy ETH/USDT
You can buy TAMA coins only through Ethereum (ETH) or Tether (USDT). Both of these cryptos can be acquired through the major crypto exchange platform.
However, you also have the option to purchase ETH directly via credit/debit card on Tamadoge’s official presale platform.
After you buy ETH/USDT, transfer the tokens into your crypto wallet.

Step 3 – Connect the Crypto Wallet with Tamadoge’s Presale Platform
Go to the official Tamadoge website and press ‘Buy.’
Next, click on ‘Connect Wallet’ and choose your wallet provider. You’ll see many instructions pop up; follow them to finish the connection process.

Step 4 – Purchase Tamadoge
Type in the exact amount of TAMA coins that you want to buy (the minimum is 10,000) and press ‘Convert ETH’ or ‘Convert USDT.’
Double-check the information you entered and confirm the transaction if everything is correct.
Step 5 – Claim the Tokens
Finally, all that’s left for you to do is claim the Tamadoge tokens.
But, you should know that the ‘Claim’ option will be available only once the presale ends.

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Bottom line
While Bitcoin and many other altcoins like Ether are struggling for uniformity and upward price corrections, Tamadoge is riding one of the best pre-sale waves in the P2E market since its launch. The ERC20 token has uniquely incorporated meme money concepts into P2E gaming platforms by capitalizing on the “doge and Shiba Inu” trend.

In other news, the Tamadoge store and NFT pets are scheduled to be officially released during Q4 2022. This may be followed by a token price increase between $0.03 to $0.06. So, interested users are advised to purchase their tokens while the presale is still on.

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