Backpack&#8217;s strategy may set a precedent for aligning crypto projects with 
traditional financial markets, potentially influencing future IPOs.
The post Backpack to airdrop 25% of tokens at TGE as team eyes US IPO appeared 
first on Crypto Briefing.

Backpack to airdrop 25% of tokens at TGE as team eyes US IPO

The BMNR stock price was hovering at the crucial support level at $20 as 
BitMine continued accumulating Ethereum and as its fundamentals improved.

BMNR stock slowly prepares a rebound as key Ethereum metrics soar

The victory of Prime Minister Sanae Takaichi and the Liberal Democratic Party 
(LDP) by a supermajority in the snap elections held on Sunday has propped up 
Japanese markets. If she presses on with her agenda, analysts believe bitcoin 
could be affected by renewed headwinds. Sanae Takaichi’s Landslide Victory 
Might Bring Renewed Headwinds to Crypto Markets […]

Examining Sanae Takaichi’s Landslide Victory and What It Means for Crypto

Ross Gerber, a renowned Tesla investor and Co-founder of Gerber Kawasaki 
Wealth and Investment Management, has identified the primary reason Bitcoin 
(BTC) fell below $70,000. The CEO has attributed the decline in the leading 
cryptocurrency and the broader market to the rise of scam tokens and shit 
coins in the space. The Truth Behind Bitcoin’s Crash Below $70,000 The Bitcoin 
price dropped below $70,000 last week, sparking fear and uncertainty across 
the market. As the world’s largest cryptocurrency crashed, other major digital 
assets followed, fueling the broader market decline. In his X post on February 
7, Gerber has shared insights into the factors driving Bitcoin’s recent 
downturn. Related Reading: 5 Red Months In A Row: What’s Going On With Bitcoin 
And The Crypto Market? According to him, the market is currently being 
undermined by a surge in scam tokens, citing meme-based cryptocurrencies such 
as the TRUMP coin. He explained that bad actors are increasingly entering the 
space, launching low-quality or fake tokens with little to no utility or real 
value while generating hype and FOMO. When investors buy these tokens, they 
often suffer losses from rug pulls, sudden crashes, or other fraudulent 
schemes. Based on Gerber’s report, scam tokens have not only eroded crypto 
investors&#8217; confidence and discouraged market participation, but have also 
diverted capital that could have flowed into legitimate cryptocurrencies like 
Bitcoin. The Gerber Kawasaki CEO also highlighted that another key factor 
behind Bitcoin’s continued decline is the absence of new market catalysts. He 
suggested that the market is largely driven by the same underlying factors, 
with only minor fluctuations from short-term moves by bag holders. In 2024, 
Bitcoin experienced sharp gains following the launch of Spot Bitcoin ETFs. 
Additional momentum came from catalysts like an increase in institutional 
demand. Recently, this demand has been declining. Spot Bitcoin ETFs continue 
to record massive outflows, macroeconomic conditions remain uncertain, and 
Bitcoin continues to face strong sell-offs and volatility. Gerber also agrees 
that Bitcoin’s current downturn is exacerbated by selling pressure from 
leveraged traders, whose forced liquidations trigger a chain reaction that 
pushes prices lower. Related Reading: Here’s Why The Bitcoin, Ethereum, And 
Dogecoin Prices Are Still Crashing Today Despite the negative trend, Gerber 
frames the situation as an opportunity for long-term investors. He noted that 
the decline in Bitcoin’s price allows seasoned players to buy the 
cryptocurrency at discounted “panic-level” prices, positioning these investors 
for potential gains once market conditions stabilize. Analysts Predict Bitcoin 
Price Dump To $42,000 After Bitcoin’s brief decline below $70,000, analysts 
warn that further weakness may be imminent. Crypto expert Chiefy has 
forecasted that the Bitcoin price is preparing for another massive dump to 
$42,000 as early as next week. With its price currently trading above $69,800, 
this would reflect a more than 40% crash. Chiefy notes that BTC’s slight 
recovery a few days ago was the final bull trap of this cycle and cautioned 
that things are about to get much worse. He urged investors and traders to 
prepare for a real bear market. Featured image from Pngtree, chart from 
Tradingview.com

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