Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Metacade price has pulled back sharply from its highest level this year. According to TradingView, MCADE was trading at $0.021, meaning it has fallen by more than 13% from its highest level this year. Here are some of the top reasons to invest in MCADE today.
Debt ceiling deal is getting closer
One of the top reasons why Metacade has pulled back recently is the debt ceiling issue in the United States. In the past few days, Democrats and Republicans have been negotiating about the debt ceiling. During these talks, the two sides have been at odds, with each having some tough conditions.
Democrats favour a clean debt ceiling deal while Republicans have had several pre-conditions, including cutting government spending. The deadline for these negotiations is on June 1, when Janet Yellen has said that the US government will run out of money.
The consequences of not having a deal are dire since it would mean that the US would default on its obligations. Besides, the country has a $31 trillion debt. This explains why stocks, commodities, and cryptocurrencies have pulled back recently.
Now, there are signs that the two sides are making progress and the US will not default. Biden has agreed to some of the GOP’s priorities like capping spending to 2022 levels and reducing bureaucracy in energy permitting in the US.
Therefore, since assets dropped because of a risk of a default, there is a likelihood that they will bounce back of there is a deal. As such, Metacade could jump because of these macro news. Similarly, it will likely rise if the Fed decides to end or pause its interest rate hikes.
Key Metacade catalysts
The other reason why Metacade price is a good investment is that it has several catalysts coming up in the next few months. First, according to Metacade’s white paper, the developers have committed to deliver more exchange listings this year. They have already listed it on MEXC, BitMart, and Uniswap, as we wrote here.
Because of its popularity, Metacade will likely be listed in other exchanges like Coinbase, Binance, OKX, and Huobi. Historically, cryptocurrency prices tend to rally when there is a major exchange listings.
The other catalyst is that the developers have partnered with a well-known brand to build its game, which will be launched this year. In most periods, cryptocurrencies tend to rally ahead of major news and events.
The other reason why MCADE price will likely rise is because of cryptocurrency correlation. A quick look at the crypto market shows that most digital currencies have also pulled back recently. Bitcoin has dropped from $31,000 to $27,000. The same is true with other cryptocurrencies like Solna and Cardano.
This decline is mostly because of the debt ceiling issue and the risks it poses to the economy. Now, with the deal being in the horizon, there is a likelihood that most digital coins will also bounce back. If this happens, Metacade will likely be a beneficiary.Still, there are several risks for investing in Metacade. For example, there is a risk that the token will underperform during winter as most cryptocurrencies do in most years. Further, there is a risk that the Metacade game will not be a hit when it is launched.
The post 3 Reasons why Metacade (MCADE) is a good investment appeared first on Invezz.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.