VC Spectra Skyrockets 500% – The past week has seen an uptrend that ignited investor interest in the crypto sector. The UK government confirmed on October 30 that it wants to impose stricter cryptocurrency regulations. Bitcoin Cash (BCH) has nosedived after surpassing $262 in the week despite the absence of any negative Bitcoin Cash news. After raising $2.4 million during its private seed sale, VC Spectra (SPCT) continues to impress with 500% gains during its presale.
What is causing the mixed fortunes for BCH and SPCT?
- SPCT enjoys a 500% surge as demand increases during the presale.
- BCH tanks 7%, analysts say it’s a normal correction in an uptrend.
- The UK announces plans to enact strict crypto regulations in 2024.
VC Spectra (SPCT) Enjoys a 500% Uptick
Analysts maintain that VC Specta (SPCT) is the best crypto to invest in after having another positive week. For the uninitiated, VC Spectra (SPCT) is a decentralized asset management protocol and trading platform that offers investors a secure and profitable investment experience.
The main reasons for investing in VC Spectra (SPCT) include access to promising projects and dividend payouts. SPCT, a BRC-20 token standard, is the native utility of the VC Spectra ecosystem and has practical utilities such as paying transaction fees.
VC Spectra (SPCT) surged 587.5% as its presale reached Stage 4. With each SPCT token costing $0.055, investors who buy now will enjoy a 45% profit when the VC Spectra presale ends in Stage 6 at a project price of $0.08. VC Spectra (SPCT) is regarded as the best new crypto to invest in as its demand rises ahead of an expected 2024 bull cycle.
Bitcoin Cash Price Prediction After Slump
Bitcoin Cash (BCH), one of the top crypto coins, took a beating this week even though there was no negative Bitcoin Cash news. BCH is down 7.46% after the Bitcoin Cash price fell from $262.78 on October 24 to $243.53 on October 31.
Despite the slump, analysts are positive that Bitcoin Cash (BCH) holders have nothing to worry about. Experts say the crypto market is in an uptrend, and Bitcoin Cash (BCH) is expected to maintain its impressive performance, provided Bitcoin (BTC) remains strong.
Bitcoin Cash (BCH) may reach a low of $230 in the short term. In the long term, BCH is predicted to rise to above $300. While opinions differ, analysts have a consensus that Bitcoin (BCH) will trade in the $500 – $600 range in Q4 2024. On the other hand, BCH’s 7% slump this week is seen as a normal correction in an otherwise bullish market, making Bitcoin Cash a good crypto to buy.
UK Plans Strict Crypto Regulation
The UK government, through a 30 October Treasury announcement, confirmed that it plans to adopt strict crypto regulations in 2024. This will bring crypto activities under the same regulatory blanket as traditional financial services.
Part of the plan requires exchanges to write detailed requirements on admission and a new disclosure rule when they list new digital assets. The UK government said it intends to make the country a place where crypto firms can have regulatory clarity to innovate.
Furthermore, the government said that the new regulations will go a long way in putting protections in place for customers who use the nascent technology. The crypto industry has been under regulatory scrutiny in several jurisdictions since the spectacular fall of high-profile crypto firms such as FTX in 2022.
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