The crypto market is turbulent, and Bitcoin price has gone below $40k. After the approval of the Bitcoin spot ETF, it was expected that the Bitcoin price would hit 50K but it did not happen. Now it is less than 40K and looks like it is going to drop further. The reason why this market is down is because the FTX exchange has sold out its GBTC and this has affected the market. It's bad that the market price has gone down and the good thing is that ftx is not left with any more GBTC hence we can expect no further dump in the market because of this bankrupt Crypto Exchange. But this situation is not going to be too long I think because this is not the first time we have seen this type of sentiment in the market. Even if the prices go down then also the probability of increasing is higher as we are much closer to the Bitcoin halving event. Maybe we can see a further dip in the price in the next few months but most likely the correction will happen.
SPS token price has also been affected by the markets in demand and now it has dropped further which I think is more of my buying range. I have already discussed about it in one of my recent posts that I am keeping track of the price and once it touches the 2-cent price mark then I'll be buying the bunch. It seems that it is going to happen soon and still, I'm keeping a tab on the price to see the closure movement.
SPS Price chart
Having a look at the below chart for SPS this is for a seven-day window in which we can clearly show that the price is going down continuously. It is pretty much close to making it $0.02 but again this is not the financial advice because we cannot predict the next market movement. Hopefully, I'll be buying a few thousand aspires once it reaches that mark and because I prefer buying in parts hence I will continue to watch further and if there is another dip then we will keep on buying whenever there is a good buying opportunity.
Why Buying SPS
The reason why I buy SPS is because this is the governance token and with the holding, I can get a nice APR which is more than 13% at the moment. This is also good for me as a player because I want to play in the higher league along with a 12X multiplier and since I am aiming to play in the Diamond League hence at least one sixty K sps is required for me. I hope that the current market situation when the price is improving will get me the opportunity to buy more SPS that can improve my overall gaming experience. SPS is one of the tokens that is something everyone in the game wants to have as much as possible and even I do. It is a long-term investment that I am doing and with the current taking APR and game reward I am happy to hold whatever balance is there in my game account.
Once again this is the market and things can sometimes go in our favour and sometimes not. If you are investing then it is highly recommended to you that you do your study and analyse the risk appetite. I'm a big-time fan of the Splinterlands game and I believe that this is going to grow a lot in the coming years as blockchain gaming is getting more eyeballs and people are liking it. It is one of the games that has proven its existence and it has a vibrant community. This is what I believe in the project and this is why I am confident that this game will do well in the future and it is better time to invest in different components.
Thank you