Bitcoin, the leading cryptocurrency by market cap, has struggled over the past few days, losing nearly 3% of its value in the last 24 hours and currently trading above $67k per coin. This underperformance coincides with a $64 million outflow from spot Bitcoin ETFs on Monday, marking the first outflows for US-based spot Bitcoin ETFs in three weeks.
Despite the broader crypto market’s consolidation, innovative projects continue to emerge. One such project, Bitbot, has successfully completed its presale and is now focused on product development. Bitbot aims to address specific market pain points with unique value propositions for cryptocurrency traders.
What is Bitbot?
Bitbot is a Telegram trading bot that will be self-custodial, allowing users to trade via their cold wallets on Telegram. It offers features typically available only to institutional investors, providing retail traders with advanced tools to enhance their trading portfolios.
Bitbot to Roll Out Staking Features
Bitbot is actively developing tech solutions to support retail traders in the cryptocurrency market. Post-presale, the funds raised are being used to create products that can boost trading activities. Recently, the Bitbot team announced via an X post that they are developing a staking feature. This will allow users to stake their tokens through the bot and earn a competitive Annual Percentage Yield (APY).
In addition to the staking feature, Bitbot will integrate Knightsafe for a self-custody solution, mitigating typical risks associated with Telegram trading. The inclusion of anti-MEV and anti-rug solutions will further protect users’ assets. Moreover, some presale funds are being directed towards integrating ultra-flexible wallet management, powered by non-custodial API technology.
Bitbot Raises Over $4m in Presale
The Bitbot presale concluded successfully, raising $4,323,777. The team is now focusing on forming its core team, developing smart contracts, building a community, executing a marketing drive, and conducting alpha testing. Future plans include listing the $BITBOT token on crypto exchanges, partnering with top influencers, and launching the Telegram bot.
According to Bitbot’s whitepaper, the development team will hold 20% of the total token supply to fund ongoing development. Additionally, 14% is allocated for marketing and CEX listings, while 3% is earmarked for exchange liquidity provision.
