Bitcoin Reaches $70,000 on Controversial PulseChain – BeInCrypto

Lucrative opportunities await in far-flung corners of the crypto market, as the price of wrapped Bitcoin on Richard Hearts new PulseChain reached an all-time high of $70,000 last Wednesday.

The founder tweeted the new all-time high for Bitcoin (BTC) or wrapped Bitcoin (wBTC) after the asset spiked from $27,000 to $70,000.

The graph below shows wBTCs parabolic rise from $27,000 to $70,000 in roughly 20 minutes.

The price stayed at $70,000 for 10 minutes before falling spectacularly to reclaim earlier levels.

The wrapped Bitcoins volatility revealed PulseChains weaknesses rather than its strengths after volume spiked for no reason when the price rose.

Activity on the platform was previously almost nonexistent, with one crypto user saying it took a sub-$40,000 capital injection to increase the wrapped-Bitcoins price, betraying the platforms low popularity and use.

wBTCs pronounced volatility in long and short trades is also characteristic of a classic pump-and-dump scheme. The low capital required to move markets suggests even non-whales could manipulate Bitcoins price on the network.

Lower Bitcoin liquidity after the collapse of Alameda Research allowed whales to move markets with lower trading volumes.

Since its launch, PulseChain has failed to meet its founders expectations. The projects native HEX token has fallen by over 50% and gained minimal buy-in from DeFi participants.

Accordingly, users may also wonder why Heart would flaunt the spike in wBTCs price.

PulseChains HEX website launched a dedicated scam section following complaints from the crypto community. Heart has also been publicly accused several times.

Skeptics highlight the promise of tangible rewards for holding crypto as a major red flag. HEX users can stake crypto to earn 40% in annual rewards.

Other factors lending doubt to the projects credibility include:

CoinFabrik and ChainSecurity code audits confirmed that HEX smart contracts contain no bugs.

For BeInCryptos latestBitcoin(BTC) analysis,click here.

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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Bitcoin Reaches $70,000 on Controversial PulseChain - BeInCrypto