2023-10-25 22:42 |
The price of Bitcoin (BTC) has seen a dramatic surge in the past ten days, rising from under $27,000 to its current level just below $34,000.
With this latest move, the market is debating whether Bitcoin can sustain its push towards $40,000 or if it will sink back down to prior lows.
While Bitcoin’s fate hangs in the balance, one emerging crypto project called Bitcoin Minetrix (BTCMTX) could also be poised for growth if it can continue capturing investor interest at its current rate.
Rumors of BlackRock Bitcoin ETF Approval Send Crypto Market SoaringThe crypto market is buzzing with anticipation as coin prices rebound and near intra-year highs.
Much of the excitement stems from rumors that BlackRock’s spot Bitcoin exchange-traded fund (ETF) application could soon receive approval from the SEC
BlackRock filed for regulatory approval in June, but the application has been dormant for months.
Speculation around approval arose when BlackRock’s BTC ETF ticker symbol, IBTC, was mysteriously listed on the Depository Trust and Clearing Corporation’s website on Monday.
After a few hours, the listing was taken down but then reappeared, fueling rumors that approval was imminent.
An SEC-approved, BlackRock-backed Bitcoin ETF would represent a watershed moment for cryptocurrency adoption and mark the first ETF of its kind in the US.
Additionally, the Crypto Fear & Greed Index, a widely-used gauge of market sentiment, has risen to 72 – its highest level since Bitcoin’s all-time high in November 2021.
Can Bitcoin Break Through the $40,000 Resistance Zone?With Bitcoin hovering around $34,000, the big question is whether this rally has enough momentum to push the price above $40,000.
According to Galaxy Digital, approval of a spot BTC ETF could provide the momentum for Bitcoin’s price to surge over 74% in the first year.
However, Galaxy’s model assumes constant inflows into the ETF for the next 12 months.
Should Galaxy’s prediction prove accurate, it would take the coin’s current value above $59,000 without accounting for “second-order” effects like increased adoption.
Ultimately, the $40,000 level sits on the cusp of potential positive and negative scenarios for Bitcoin.
Breaking through this zone depends on whether the excitement around the ETF can be sustained long enough – if not, profit-taking could drag Bitcoin’s price back down.
Which Other Coins Could Be Poised for Growth?While all eyes are on Bitcoin, some investors are also looking for hidden gems in the market.
One such prospect capturing attention is the new Bitcoin Minetrix platform, which offers exciting capabilities within the crypto mining sector.
Bitcoin Minetrix Offers Access to Cloud Mining Rewards & Raises $2.2m Through PresaleBitcoin Minetrix (BTCMTX) offers a unique Stake-to-Mine model whereby BTCMTX holders can stake their tokens to earn non-tradable credits, which are then burned to access cloud mining power.
This provides easy and low-cost exposure to BTC mining rewards without needing to buy expensive equipment or gain technical expertise.
According to Precedence Research, the global cryptocurrency mining market is projected to grow from $1.92 billion to around $7 billion by 2032 at a CAGR of 12.9%.
By aligning its Stake-to-Mine model with this growing mining market, Bitcoin Minetrix could capture a significant share of new entrants who want to participate but lack the resources.
The Bitcoin Minetrix team aims to raise $15 million in the project’s presale to fund mining operations and platform development.
Investors can buy BTCMTX tokens for $0.0112 during Stage 3 of the presale, with over $2.2 million raised already.
While Bitcoin Minetrix is still in its early stages, it has attracted attention from investors worldwide, with over 3,100 people forming part of the official Telegram community.
BTCMTX has also been ranked first on CoinSniper’s list of upcoming ICOs to watch – a strong indicator of its potential impact – and some trader’s are backing the token to 10x.
With Bitcoin’s potential ETF approval reinvigorating interest, the timing may be right for Bitcoin Minetrix to capitalize on this wave of enthusiasm and secure its place in the exciting crypto-mining sector.
Visit Bitcoin Minetrix Presale
The post Will the Bitcoin Price Keep Rising to $40K After Recent Pump as This Btc Mining Token Is Backed to 10X appeared first on BeInCrypto.
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