Bitcoin recovers, BTC mining token posts gains
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After a minor pullback, Bitcoin recovered yesterday, climbing 4.22% and trading at $43K. Its 24-hour trading volume also shot up by 36%, currently at $25 billion. Meanwhile, Bitcoin Minetrix is rallying after its presale rose above $5.5 million.
BlackRock ETF approval odds increase
Bitcoin price rose after news broke that BlackRock had filed an amended Bitcoin ETF application. The latest iteration will not include “in-kind creations and redemptions from their spot Bitcoin ETF,” as reported by Lyle Pratt.
Simply put, in-kind creations and redemptions are a way of wrapping and unwrapping an ETF without cash. Instead, the ETF shares are exchanged for a basket of securities, which is regarded as more tax-efficient.
Market consensus is that this improves the odds of an approval.
Meanwhile, analyst Tradeboi Carti said:
Should the SEC approve Bitcoin ETFs, Grayscale CEO Michael Sonnenshein believes this could unlock $30 trillion worth of advised wealth for Bitcoin.
“I do think there is a lot of optimism again in the market. I think a lot of investors are adding Bitcoin to their portfolios. When we look ahead to the hopeful approval of the spot Bitcoin ETFs, it really is going to unlock the opportunity to a part of the investment community that… has been locked out of the opportunity to participate and have Bitcoin exposure in their portfolios.”
The bullish market sentiment around Bitcoin ETFs has bolstered the Bitcoin price, with analyst Jelle suggesting that BTC is following the November 2020 fractal.
According to the trader, “we’re getting one last retrace, and we’ll see $48,000 around the turn of the year” if it continues to play out similarly.
Meanwhile, analyst CC15Capital noted that one investor has just bought $212 million of Bitcoin, with his last purchase at $28K, indicating this could be a good time to buy.
Nevertheless, traders are even more bullish on the revolutionary Bitcoin Minetrix, which has raised $5.5 million at presale and been backed to 100x.
Bitcoin Minetrix presale rises above $5.5 million
Bitcoin Minetrix is a new crypto project which allows users to cloud mine Bitcoin effortlessly and securely.
Due to its features, such as requiring no hardware or technical expertise and providing notable security benefits over other cloud mining solutions, the project has been gaining traction.
Furthermore, the platform is based on Ethereum, meaning users can mine BTC from the comfort of an Ethereum-compatible wallet like MetaMask.
It works by users staking BTCMTX on the Bitcoin Minetrix platform. In return, they will receive non-transferable ERC-20 Bitcoin mining credits, which they can burn for cloud mining power.
The decentralized and transparent nature of BTCMTX eradicates the risk of cloud mining scams, and users have complete control of how long they stake tokens thanks to its variable lock-in period functionality.
This use case has caused analysts to rally behind the project, with Jacob Bury and No Bs Crypto speculating it could rally after launching.
Currently, investors can buy BTCMTX for $0.123 at this stage of the presale.
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