Bitcoin up 7%, this BTC mining token also posts gains
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Bitcoin has opened 2024 strongly, adding 7% in the last 24 hours. When writing, it is trading at $45.3K, the highest price in 21 months. Meanwhile, the newly launched presale token Bitcoin Minetrix is also surging after raising $7.2 million.
Bitcoin surges amid growing spot ETF approval optimism
Mike Novogratz, CEO of Bitcoin spot ETF applicant Galaxy, just released a cryptic tweet.
The tweet has been seen 110K times after being released.
Like many other pundits, Ash Crypto responded with speculation this could mean the Bitcoin ETFs will be approved.
He references the CEO’s tweet and asks, “ETF is getting approved?” This tweet has been seen over 120K times, illustrating significant excitement surrounding the potential ETF approvals.
Meanwhile, the world’s largest asset manager and spot Bitcoin ETF applicant, BlackRock, is driving optimism that the SEC will approve Bitcoin ETFs shortly.
A recent tweet by Radar announced that BlackRock will approve Bitcoin spot ETFs this week.
Ultimately, with the Bitcoin ETF application deadlines set for Jan. 10, 2024, confidence in approvals is building. This means more market participants are buying Bitcoin in anticipation of a higher prices to follow.
In a recent interview with Fox Business, Mathew McDermott, head of digital assets at Goldman Sachs, said, “If approved, a fully-fledged bitcoin ETF “broadens and deepens the liquidity in the market.”
The executive then explained that a Bitcoin ETF “opens up the universe of the pensions, insurers, etc.”
Yet, while Bitcoin is poised for significant gains following the ETF approvals, many shrewd analysts are hedging their bets with newer Bitcoin-related projects.
One of them is Bitcoin Minetrix, a project aiming to disrupt the Bitcoin mining industry once it launches.
Bitcoin Minetrix raises $7.2 million in presale
Bitcoin Minetrix is a new platform on Ethereum allowing users to cloud mine BTC.
Users stake BTCMTX, the platform’s tokens, for Bitcoin mining credits, which they can burn in exchange for cloud mining power.
The process is effortless from the users side – all they need to get started is an Ethereum-compatible wallet like MetaMask and BTCMTX.
Over $7.2 million has been raised in the ongoing Bitcoin Minetrix presale.
Considering its use case and the bullish market conditions, analysts say there could be more upsides.
In a recent video, No Bs Crypto said Bitcoin Minetrix could extend gains.
The analyst explained how there are other companies to offer Bitcoin mining, but Bitcoin Minetrix’s tokenomics and use of the decentralized and transparent BTCMTX may make it a better alternative.
Another advantage to BTCMTX is its utility since it is needed for staking.
Meanwhile, tokens will be locked in the staking contract, and rewards are primarily paid out in mining credits, not BTCMTX. This means its supply will be limited, creating favorable conditions for long-term potential.
BTCMTX is available for $0.0126 in the ongoing presale.
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