Bitcoin Price to Touch $50K Soon, While the New BTC Mining Project Could Gain 50X From the Pump
BTC has bounced back into action, touching the much-awaited $35K mark. Despite a short-term retreat, analysts are optimistic that the crypto captain has ignited “Uptober”.
It is likely to lead to a series of bull runs stretched across November and December.
What you'll learn 👉
Bitcoin Price Climbs to $35K
The Bitcoin price, which has been hovering under $30K for a few weeks now, reached as high as $35,300 on Oct. 24, Tuesday. The price action of this week has been kindled by the confidence around the spot BTC ETF approval.
Two new developments indicate that BlackRock could secure approval for its spot Bitcoin ETF soon. According to analyst Scott Johnson, the investment giant has secured a specific “CUSIP” license and may soon begin the process of “seeding” its spot ETF product with cash as early as this month.
So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:
— Scott Johnsson (@SGJohnsson) October 23, 2023
– They've obtained a CUSIP in prep for a launch
– They may be looking to seed with cash this month (which is earlier than I would've thought, but may be nothing) pic.twitter.com/lMDaKxiIbB
On Monday, the Bitcoin price climbed to new heights after the surprise appearance of IBTC on the site. It led to speculations that a spot ETF approval is on the horizon. The BTC price dipped 3% as the IBTC ticker quietly disappeared from the Depository Trust and Clearing Corporation’s (DTCC) website.
According to Senior Bloomberg ETF analyst Eric Balchunas, the drama around the IBTC listing is likely responsible for briefly crashing the DTCC website.
Looks like the DTCC website has crashed pic.twitter.com/UyrrfAl2Eu
— Eric Balchunas (@EricBalchunas) October 24, 2023
The traffic to the DTCC website and the media attention it received this week is rare, which goes on to speak about the relevance of the potential approval.
Bloomberg ETF analyst James Seyffart notes that BlackRock is “getting everything ready to launch if and when they get an SEC approval.” But according to a DTCC spokesperson, “appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes.”
The renewed interest in BTC also led to a significant growth in Bitcoin’s spot trading volume, further fueling the uptrend.
BTC price action, CoinMarketCap, 25 Oct 2023
Bitcoin has the potential to break past $50,000 this year if it manages to maintain its current momentum. But short-term downtrends can’t be ruled out from the price action. At the time of writing, BTC was trading for $34,006, recording a 19.84% surge on the weekly chart.
Investors Are Hoarding $BTCMTX Alongside
Bitcoin Minetrix ($BTCMTX) is a new BTC alternative that has grabbed the spotlight amid the BTC hype. The surge in the BTC price has also led to a surge in the $BTCMTX presale traffic.
The presale crossed the $2.25M mark on Tuesday after witnessing a huge surge in the influx of investors.
“One Bitcoin mined in 2013 appreciated 27,300% in 10 years. Bitcoin Minetrix provides hassle-free BTC mining for the next 10 years. Buy $BTCMTX today for as little as $0.011,” notes the official Bitcoin Minetrix website as an introduction to the project.
According to the website, “Bitcoin Minetrix is a tokenized cloud mining platform that allows everyday people to mine bitcoin (BTC) in a decentralized way”. The platform is tokenizing cloud mining to ensure a secure and transparent experience for people who are new to the mining sector.
Through decentralized blockchain tokenization, Bitcoin Minetrix aims to remove the risk of third-party cloud mining scams and put the control back into the hands of token holders. To join bitcoin mining with Bitcoin Minetrix, investors just need to stake $BTCMTX tokens, earn credits, and use them to mine BTC.
Mining Made Simple for Retail Investors
Bitcoin Minetrix introduces a new concept called Stake-to-Mine that opens the doors of Bitcoin mining to ordinary retail investors on multiple fronts.
While most Bitcoin mining credits are run by corporations with huge physical mining rigs, cloud mining puts forward a legitimate way for individuals to obtain BTC without making a substantially large investment in hardware.
Bitcoin Minetrix is open to everyone, regardless of their technical expertise and budget. Investors don’t have to spend long hours to generate income from the platform. It just takes up a few minutes of their time for staking. The mechanism doesn’t require any maintenance either. Everything is taken care of by the underlying mining projects.
To begin earning mining rewards from Bitcoin Minetrix, users will need an Ethereum-compatible wallet such as MetaMask which is free to download and install. The next step is to buy $BTCMTX tokens as your budget allows.
Upon staking $BTCMTX tokens, you will earn non-tradable ERC-20 token credits that must be burned in exchange for BTC cloud mining power.
$BTCMTX For Exponential Returns
Potential spot ETFs and the upcoming Bitcoin halving event are factors that will fuel the price action of BTC in the coming weeks. But a portfolio heavily concentrated on BTC is not advisable, as its extensive market capitalization means that it has already reached a level of saturation.
Emerging cryptocurrencies such as Bitcoin Minetrix ($BTCMTX) will help investors to seek higher returns, instead. As the project’s user base and operational capacity increase, $BTCMTX tokens have the potential to rocket to 30X to 50X above their presale price.
Visit the Bitcoin Minetrix Presale
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
