Bitcoin Price Prediction: This Bitcoin Derivatives Presale Is Set to Top $11 Million as Big Banks Ask the SEC to Act as Custodians for Bitcoin ETFs.

adminFebruary 17, 2024

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Bitcoin price has fallen less than 1% in the last 24 hours. Traded for $51,953 As of 4:51 a.m. EST, trading volume was down 29% to $35 billion.

This comes as major U.S. banks and financial institutions are urging the Securities and Exchange Commission (SEC) to revise cryptocurrency regulations.

In a letter to SEC Chairman Gary Gensler, the agency requested a review to allow it to take on a larger role in the cryptocurrency space, including serving as custodian for a spot Bitcoin exchange-traded fund (ETF). .

US banks that have left the role of leading Bitcoin ETFs are pressuring the SEC to revise its guidelines for holding digital assets. The Bank Trade GP Association sent a letter to the SEC requesting that ETFs be excluded from the broad cryptocurrency umbrella. They want action. I don’t blame them. That’s not fair… pic.twitter.com/advPa94nK2
— Eric Balchunas (@EricBalchunas) February 15, 2024

Banks believe that the current regulatory guidelines issued in March 2022 make it difficult for them to provide cryptocurrency custody services at scale. They propose narrowing the definition of cryptocurrency assets to exclude traditional assets recorded on blockchain.

The SEC has not yet responded to the request, but it is clear that interest from major financial institutions in the cryptocurrency market is growing and they want to play a more significant role.

Bitcoin price is strong, aiming for a breakout above the bullish pennant

Bitcoin price chart analysis Source: Tradingview.com — BTCUSD Chart Analysis Source: Tradingview.com

Bitcoin price continued its bullish momentum this week, surpassing the $50,000 level. BTC price is still bullish, but appears to have found some resistance near $53,000, and a rejection from this level could push it back slightly to the current price of $51,953.

However, the price is trading within the upper boundary of the bullish pennant, which indicates that the price may continue its bullish trend.

BTC price is trading above the 50-day simple moving average and the 200-day simple moving average, which indicates that a bull market is imminent. With a golden cross forming at $42,870, this could encourage bulls to rally the price even higher.

The Relative Strength Index (RSI) is at 63, with a downtrend in the 70 overbought zone, indicating that the current trend is poised for a bounce.

BTC MACD

Additionally, the Moving Average Convergence Divergence (MACD) line (blue) is trading below the signal line (orange), which indicates that although investors are currently selling, there are signs of a rebound. This sentiment is supported by what appears to be a downward movement of the red bar in the histogram.

Bitcoin price prediction

Current Bitcoin price short-term analysis indicates that a BTC correction is likely, with Bitcoin price rebalancing towards $50,000 with support from the MACD line.

This level could help bulls push the price higher, aided by the formation of a bullish pennant. BTC bulls are aiming for a new high, targeting $60,000 with $57,000 being the next target.

While Bitcoin bulls await a more solid entry position, investors are also turning their attention to Bitcoin Minetrix (BTCMTX), which could secure $11 million in a pre-sale.

BTCMTX Presale Achieves $11.8 Million Goal – The Best Alternatives to Bitcoin You Can Buy Now

Bitcoin Minetrix The project is set to make Bitcoin cloud mining cheaper and safer through decentralization. Cloud mining can be accessed at minimal cost while avoiding the complex and resource-intensive nature of the activity.

comparison #Bitcoin Metrics vs. Traditional Cloud Mining: 🚀
💸 Cost: #BTCMTX – Low cost, no minimum / Legacy – High cost, large minimum.
🔒 Security: #BTCMTX – Decentralized, user-owned/traditional – cash deposits.
A smart choice for you #Cloud Mining travel! 🛠️💰 pic.twitter.com/vE8vqd4KLM
— Bitcoin Minetrix (@bitcoinminetrix) February 15, 2024

This exciting approach is already attracting many investors to the platform. It successfully raised over $10.9 million, heading towards its pre-sale goal of $11.85 million.

26th stage #Bitcoin Metrics It’s started! 🌟
What is the environmental impact? #Bitcoin mining? 🌍💡 pic.twitter.com/D1eErQCpRX
— Bitcoin Minetrix (@bitcoinminetrix) February 15, 2024

To participate in the pre-sale, you can purchase BTCMTX tokens at the rate of $0.0135 per token, the price of which will increase within 4 days.

Earn passively with BTCMTX and win $3,000 in Minedrop Airdrop Competition

The platform also has a staking option. Buying and Staking BTCMTX Tokens Earn 62% Annual Percentage Yield (APY). By staking $BTCMTX, you will automatically be credited with tradable ERC-20 token credits. After these credits are burned, you will receive BTC cloud mining power.

By participating in the presale and staking, you establish yourself as a competitor with a chance to become one of the following 10 winners. $30,000 Mind Drop CompetitionEach receives a prize of $3,000.

🎉 #Bitcoin Metrics $30,000 Minedrop is now available! 🎉
Get ready for your chance to win $30,000 worth of prizes $BTCMTX!
For your chance to win one of 10 $3,000 prizes, follow the steps in the link below. $BTCMTX Goods! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N
— Bitcoin Minetrix (@bitcoinminetrix) October 5, 2023

YouTube cryptocurrency analyst Jacob Bury believes BTCMTX has the potential to surge 10x upon launch.

To participate in the presale, visit: BTCMTX official website Exchange ETH or USDT to BTCMTX. You can also make direct purchases using your bank card.