Spot Bitcoin ETF is poised to take off as BTC reclaims $47,000. BTCMTX pre-sales have broken records.
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Bitcoin hit $47,000 yesterday for the first time since December 2021, and today consolidated in a range of $46,500 to $46,900.
The euphoria surrounding a potential Bitcoin ETF approval seems greater than ever. The market widely expects the SEC to approve all outstanding applications on Wednesday, January 10th.
Recent comments suggest strong confidence in approval this week. For example, Steven McClurg, co-founder of Valkyrie Investments, expects to receive SEC approval for his spot Bitcoin ETF application by Wednesday’s close, allowing trading to begin on Thursday morning. McClurg expects initial funding to reach $4 billion to $5 billion within a few weeks if approval materializes as expected.
Industry sources also told CNBC on Wednesday that approval was likely, making spot Bitcoin ETF trading possible before the end of the week.
Meanwhile, Fox Business reports that BlackRock is expecting approval of the high-profile application on Wednesday. This is a strong signal given BlackRock’s extensive track record of ETF approvals.
However, some analysts urge caution about approvals that would fuel short-term Bitcoin price gains.
According to an analysis of on-chain data reported by Cryptonary, the current situation looks similar to July 2019, but Bitcoin’s next halving event is now only four months away instead of 10. Therefore, a larger decline may occur in the first quarter of 2024 compared to mid-2019.
Specific on-chain elements mentioned are:
- long term holder behavior
- Proportion of UTXO in profits
- Net unrealized gains and losses
- Net realized profit or loss
On balance, the impending ETF approval is widely expected to push the price of Bitcoin above $50,000. However, given the broader macro market movements, it is still an open question whether BTC can sustain these gains into early 2024.
Bitcoin Minetrix democratizes cloud mining
Minetrix, an Ethereum-based cloud mining provider, recently achieved a very successful funding round of $7.9 million. These results indicate investors’ continued preference for cryptocurrency assets even amid uncertainty in Bitcoin’s price. It also shines an optimistic light. Bitcoin Minetrix (BTCMTX)Minetrix’s new tokenized mining model democratizes access for the average cryptocurrency investor.
BTCMTX introduces user-friendly cloud mining through a decentralized platform. This solves a long-standing problem that makes Bitcoin mining exclusive to technical experts who own expensive equipment. By tokenizing access instead, anyone can now invest in Bitcoin mining without the stability issues or risk of misconduct that are prevalent in centralized cloud services.
Earning and staking BTCMTX is simple through wallets like MetaMask. Opting for a hassle-free purchase and stake model, users will earn redeemable mining credits. These are actually two key sources of income.
- Staking Rewards: Share BTCMTX ownership up to 97% APY
- Mining Profit: Bitcoin cloud mining payouts from collaboration
Thus, by pooling capital in tokenized mining investments, individual participants remove barriers that previously limited mining to whales that owned industrial equipment. Now regular cryptocurrency investors can earn generous Bitcoin returns previously only available from certain mining companies.
The enthusiasm for this forward-thinking protocol is understandable. Influencer Michael Wrubel even dedicated an optimistic video to his 300,000 subscribers highlighting why he is bullish on BTCMTX.
BTCMTX Unlocks cloud mining for Bitcoin holdings or ordinary investors looking for additional income. Exchanging staking tokens for renting hashing power minimizes the limitations of existing centralized providers.
- security risk – BTCMTX mining utilizes a decentralized protocol.
- Withdrawal limit – Tokenized model encourages retention.
- misleading contract – Flexibility to adjust mining activities
Rather than locking up assets or committing to lengthy transactions where conditions are prone to change, tokenized mining facilitates on-demand adjustments that track Bitcoin price movements. This allows users to oversee mining lease activities aimed at maximizing profits.
While cloud mining already improves accessibility compared to direct ownership of industrial mining equipment, Bitcoin Minetrix improves even further through blockchain integration. Decentralized mining tools provide increased transparency and security benefits due to less reliance on external operators.
BTCMTX Pre-sale
The future in 2024
Expectations remain high for 2024 as BTCMTX presales reach new funding records. Listings on major exchanges are planned over the coming months to enable smooth global trading with improved liquidity. Ongoing infrastructure expansion also aims to enhance revenue potential as community participation increases.
The upcoming mobile app comes alongside this effort to make cloud mining extremely convenient for cryptocurrency investors on the go. With early purchase discounts decreasing ahead of the official launch, now presents optimal timing for optimal value exposure to this blockchain-based mining ecosystem.
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Source: https://beincrypto.com/spot-bitcoin-etfs-clear-for-takeoff-as-btc-reclaims-47k-btcmtx-presale-smashes-records/
