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The price of bitcoin leap 4% in the last 24 hours to trade at $46,291.18 at 2:45 am EST, as investors increase their bets on the market leader.
Bitcoin Price Surges as BlackRock and Fidelity Make ETF History
This comes as BlackRock and Fidelity’s Bitcoin spot ETFs (exchange-traded funds) raised more assets in their first month of trading than any other ETF launched in the US in the past 30 years.
Here’s a look at the top 25 ETFs by assets after 1 month on the market (out of a total of 5,535 launches over 30 years). $GO and $FBTC in their own league with over $3 billion each and still have two days left. $ARKB and $BITB He also made a list. pic.twitter.com/Yyi1nxukUk
– Eric Balchunas (@EricBalchunas) February 8, 2024
Data from Bloomberg Intelligence shows that BlackRock’s Ishares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) each raised more than $3 billion in their first 17 days of trading. They are the only ETFs to achieve this feat out of a list of 5,500.
Bitcoin price forms bullish channel
Daily chart for BTC/USDT (Source: TradingView)
He bitcoin The price managed to break through the consolidation channel between $42,450 and $44,430 in the past few days. After breaking out of this sideways range, the leading cryptocurrency has recorded a series of higher highs and higher lows. This resulted in the formation of a short-term bullish channel on the daily chart.
If this positive momentum continues, BTC may attempt to challenge the $47,930 resistance level over the course of next week. This bullish thesis could be invalidated if Bitcoin price breaks out of the current ascending channel.
In this alternative scenario, BTC may retest the $44,430 mark. Continued selling pressure could drag the cryptocurrency’s value to the $42,450 support level in the near term. Extreme selling pressure could force the price of Bitcoin down to $40,000.
Technicians Suggest Bitcoin Price Will Continue to Rise
Technical indicators in BTC The daily chart suggests that BTC may continue to rise in the next 48 hours. The Moving Average Convergence Divergence (MACD) shows that the market leader is currently in a bullish cycle that shows no signs of slowing down. This is evident when the MACD line breaks above the MACD signal line.
In addition to this, buyers also seem to have an advantage over sellers on the BTC charts. The Relative Strength Index (RSI) line is separating above its Simple Moving Average (SMA) line, indicating that the bulls’ strength is also increasing.
While the price of Bitcoin appears to continue rising, Bitcoin Minetrix is on an unstoppable streak as its pre-sale surpasses the $10.5 million threshold.
The update that Bitcoin cloud mining needs
Bitcoin Minetrix is a decentralized cloud mining platform that seeks to address the current failings of the Bitcoin cloud mining sector.
Scammers have infested the space, tricking members of the crypto community into handing over their hard-earned money in exchange for fake cloud mining power. On top of this, the barrier to entry for anyone wanting to start mining has been set excessively high.
Explore the different risk factors among #BitcoinMinetrix and Traditional Mining in the Cloud! ⚖️ #BTCMTX: Flexible, user-managed withdrawal and sale.
Traditional: No refunds, fixed contracts.#CryptoComparison #MiningInnovation pic.twitter.com/W2pnuOk8dG
—Bitcoinminetrix (@bitcoinminetrix) February 7, 2024
Through Bitcoin Minetrix, investors can now gain access to a passive income stream that is paid in BTC. The cloud mining sector will also receive a long-awaited facelift that will not only lower the barrier to entry for new entrants but also make the space more decentralized.
This subsequently increases the security of the cloud mining space and opens it up to more investors through decentralization.
Simplifying cloud mining for everyone
With Bitcoin Minetrix’s innovative bet-to-win model, investors can start earning in BTC simply by staking an ERC-20 token. This token is the project’s native BTCMTX token. It is currently sold for $0.0133 and can be purchased using ether (ETH), Tether (USDT) or bank card on the project’s official website.
Presenting #BitcoinMinetrix: Your gateway to simplification #Bitcoin mining! 🚀⛏️
With tokenized cloud mining platform, anyone can mine $BTC securely and transparently.
Say goodbye to third-party scams and take control of your mining journey. pic.twitter.com/b9fZpDbDMH
—Bitcoinminetrix (@bitcoinminetrix) February 8, 2024
Once purchased, BTCMTX tokens will need to be staked in exchange for gas reward tokens. These tokens will then need to be burned, allowing their holders to claim their share of Bitcoin Minetrix’s cloud mining power.
A potential 10x opportunity
It will soon be harder to get new Bitcoin as the historic halving event is scheduled for April. At the same time, its supply will reduce, while the launch of spot Bitcoin ETFs in the US has increased demand for the market leader.
This changing relationship between supply and demand will likely lead to a substantial increase in the price of Bitcoin.
As such, investors will be quick to find opportunities that allow them to grow their Bitcoin holdings beyond simple speculative trading. This could skyrocket the price of BTCMTX. Crypto YouTuber Jacob Crypto Bury recently told his 27,300 subscribers that BTCMTX could grow 10x shortly after its pre-sale.
BTCMTX can be purchased here.
Related Posts:
New crypto mining platform: Bitcoin Minetrix
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free Bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
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