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Bitcoin has just hit $47,000 yesterday for the first time since December 2021, before consolidating around the $46,500 to $46,900 range today.
Euphoria seems bigger than ever around potential Bitcoin ETF approvals, with the market widely expecting the SEC to approve all outstanding applications on Wednesday, January 10th.
Recent comments suggest strong confidence in approvals coming this week. Valkyrie Investments co-founder Steven McClurg, for example, anticipates SEC approval of their spot Bitcoin ETF application by Wednesday close, allowing trading to commence Thursday morning. McClurg predicts initial inflows reaching $4-5 billion within weeks should approvals materialize as expected.
Industry sources also informed CNBC of likely approvals on Wednesday, potentially enabling spot Bitcoin ETF trading before week’s end.
Meanwhile, Fox Business reports BlackRock anticipating approval of their high-profile application on Wednesday – a strong signal given BlackRock’s extensive ETF approval track record.
However, some analysts urge caution around approvals fueling further near-term Bitcoin price rises.
According to on-chain data analytics, as reported by Cryptonary, the current landscape looks similar to July 2019, albeit now just four months from Bitcoin’s next halving event rather than ten. As such, larger pullbacks could transpire in Q1 2024 relative to mid-2019.
Specific on-chain factors noted include:
- Long term holder behavior
- Percentage of UTXOs in profit
- Net Unrealized P&L
- Net Realized P&L
On balance, imminent ETF approvals appear widely expected to drive Bitcoin upwards of $50,000. But whether broader macro market movements allow BTC to sustain these gains through early-2024 remains an open question.
Bitcoin Minetrix Democratizes Cloud Mining
Minetrix, an Ethereum-based cloud mining provider, recently hit a highly successful $7.9 million fundraising amount. This result signals sustained investor appetite for crypto assets even amidst Bitcoin price uncertainty. It also shines an optimistic light on Bitcoin Minetrix (BTCMTX), Minetrix’s new tokenized mining model democratizing access for regular crypto investors.
BTCMTX introduces user-friendly cloud mining through a decentralized platform. This addresses longstanding challenges making Bitcoin mining exclusive to technical experts owning expensive rigs. By instead tokenizing access rights, anyone can now invest in mining Bitcoin without reliability issues or misconduct risks prevalent among centralized cloud services.
Acquiring and staking BTCMTX is straightforward via wallets like MetaMask. Upon opting for the hassle-free buy & stake model, users gain exchangeable mining credits – effectively two core income sources:
- Staking Rewards: Up to 97% APY distributing BTCMTX ownership rights
- Mining Profits: Bitcoin cloud mining payouts from pooled efforts
So, by pooling capital into a tokenized mining investment, individual participants remove barriers previously restricting mining just to whales owning industrial equipment. Regular crypto investors now qualify for generous Bitcoin profits once only feasible for select mining firms.
Enthusiasm for this forward-looking protocol is understandable. Influencer Michael Wrubel even dedicated a bullish video to 300,000 subscribers highlighting why he’s bullish on BTCMTX.
BTCMTX unlocks cloud mining for regular investors seeking bitcoin holdings or supplemental income. Staking tokens exchange for hashing power rental minimized limitations of existing centralized providers:
- Security risks – BTCMTX mining leverages decentralized protocols
- Withdrawal limits – Tokenized model encourages retention
- Misleading contracts – Flexibility to adjust mining activities
Rather than committing to lengthy deals prone to locked assets or changing terms, tokenized mining promotes on-demand adjustments tracking bitcoin price shifts. This empowers users with oversight over mining rental activities aimed at profit maximization.
While cloud mining already improves accessibility over direct ownership of industrial mining rigs, Bitcoin Minetrix enhances further through blockchain integration. Less reliance on external operators provides greater transparency and security benefits via decentralized mining tools.
BTCMTX Presale
The Road Ahead in 2024
With BTCMTX presales reaching new fundraising records, expectations remain high entering 2024. Major exchange listings are planned over coming months to enable seamless worldwide trading with enhanced liquidity. Continual infrastructure expansion also aims to bolster earning potential as community involvement grows.
An upcoming mobile app accompanies these efforts to make cloud mining highly convenient for crypto investors on-the-go. As early purchase discounts decrease ahead of the full launch, now presents optimal timing for optimal value exposure to this blockchain-powered mining ecosystem.
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Source: https://beincrypto.com/spot-bitcoin-etfs-clear-for-takeoff-as-btc-reclaims-47k-btcmtx-presale-smashes-records/