As the highly anticipated decision looms on a spot Bitcoin ETF, investors are waiting to see if the SEC gives the green light this week.
If approved, some analysts predict the launch could send Bitcoin’s price to new highs by unleashing a wave of institutional capital in the crypto market.
The anticipation around spot BTC ETFs has reached a new level this week as a final decision on approval looms.
On Monday, 10 ETF applicants, including financial giant BlackRock, submitted final amendments to their filings.
Sources told CNBC that filing approvals could come as early as Wednesday for a “handful” of the applicants.
If the green light is given, trading on the newly approved ETFs could commence almost immediately – potentially even Thursday or Friday, according to some estimates.
The flurry of news events has sent Bitcoin’s price back above $46,000 as investors bet on billions (if not trillions) of new capital entering the space.
Alongside the amendments filed yesterday, there is also an active fee war brewing between issuers.
Grayscale has proposed the highest fee at 1.5%, while Bitwise is angling to attract investors with the lowest fee of 0.24% and a 6-month waiver.
With former SEC chairman Jay Clayton stating approval is now “inevitable,” all eyes are on the SEC’s next move.
As spot BTC ETF excitement ramps up, analysts predict major price pumps if trading goes live this week.
Billionaire investor Tim Draper doubled down on his sky-high $250,000 Bitcoin price target for 2024.
With new ETFs potentially unlocking a flood of institutional capital, his ultra-bullish outlook suddenly seems less far-fetched.
Similarly, Twitter analyst British HODL highlighted a Standard Chartered report estimating $50-100 billion could flow into Bitcoin ETFs in the first year.
Using conservative assumptions, he believes this volume could propel Bitcoin to between $319,000 and $600,000 within 12 months.
Blockstream CSO Samson Mow also chimed in with a hugely bullish prediction.
While not tied specifically to ETFs, Mow stated that he sees Bitcoin reaching $1 million – and has no time to convince skeptics.
The overwhelmingly positive projections from analysts indicate high confidence that SEC approval this week could push Bitcoin to new highs.
Due to this, all eyes are on the SEC as anticipation builds for a potential ETF launch.
Given that spot Bitcoin ETFs could help bring crypto further into the mainstream, savvy investors are searching for the next altcoins that could ride BTC’s coattails.
One emerging project that could benefit is Bitcoin Minetrix (BTCMTX), an Ethereum-based platform focused on revolutionizing the Bitcoin mining space.
Bitcoin Minetrix has been one of the most talked-about upcoming crypto launches in recent months and has now raised more than $7.9 million in presale funding.
During the presale, early investors can buy BTCMTX, Bitcoin Minetrix’s native token, at a discounted rate.
Currently, BTCMTX tokens are on offer for $0.0127 – although this price is only available for one more day before rising.
As such, those who invest the earliest are rewarded with the lowest entry price, which could prove lucrative if BTCMTX gains traction post-launch.
Many early backers believe this is a distinct possibility, mainly due to Bitcoin Minetrix’s novel Stake-to-Mine model.
As outlined in the project’s whitepaper, this model allows everyday crypto investors to mine BTC without significant upfront investment on advanced computing hardware.
Not only that, but the Stake-to-Mine model allows investors to generate sizable yields on their BTCMTX tokens.
More than 510 million BTCMTX has been staked already, indicating strong confidence in Bitcoin Minetrix’s features.
Ultimately, by removing the barriers to entry and technical complexity from Bitcoin mining, Bitcoin Minetrix seeks to make the process more accessible to a broader audience.
If adopted at scale, this could prove groundbreaking – which is why Bitcoin Minetrix is attracting so much attention from retail investors.
Those interested in the ongoing presale can buy BTCMTX tokens using ETH, USDT, or a credit/debit card.
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