The price of Bitcoin (BTC) saw a 10% pump yesterday that has crypto traders wondering if the world’s largest coin can push to the vital $40,000 level.
This price action comes amid renewed optimism in the crypto market leading into the end of the year.
Meanwhile, excitement is also building around the innovative Stake-to-Mine platform Bitcoin Minetrix (BTCMTX), with traders betting it could be the next low-cap token to experience 10x gains.
Crypto traders were buzzing yesterday as rumors swirled about an imminent spot BTC ETF approval.
The positivity comes on the heels of developments around BlackRock’s spot BTC ETF application, with analyst Scott Johnson pointing to new information suggesting the asset manager is taking steps to ready the ETF for launch.
These include securing a specific license and potentially seeding the ETF with cash this month.
While seeding requires little capital, it signals that BlackRock’s application is getting closer to approval from the SEC.
Given these developments, the crypto rumor mill went into overdrive, leading to colossal demand for BTC.
BTC trading volumes also exploded over $53 billion across spot exchanges, lifting other coins like ETH, SOL, DOGE, and PEPE.
With sentiment improving and inflows returning to crypto investment products, the stars seem aligned for Bitcoin to continue its pump in the days and weeks ahead.
While Bitcoin’s surge has been impressive, the sustainability of the move depends on various factors.
Bitcoin is now trading just below the key $34,000 to $35,000 zone, which could determine the coin’s next move.
A bullish close in this area would be a positive sign for HODLers, given that it would be within a territory that hasn’t been seen since May 2022.
Additionally, volume trends reinforce Bitcoin’s bullish momentum, with institutional inflows into crypto investment products positive for the fourth straight week.
Even CME Bitcoin futures volume has doubled, reflecting renewed optimism from the market.
With the technicals and fundamentals aligning, traders are eyeing $40,000 as the next upside target.
Sustained volume could push Bitcoin to this level in the coming weeks, which would mark the coin’s highest value in over 18 months.
All in all, Bitcoin seems well-positioned to reclaim $40,000 and potentially power higher – especially if an ETF approval arrives.
As Bitcoin bulls set their sights on $40,000, an ultra-cheap altcoin called Bitcoin Minetrix (BTCMTX) is turning heads with its own potential.
The project has raised $2.2 million in its presale so far, but with BTCMTX priced at just $0.0112, many early backers believe it could surge 10x (or more) once listed on exchanges.
Bitcoin Minetrix aims to revolutionize Bitcoin mining by tokenizing non-tradable mining credits on the Ethereum blockchain.
This allows anyone to earn yields by staking BTCMTX tokens – capturing the benefits of cloud mining without the drawbacks like fixed terms and cash payments.
With BTC’s next halving event fast approaching, Bitcoin Minetrix’s launch looks timed to perfection to capitalize on BTC’s shrinking supply.
Not only that, but Bitcoin Minetrix also enables token holders to earn yields of 265% per year – thereby creating a dual-earning model.
Unsurprisingly, this unique setup has piqued the attention of crypto influencers, with the likes of Michael Wrubel and Joe Parys endorsing BTCMTX in recent weeks.
Bolstering Bitcoin Minetrix’s credibility even further is the fact that the project is currently ranked in first place on CoinSniper.
With Bitcoin’s momentum not slowing down any time soon, Bitcoin Minetrix appears well-positioned to benefit from the market’s bullish sentiment.
Prospective investors can buy BTCMTX tokens through the official Bitcoin Minetrix website using ETH, USDT, or a credit/debit card.
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