Bitcoin ETF Approval Looms, Bitcoin Minetrix Raises $7.5m as FOMO Builds

NEW YORK, Jan. 5, 2024 /PRNewswire/ -- The Bitcoin price is hovering around the $44,000 mark in readiness for a breakout to $50,000 if and when a Bitcoin ETF is approved, possibly as early as today, while tokenized cloud-mining innovator Bitcoin Minetrix ($BTCMTX) has raised more than $7.5 million from contributors.

The fundraising for Bitcoin Minetrix is speeding up, with $2.5 million of the total so far raised in the past four weeks alone.

Currently priced at $0.0126 in Stage 17 of its ICO, Bitcoin Minetrix is pioneering tokenized cloud mining.  

With less than 24 hours to go before the presale price of the $BTCMTX token rises to $0.0127, there is no time to lose to lock in the lowest available price.

https://x.com/bitcoinminetrix/status/1732444958475341926

Volatility in the bitcoin price is heating up as speculation and rumor abound regarding the expected approval of the first bitcoin ETF in the US draws ever closer.

Fox Business reported yesterday that SEC lawyers held meetings with the US exchanges on which the ETFs will be trading – the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange.

This was taken as yet another positive sign that the SEC will approve the spot Bitcoin ETF. It follows a client note two days ago from Singapore-based Matrixport that said it expected the SEC to reject the applications before it, with approval more likely to come in the second quarter. 

The report sent the bitcoin price into a tailspin, but it has since made up more than half of the losses that saw it trading as low as $40,813 after a 10% drop.

This week's dramatic moves in the bitcoin price speak to the relative immaturity of the market, but also the binary nature of the narrative, at least in part, underpinning the bitcoin bull story going into 2024.

But for investors looking to get exposure to the bitcoin price upside that will flow from the spot ETF approval and the four-yearly halving of bitcoin block rewards sometime in April, Bitcoin Minetrix provides a less risky way to play this market.

If Bloomberg Intelligence analysts are right, there is still a 90% chance of approval coming in January, but even if it is Q2 2024, an investment in Bitcoin Minetrix today provides a way to enter the market that avoids exposure to the extreme volatility seen in recent days.

On Wednesday, when bitcoin lost 10% of its value in minutes, it led to hundreds of millions of dollars in forced liquidations of long positions held by traders, often on leverage.

Jacob Joseph, research analyst at CCData (formerly CryptoCompare), told Bloomberg, "While it still seems likely that a spot Bitcoin ETF will be approved in the coming days, any delay contrary to the market consensus is likely to result in a larger drawdown for digital assets."

Across the derivatives exchanges, as much as $500 million was erased from trader accounts. Meanwhile, data compiled by Coinglass for 3 January showed $120 million in liquidation of long positions.

Bitcoin Minetrix's advantages over buying mining rigs and trying to set up a business by yourself are obvious in terms of the far lower upfront capital outlay involved in cloud mining.

There's also no need to worry about getting to grips with the complicated intricacies of the bitcoin protocol.

Running on Ethereum, Bitcoin Minetrix rewards stakers of its native $BTCMTX token with cloud-mining credits. By doing so, it opens up a passive income stream offering a percentage of the mining revenue based on the share of cloud-mining credits. The cloud-mining credits are exchangeable for cloud-mining power.

The pay-as-you-go approach of the cloud mining model is attractive, but it has its downsides – that is until Bitcoin Minetrix appeared on the scene to offer a different approach.

Cloud mining unfortunately has developed a bad reputation fraud. A quick Google and it won't take long before coming across a story about victims handing over hard cash for a cloud mining contract, only for no mining rewards ever to be earned and distributed by the service purveyor.

Bitcoin Minetrix is fraud-resistant because everything is on-chain. The system's stake-to-mine smart contract handles all of the cloud credits and allocation to mining and the time period over which mining is to take place, all set by the user via their own bespoke dashboard.

Transparency and efficiency combine to deliver an easy-to-use product that threatens to unleash revolutionary change in the cloud mining space.

A byproduct of this near-frictionless route into mining bitcoin is the way in which it can help to grow the hash power (computing resource) of the network, making it even more secure and decentralized.

At the beginning of Bitcoin's journey to transform money, it was possible to mine the digital currency on a laptop, but those days are long gone. However, with Bitcoin Minetrix the door has been reopened for the little guy.

As you would expect, the largest allocation of the funds will go directly into the mining operations – 42.5% of the BTCMTX tokens.

Marketing efforts to ensure that the project gains traction will take up 35% of the token allocation, while 12.5% is for BTCMTX staking rewards which will be distributed in the period prior to the Bitcoin Minetrix cloud mining platform going live. 10% is allocated to community rewards for active participation in the project.

The Bitcoin Minetrix team recently appointed ambassadors to start putting in place partnerships with cloud vendors, other businesses and stakeholders to effect a flawless launch.

Mohammad Sitaboha, Lutfi Khanfar and Ghazi Sitaboha will be leading from the front for the project.

Mohammad is a highly experienced marketing strategist while Lutfi brings a wealth of knowledge in finance and sustainability. Ghazi is focused on cementing the key financial and business partnerships essential to the project's innovative approach to Bitcoin mining.

Keep up to date with all the Bitcoin Minetrix presale news and product developments on the Telegram channel, Discord server, and X (Twitter).

Buy Bitcoin Minetrix Here

Media contact - Gary McFarlane, gary.mcfarlane@clickoutmedia.com 

Photo - https://mma.prnewswire.com/media/2311931/Bitcoin_Minetrix.jpg

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