Can The Bitcoin Price Hit $50k Even After Fake Spot ETF Approval? Bitcoin Minetrix ICO Raises $8 Million

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The Bitcoin price experienced dramatic swings early morning on Wednesday after the hacked X account of the U.S. Securities and Exchange Commission falsely announced the approval of all spot Bitcoin exchange traded fund (ETF) applications. 

The BTC Price initially climbed to just shy of $48,000, followed by a steep fall to $45,300 after SEC Chair Gary Gensler disclosed the security breach and the falsehood of the announcement 15 minutes later. The fake ETF approval tweet resulted in $90 million worth of long and short positions being liquidated. 

However, the fake approval saga revealed that the SEC’s nod isn’t fully priced in, highlighting the likelihood of the Bitcoin price surging to the $48,000 – $51,000 price range. 

Several BTC-based altcoins are also witnessing strong gains in the ongoing bull market. A new altcoin – Bitcoin Minetrix – with innovative cloud mining utility has raised close to $8 million in its ICO and is being backed by experts to generate 10x returns after its launch. 

Can The Bitcoin Price Hit $50,000 This Week?

The ETF issuers remain confident that the SEC will give its much-awaited green light today. According to a Fox Business report earlier this week, BlackRock had said that its iShares spot BTC ETF will be approved by Wednesday. In a CNBC interview, VanEck CEO Jan Van Eck went a step further, stating that his company’s spot ETF should start trading in the market by Thursday, much quicker than many analysts had previously expected. 

After all, today is the final deadline of Ark Invest’s 21Shares spot Bitcoin ETF (ARKB), making it the last day when the SEC could approve all applications simultaneously without giving any one issuer an advantage. Therefore, today could be the day when BTC hits the $50,000 price point for the first time since December of 2021.

Analysts believe that BTC still has some upside remaining, although it is closing in on creating a lugar top. Crypto trader Jelle, who has over 56k followers on X, highlights that the Bitcoin price continues to form higher lows, which confirms its bullish trajectory. He is confident that BTC will hit $50,000 in the coming days. 

Michael van de Poppe of MN Trading, who has close to 700k followers on X, believes that the impact of spot ETF approval today on the BTC price could be slim, due to yesterday’s shakeout. Nevertheless, he believes that BTC could witness a wick up above the $48,000 level, after which it will start to retrace.

Cloud Mining Token Bitcoin Minetrix Raises $8 Million, Could It 10x After Launch?

Bitcoin’s bull rally since October of last year has turned the crypto mining industry extremely profitable. As the price of BTC surges, so does the value of miners’ reserves and reward. Consequently, crypto mining stocks such as $RIOT and $CIFR are also witnessing strong growth. 

A new cloud mining project – Bitcoin Minetrix – is also experiencing considerable gains in its fundraising phase, recently hitting the $8 million milestone in its ICO. Analysts such as Michael Wrubel and Jacob Bury are extremely bullish on the project, believing that its native cryptocurrency – $BTCMTX – could be 10x after launch. 

The reason for their bullish stance is Minetrix’s crucially important utility. Simply put, Bitcoin Minetrix makes crypto mining simple for small-scale investors – it mines Bitcoin on behalf of the users and distributes profits in proportion to their initial investment. 

The crypto mining industry has been dominated by wealthy corporations for over a decade, due to the large capital investment and technical expertise required. However, Minetrix’s tokenized and decentralized cloud mining approach is challenging the monopoly. 

Users can simply stake $BTCMTX tokens using the Stake-To-Mine dashboard to be a part of the process and earn mining rewards. Additionally, they will also earn staking rewards, currently at an APY of 80%. 

Visit Bitcoin Minetrix ICO

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