Ethereum Price Falls Another 4% But Bitcoin Minetrix ICO Nears $10 Million Milestone – Crypto News BTC

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Ethereum (ETH) has seen one other leg down over the previous 24 hours, shedding 4% of its worth because the bears keep management of the market.

ETH now trades round $2,230 – 17% under its native excessive of $2,710 set on January 12.

Nonetheless, whereas Ethereum struggles, the Bitcoin Minetrix (BTCMTX) presale continues gaining momentum and has now raised a staggering $9.1 million in funding.

Ethereum Extends Losses as Promoting Stress Mounts

ETH has closed within the crimson for 4 straight days, dropping under the 50-day exponential shifting common (EMA) in that time-frame.

The token is now buying and selling on the similar degree it was in the course of the first week of January, proper earlier than its 25% surge.

Whereas ETH’s value has been dropping, buying and selling volumes have increased by 26%, hitting $16.6 million previously day.

This means that crypto merchants are actively promoting ETH at present ranges, prompting extra draw back momentum.

The subsequent potential help for ETH is positioned round $2,150, which held agency all through most of December.

Nonetheless, if ETH had been to interrupt this degree, it might end in an additional 10% drop to the subsequent help area at $1,900.

With the Crypto Fear & Greed Index dropping to a worth of 48, there’s a rising perception amongst merchants {that a} decline like this might be on the playing cards – particularly given the bearish strain seen all through the remainder of the crypto market.

Spot Ethereum ETF Hopes Face Regulatory Resistance from the SEC

Whereas Ethereum’s value woes have dampened sentiment just lately, there’s a potential catalyst on the horizon that would give ETH a big enhance.

Quite a few firms have filed applications with the SEC for a spot ETH ETF within the US, and approval would permit mainstream buyers easy accessibility to Ethereum publicity for the primary time.

Nonetheless, the prospects of such an ETF being launched stay unsure, with SEC Chair Gary Gensler remaining tight-lipped.

Furthermore, whereas spot Bitcoin ETFs had been authorised earlier this yr, Gensler acknowledged this doesn’t point out a willingness to green-light different crypto funds.

The primary determination deadlines fall in Might 2024, with extra rulings on different functions anticipated over the summer season.

If a spot ETH ETF was authorised, analysts predict it might have an enormous impression on the token’s worth.

However, with readability on the matter nonetheless months away, Ethereum holders could need to brace for additional draw back within the interim.

Revolutionary Bitcoin Minetrix Defies Bear Pattern with Stake-to-Mine Innovation

Whereas the markets wait to see if Ethereum can bounce again or achieve momentum from a possible ETF approval, some crypto tasks are powering ahead regardless of the bearish sentiment.

One instance is Bitcoin Minetrix (BTCMTX), an progressive platform providing a “Stake-to-Mine” mechanism for incomes Bitcoin.

Bitcoin Minetrix permits customers to stake its native token to earn mining credit.

These credit present entry to the mission’s cloud mining operation, enabling stakers to generate BTC payouts with out buying or sustaining {hardware}.

As well as, BTCMTX offers staking rewards of 72% per year for merely holding the token.

This gives compounding passive earnings, permitting customers to build up extra BTCMTX to spice up their mining earnings.

Unsurprisingly, this dual-reward mechanism has pushed important curiosity within the ongoing BTCMTX presale occasion and helped the project’s Twitter account attain 18,800 followers.

BTCMTX has even been referenced by high-profile YouTubers like Austin Hilton, who endorsed the token to his 244,000 followers.

Whereas macro circumstances weigh on main cryptos like Ethereum, Bitcoin Minetrix demonstrates tasks with progressive use circumstances can nonetheless thrive.

Early buyers should buy BTCMTX tokens by way of the presale for simply $0.013 – though this value is simply out there for 2 extra days earlier than rising.

Visit Bitcoin Minetrix Presale

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