Logo
Cardano Ecosystem

Finbold

01/23/2024

·

37 views


Here’s Why the Bitcoin Price is Falling | Finbold

Press Releases are sponsored content and not a part of Finbold's editorial content. For a full disclaimer, please click here. If you encounter any issues, kindly report them to [email protected]. Crypto...

Here’s Why the Bitcoin Price is Falling | Finbold

Press Releases are sponsored content and not a part of Finbold's editorial content. For a full disclaimer, please click here. If you encounter any issues, kindly report them to [email protected]. Crypto assets/products can be highly risky. Never invest unless you’re prepared to lose all the money you invest.

Bitcoin (BTC) has fallen over 6% in the past two days to $39,000, continuing a downtrend that began on January 11 when spot BTC ETFs were launched in the US.

This bearish sentiment has permeated the entire crypto market, with leading altcoins like Solana (SOL) and Cardano (ADA) also seeing sizable losses.

However, Bitcoin Minetrix (BTCMTX) has emerged as a bright spot during the market sell-off – and is nearing the $10 million funding milestone in its limited-time presale event.

Spot BTC ETF Launch Fails to Spark Next Crypto Bull Run

Bitcoin’s fall this week takes the coin’s losses to 20% in the past two weeks.

This price crash comes on the heels of the much-anticipated launch of spot BTC ETFs in the US earlier this month.

Many expected the ETFs to draw fresh institutional money into Bitcoin and push its price past $50,000.

However, according to an article from the Financial Times, flows have underwhelmed so far – with the ten new ETFs pulling in just $4.7 billion collectively.  

Meanwhile, Grayscale’s Bitcoin trust has seen $3.4 billion exit it since converting to an ETF format.

With the hype around spot ETFs fading, profit-taking from crypto investors has accelerated.

So, rather than sparking the next leg up, the ETFs have enabled easier access for long-term holders to exit their positions.

As a result, Bitcoin’s price has dropped dramatically in the past fortnight – and looks likely to continue doing so in the near term.

Wave of Liquidations Accelerates Bitcoin’s Crash to $39,000

According to data from Arkham Intelligence, Bitcoin’s tumble to $39,000 triggered over $100 million in long liquidations within just one hour earlier today.

The sheer volume of margin calls and forced selling as stops were hit then amplified the sell-off.

As expected, prominent Bitcoin bear Peter Schiff weighed in on the crash, expressing surprise that BTC was still trading above $39,000.

Schiff pointed to the failure of the spot BTC ETFs to meet expectations as justification for his prediction that their approval would be a “sell the news” event.

Given Schiff’s long history of forecasting Bitcoin’s demise, the crypto community often disregards his comments.

However, many believe he has accurately called the market’s reaction in this case.

With the ETF hype bubble seemingly over, the risk of further liquidations and panic selling persists.

Unless buying demand returns quickly, there’s undoubtedly scope for Bitcoin to continue heading lower in the latter half of the week.

Amid the gloom in the crypto market, one project is defying the overall sentiment.

Bitcoin Minetrix (BTCMTX) has continued gaining strong traction through its ongoing presale event, having raised close to $10 million so far.

This new cryptocurrency aims to transform Bitcoin mining by allowing users to earn BTC rewards through a “stake-to-mine” mechanism built on the Ethereum blockchain.

As outlined in the project’s whitepaper, users can earn non-transferable mining credits over time by buying and staking BTCMTX tokens in a smart contract.

These credits can then be exchanged for cloud mining time – leading to recurring BTC payouts.

Rather than requiring expensive hardware or trusting shady third-party platforms, this stake-to-mine setup offers a flexible and secure solution for mining Bitcoin.

The presale, which began last year, has continued to see significant interest despite Bitcoin’s price crash.

Although the presale has no set end date, investors are incentivized to get in early due to its stage-based structure.

This structure sees the BTCMTX price rise every few days – meaning early investors can secure more tokens for their money.

Additionally, the project has released a detailed roadmap outlining its development milestones, which include the release of a custom-built mobile app and partnerships with leading mining firms.

All in all, with its innovative use case and ongoing presale success, Bitcoin Minetrix is undoubtedly a project to watch amidst the current market downturn.

Visit Bitcoin Minetrix Presale

AD

TapTax - Cardano Crypto Taxes Made Simple. Available Now!

Simplify your Crypto Tax experience! From a passive holder, to day trader, to NFT project, we have your taxes covered.BUY NOW!


Read Original Article on Finbold

ORIGINAL SOURCE

https://finbold.com/heres-why-the-bitcoi...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Finbold

See more
Shots fired: Arthur Hayes slams Cardano as ‘dogsh*t’ and ‘wannabe Ethereum’
Finbold
Shots fired: Arthur Hayes slams Cardano as ‘dogsh*t’ and ‘wannabe Ethereum’

last Thursday at 10:45 AM

·

6 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)