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The price of Bitcoin ($BTC) rebounded by a solid 9% this week as investors rushed to get positioned in the number one ranked crypto after anticipation of the SEC spot ETF approval builds.
The cryptocurrency was trading as low as $40,400 on Monday but has since rebounded to climb as high as $44,250 today.
With the bullish momentum back in the market, traders wonder if $50,000 will be breached again this weekend.
Meanwhile, a newly emerging Bitcoin derivative is also rising.
Bitcoin Rebounds 9% As SEC Bitcoin Spot ETF Approval Drives Markets Higher
The price of Bitcoin is back on the rise as the SEC Bitcoin spot ETF approval continues to drive the narrative.
According to Bloomberg and FOX experts, the SEC is expected to give the green light on the first spot Bitcoin ETF by January 10, 2024 – meaning there are just nineteen days until the event.
The SEC recently engaged in a rare joint conference call with Bitcoin ETF applicants, suggesting that the regulator is getting closer to approving the Bitcoin spot ETF.
BlackRock recently updated its ETF application to signal that it would comply with the SEC’s request to ensure the ETF is a cash-based vehicle.
At the same time, many of the applicants have been releasing multiple advertisements to promote the incoming ETFs.
The first to move was Bitwise, who released their advertisement earlier in the week;
A word to the wise, from a man of few words. #bitcoinisinteresting https://t.co/wantGiAIqJ pic.twitter.com/x5MPbElEev
— Bitwise (@BitwiseInvest) December 18, 2023
All of these developments suggest that the first Bitcoin spot ETF is ready to be approved in early January 2024.
Can Bitcoin Hit $50,000 This Weekend?
With the bulls back driving the markets higher, many traders wonder if Bitcoin can hit $50,000 this weekend.
The cryptocurrency rebounded from the 20-day MA level earlier this week and started to climb higher after reclaiming ground above $22,000.
It has now met resistance around the $44,000 level, provided by a 1.414 Fib Extension.
Looking ahead, if Bitcoin can climb above $44,000 and clear the resistance at $44,750 (Feb 22’ resistance), the first level of higher resistance lies at $46,740 (1.618 Fib Extension).
The bulls would then need to challenge the 2022 highs at $48,280 before being clear to move to $50,000.
What Other Tokens Are Also Rising?
While the buyers start pushing Bitcoin higher, a handful of other tokens are also rising.
In particular, Bitcoin derivatives are sharing the spotlight as investors seek alternative vehicles to profit in light of the incoming regulatory approval.
One project that continues turning heads is Bitcoin Minetrix ($BTCMTX), a platform designed to decentralize the mining sector ahead of the next Bitcoin block halving.
Bitcoin Minetrix Hits $5.7 Million Milestone as Investors Rush to Stake-to-Mine.
Bitcoin Minetrix has raised an astonishing $5.7 million in its presale as investors rush to the stake-to-mine concept.
The project is designed to help everyday users easily mine Bitcoin through a decentralized cloud-based mining operation.
The mining platform intends to remove central authorities from cloud mining, removing the prevalent scams plaguing the industry.
To start mining, users must buy and stake $BTCMTX tokens to earn Mining Credits.
These Mining Credits can then be burnt in exchange for mining time on the Bitcoin Minetrix mining system,
Tokenizing the sector ensures that miners control entirely their funds in the mining process.
Furthermore, miners don’t have to worry about being short on mining earnings as smart contracts automatically allocate mining rewards.
The project wants to transform the cloud mining landscape through stake-to-mine ahead of the 2024 Bitcoin block halving.
Judging by its impressive climb to the $5.7 million milestone, it’s clear that investors are backing this as a disruptive force in the mining sector.
Prominent analysts like Zach Humphries and Michael Wrubel have also endorsed the project’s novel approach to cloud mining.
The presale provides the perfect opportunity to get positioned in this long-term growth project at the ground level.
Users can currently purchase $BTCMTX tokens for $0.0123.
However, the price increases during each subsequent presale stage, so those getting positioned earlier benefit from the lower entry prices.
Overall, Bitcoin Minetrix is making waves in the Bitcoin derivatives sector as it looks to transform cloud mining for the better.
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