Bitcoin Price Surges Past $50k as Bitcoin Minetrix ICO Approaches $11m

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Bitcoin’s (BTC) price has surged past $50,000 for the first time since Decem­ber 2021, boost­ing opti­mism around the future of the world’s largest cryptocurrency.

Cryp­to bulls are cheer­ing the new high, cit­ing insti­tu­tion­al adop­tion and the upcom­ing halv­ing as dri­vers of the lat­est rally.

With pre­sale projects like Bit­coin Minetrix (BTCMTX) also near­ing $11 mil­lion raised, it’s clear there is still a mas­sive appetite for cryp­to projects with strong toke­nomics and real utility.

Bitcoin Rallies Past $50k as Halving Fuels Mining Frenzy

Bitcoin’s return above the $50,000 lev­el rep­re­sents a dra­mat­ic turn­around from its lows below $25,000 seen in September.

While some ana­lysts point to improv­ing macro con­di­tions as a dri­ver of Bitcoin’s surge, oth­ers con­sid­er the upcom­ing halv­ing in April the pri­ma­ry catalyst.

The halv­ing will cut min­ing rewards in half, enhanc­ing the scarci­ty of new­ly-cre­at­ed Bitcoins.

Accord­ing to the laws of sup­ply and demand, assum­ing demand remains con­stant, decreas­ing the sup­ply of new Bit­coins enter­ing cir­cu­la­tion should put upward pres­sure on price.

Unsur­pris­ing­ly, this pos­si­bil­i­ty has boost­ed the share prices of pub­licly trad­ed cryp­to min­ing com­pa­nies, which stand to ben­e­fit from ris­ing Bit­coin prices.

Major min­ing stocks like RIOT and MARA have seen their share prices rise over 50% in the past week alone.

With the halv­ing fast approach­ing, min­ing stocks seem poised to con­tin­ue ral­ly­ing if Bit­coin main­tains its upward momentum.

Bitcoin ETF Demand Outpaces Crypto Miners By 10x

While the upcom­ing halv­ing has fueled excite­ment around Bit­coin min­ing stocks, anoth­er major dri­ver of BTC’s price surge is the huge insti­tu­tion­al demand from recent­ly launched spot ETFs.

These ETFs have seen enor­mous inflows, gob­bling up Bit­coin sup­ply faster than min­ers can produce.

Spot Bit­coin ETFs scooped up over 10,000 BTC yes­ter­day – worth more than $493 million.

Com­pared to the 1,059 new­ly mint­ed BTC worth $51 mil­lion gen­er­at­ed by min­ers on the same day, the appetite from insti­tu­tion­al investors has sig­nif­i­cant­ly out­paced supply.

With major funds like Black­Rock and Fideli­ty lead­ing the ETF charge, this trend is like­ly to con­tin­ue in the short term.

As long as inflows con­tin­ue exceed­ing pro­duc­tion, the fun­da­men­tals are aligned for fur­ther upside in the BTC price.

Some promi­nent ana­lysts, includ­ing Adam Back, even believe Bit­coin could hit $100,000 before the next “hal­ven­ing.”

New Stake-to-Mine Project Bitcoin Minetrix Approaches $11m Milestone as Hype Builds

Amid the excite­ment around Bitcoin’s break of $50,000, a new cryp­to project is gain­ing attention.

Bit­coin Minetrix, a tok­enized cloud min­ing plat­form, is approach­ing $11 mil­lion raised in its pre­sale ini­tial coin offer­ing (ICO).

The project aims to pro­vide every­day cryp­to enthu­si­asts with a sim­ple way to earn Bit­coin through cloud min­ing with­out the risks of third-par­ty providers.

Users can pur­chase and stake BTCMTX tokens to earn cred­its, which are then burned to gain Bit­coin min­ing power.

This mod­el, titled “Stake-to-Earn,” removes depen­dence on exter­nal min­ing companies.

With Bitcoin’s sup­ply rate set to be cut in half soon, increas­ing the min­ing dif­fi­cul­ty, Bit­coin Minetrix seems well-posi­tioned to cap­i­tal­ize on poten­tial bull­ish trends.

Bit­coin Minetrix’s pre­sale has attract­ed sig­nif­i­cant inter­est, rais­ing over $10.7 mil­lion so far from retail investors.

The cur­rent price of BTCMTX is set at $0.0134 – although this will rise in two days once the next stage begins.

Once Bit­coin Minetrix’s pre­sale ends, the devel­op­ment team intends to list BTCMTX on a selec­tion of well-known exchanges.

Mem­bers of Bit­coin Minetrix’s Telegram com­mu­ni­ty believe these list­ings could be the key to colos­sal price growth for BTCMTX.

Over­all, as seen with min­ing stocks, sub­stan­tial enthu­si­asm sur­rounds assets tied to Bit­coin production.

If Bit­coin Minetrix can deliv­er on its promis­ing min­ing con­cept, its pre­sale looks set for a strong finish.

Vis­it Bit­coin Minetrix Presale

Dis­claimer: The above arti­cle is spon­sored con­tent; it’s writ­ten by a third par­ty. Cryp­toPota­to doesn’t endorse or assume respon­si­bil­i­ty for the con­tent, adver­tis­ing, prod­ucts, qual­i­ty, accu­ra­cy, or oth­er mate­ri­als on this page. Noth­ing in it should be con­strued as finan­cial advice. Read­ers are strong­ly advised to ver­i­fy the infor­ma­tion inde­pen­dent­ly and care­ful­ly before engag­ing with any com­pa­ny or project men­tioned and do their own research. Invest­ing in cryp­tocur­ren­cies car­ries a risk of cap­i­tal loss, and read­ers are also advised to con­sult a pro­fes­sion­al before mak­ing any deci­sions that may or may not be based on the above-spon­sored content.

Read­ers are also advised to read CryptoPotato’s full dis­claimer.

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