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.
BTCMTX Token Defies Bearish Sentiment & Trends Towards $10m Presale Milestone
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.