Crypto Prices Pump As Grayscale ETF Won’t Be Appealed By SEC, Is This Bitcoin Alternative The Best Crypto To Buy Now?
Monday, October 16th, 2023 - After the US Securities and Exchange Commission (SEC) declined to request an appeals court reconsideration of the Grayscale Bitcoin ETF, the Bitcoin price has exploded - triggering a scramble for Bitcoin alternatives such as Bitcoin Minetrix ($BTCMTX).
Allured by the prospect of this new tokenized Bitcoin cloud mining platform, which enables retail investors to mine BTC across decentralized mining infrastructure, the Bitcoin Minetrix presale has now entered its second stage with $1,583,700 raised.
The Bitcoin price has been invigorated by the SEC’s latest move, and this comes amid revelations that the US Government holds the biggest BTC reserve of any country.
The huge shift in fundamental headwinds has seen Bitcoin’s price push up for three consecutive days, with BTC currently trading at a market price of $28,200.
The top cryptocurrency is printing a dramatic day on the markets, with a fake news story published by CoinTelegraph sending its price surging above the 20DMA - a moving average which saw a double-rejection of upside movements by Bitcoin just over a week ago.
The shift to upside momentum has been triggered by market excitement at the potential demand-side pressure an imminent Bitcoin spot ETF could induce.
And this has had knock-on implications for futures market ETFs, such as the ProShares Bitcoin Strategy ETF (BITO) - which has surged an impressive 5.29%.
But while TradFi markets await the arrival of the highly anticipated ETF, investors are rushing to identify alternative investments at lower price points.
No longer the mainstay of basement ASICs, Bitcoin mining is now a multi-billion dollar industry, but with the success of Bitcoin mining centers comes the challenge of increased
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