Bitcoin’s (BTC) price surged over 10% yesterday to briefly hit $30,000, triggered by rumors that the SEC had approved BlackRock’s application for a spot BTC ETF.
Although Bitcoin’s price has since retraced 6%, some investors remain optimistic, believing that the approval of these ETFs may be imminent.
Meanwhile, the new BTC clone Bitcoin Minetrix (BTCMTX) has just entered the fourth week of its presale event, raising over $1.6 million in early investment and attracting attention from speculators around the globe.
False BlackRock ETF Rumor Briefly Pushes Bitcoin to $30k
On Monday, a false report that the SEC had approved a spot Bitcoin ETF from BlackRock began spreading throughout the crypto market.
BlackRock, the world’s largest asset manager, denied these reports, stating that its ETF application was still “under review.”
However, the excitement generated by these rumors prompted investors to rush into the market and buy Bitcoin, pushing the coin’s value above $30,000 for the first time since early August.
BlackRock’s statement then poured cold water on the buzz, with Bitcoin falling from its peak sharply.
Cointelegraph, the outlet that posted the inaccurate report, has since issued an apology, stating that “an internal investigation is currently underway.”
This episode highlights the critical role that media outlets can play in the volatile crypto market, emphasizing the need for accurate information, given that investors often make split-second decisions based on real-time developments.
Rumor-Driven Short Squeeze Liquidates $100 Million in Bitcoin Positions
Cointelegraph’s false report led to a short squeeze effect, with almost $72 million in short positions being liquidated after BTC spiked to $30,000.
BTC’s rapid surge and plunge also resulted in $31 million worth of long positions being forcibly closed on the way back down, demonstrating the extreme volatility caused by the rumor.
At the time of writing, Bitcoin’s price has settled, creating a minor resistance zone around $28,500 on the 4-hour chart.
The good news for Bitcoin holders is that the price remains in the upward channel it was in, suggesting that the overall trend may still be intact despite the recent volatility.
However, the Bitcoin sentiment index from Augmento.ai has slipped to 0.404 – hinting that investor sentiment may be turning cautious following yesterday’s events.
New Stake-to-Mine BTC Clone Bitcoin Minetrix Gains Traction Amid Bitcoin Volatility
Amid Bitcoin’s volatility, a new BTC clone called Bitcoin Minetrix (BTCMTX) continued gaining traction as an innovative solution to the problems plaguing the world of cloud crypto mining.
Unlike conventional cloud mining services that often require upfront cash payments for mining contracts, Bitcoin Minetrix introduces a “Stake-to-Mine” model.
By purchasing and staking BTCMTX tokens, users can earn non-tradable cloud mining credits, which can be burned to produce mining time.
As outlined in Bitcoin Minetrix’s whitepaper, the platform aims to offer a more decentralized, secure, and efficient route to BTC mining for everyday investors.
The developers have set a presale goal to raise upwards of $15 million in funding, with over 42% of the funds allocated for mining operations.
Additionally, Bitcoin Minetrix’s developers have also integrated a high-yield staking protocol whereby BTCMTX holders can pledge their tokens and earn yields of 362% per year.
Over 115 million BTCMTX tokens have been staked already – indicating a significant initial interest and trust in the platform’s potential.
Would-be investors can buy BTCMTX tokens through the presale for $0.0111 before their official exchange debut.
However, the presale will take a tiered approach, which means the price of BTCMTX tokens will increase by 10% between each stage.
All in all, Bitcoin Minetrix has positioned itself as an intriguing player in the presale space, suggesting potential for a promising future.
Visit Bitcoin Minetrix Presale
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