ALBAWABA - Bitcoin (BTC) experienced a 6% drop over the last two days, reaching $39,000, extending a downtrend initiated on January 11 with the launch of spot BTC ETFs in the US. This bearish sentiment has impacted the broader crypto market, leading to notable losses in major altcoins like Solana (SOL) and Cardano (ADA).
Spot BTC ETF Launch Fails to Ignite Bull Run
The recent decline in Bitcoin, totaling a 20% loss in the past two weeks, follows the much-anticipated launch of spot BTC ETFs in the US earlier this month. Despite expectations that these ETFs would attract fresh institutional investments, the reality has fallen short, with the ten new ETFs collectively drawing in just $4.7 billion, according to the Financial Times. Even Grayscale's Bitcoin trust saw a $3.4 billion exit since converting to an ETF format, leading to increased profit-taking and an accelerated market sell-off.
Bitcoin experienced a 6% drop, to $39,000. (Shutterstock)
Wave of Liquidations Intensifies Bitcoin's Crash
Data from Arkham Intelligence reveals that Bitcoin's drop to $39,000 triggered over $100 million in long liquidations within one hour. The volume of margin calls and forced selling amplified the sell-off, prompting comments from prominent Bitcoin bear Peter Schiff, who expressed surprise that BTC was still trading above $39,000. Schiff attributed the downturn to the failure of spot BTC ETFs to meet expectations, labeling their approval as a "sell the news" event.
BTCMTX Token Defies Bearish Trends in Ongoing Presale
Amidst the broader market downturn, Bitcoin Minetrix (BTCMTX) stands out as a bright spot, nearing the $10 million funding milestone in its ongoing presale. BTCMTX introduces an innovative approach to Bitcoin mining, allowing users to earn BTC rewards through a "stake-to-mine" mechanism on the Ethereum blockchain. Despite Bitcoin's price crash, the project's unique model has attracted significant interest, offering a flexible and secure solution for mining without relying on expensive hardware or questionable third-party platforms.
The presale, initiated last year, remains open-ended, encouraging early investor participation with a stage-based structure that increases the BTCMTX price every few days. The project's roadmap outlines key milestones, including the launch of a custom mobile app and strategic partnerships with leading mining firms. In the face of market challenges, Bitcoin Minetrix emerges as a promising project with a compelling use case, presenting a beacon of optimism during the current crypto market downturn.
