With a highly anticipated decision imminent for the Bitcoin ETF, investors are waiting to see whether the SEC will approve it this week.
Some analysts predict that if approved, the launch could send Bitcoin prices to new highs as institutional capital flows into the cryptocurrency market.
Final Amendment Submitted to Spot Bitcoin ETF Decision
Expectations for a spot BTC ETF reached new levels this week as a final decision on approval approaches.
On Monday, 10 ETF applicants, including financial giant BlackRock, submitted final amendments to their filings.
Sources told CNBC that application approvals for a “small number” of applicants could come as early as Wednesday.
Once approved, trading on the newly approved ETFs could begin almost immediately, and potentially even on Thursday or Friday, according to some estimates.
The barrage of news events has pushed the price of Bitcoin back above $46,000 as investors bet on expectations that billions (if not trillions) of new capital will enter the market.
With the amendment submitted yesterday, an active fee war is taking place between issuers.
Grayscale proposed a maximum fee of 1.5%, and Bitwise attempted to attract investors with a minimum fee of 0.24% and a 6-month exemption.
All eyes are now on the SEC’s next move, with former SEC Chairman Jay Clayton now saying approval is “inevitable.”
How high can Bitcoin go as experts weigh its price potential?
As expectations grow for the spot BTC ETF, analysts predict a big price rise when trading begins this week.
Billionaire investor Tim Draper doubled his 2024 Bitcoin price target to $250,000.
With new ETFs potentially unleashing a flood of institutional capital, his wildly optimistic outlook suddenly seems less far-fetched.
Similarly, Twitter analyst UK HODL highlighted in a Standard Chartered report that $50 billion to $100 billion could flow into Bitcoin ETFs in the first year.
Using conservative assumptions, he believes this volume could push Bitcoin between $319,000 and $600,000 within 12 months.
Blockstream CSO Samson Mow also made a very optimistic prediction.
Mow is not specifically connected to ETFs, but said he believes Bitcoin will reach $1 million and has no time to convince skeptics.
Analysts’ overwhelmingly positive outlook indicates high confidence that this week’s SEC approval could propel Bitcoin to new highs.
This puts all eyes on the SEC as anticipation grows for a potential ETF launch.
Which altcoins could benefit from the approval of a spot BTC ETF?
Given that spot Bitcoin ETFs could help bring cryptocurrencies into the mainstream, smart investors are looking for the next altcoin that could follow in BTC’s footsteps.
One emerging project that could benefit is Bitcoin Minetrix (BTCMTX), an Ethereum-based platform focused on innovating the Bitcoin mining space.
Bitcoin Minetrix Presale Raises Millions as Investors Bet on Stake-to-Mine Innovation
Bitcoin Minetrix has been one of the most talked about upcoming cryptocurrency launches in recent months and has now raised over $7.9 million in pre-sale funding.
During the pre-sale period, early investors can purchase Bitcoin Minetrix’s native token, BTCMTX, at a discounted price.
Currently, the BTCMTX token is offered at $0.0127. However, these prices are only available one day before the increase.
Therefore, those who invest first will be rewarded with the lowest entry price, which could be profitable if BTCMTX gains traction after launch.
Many early backers believe this is a distinct possibility, primarily due to Bitcoin Minetrix’s new Stake-to-Mine model.
As explained in the project’s whitepaper, this model allows everyday cryptocurrency investors to mine BTC without a significant upfront investment in advanced computing hardware.
Additionally, the Stake-to-Mine model allows investors to generate significant returns on BTCMTX tokens.
More than 510 million BTCMTX have already been staked, indicating strong confidence in the capabilities of Bitcoin Minetrix.
Ultimately, Bitcoin Minetrix strives to make the process more accessible to more people by removing the barriers to entry and technical complexity of Bitcoin mining.
If adopted on a large scale, this could prove groundbreaking. This is why Bitcoin Minetrix is attracting so much attention from retail investors.
Those interested in the ongoing pre-sale can purchase BTCMTX tokens using ETH, USDT, or credit/debit cards.