The crypto market is bouncing slightly on Thursday, although BTC remains below $60k.
Even bullish investors who believe Bitcoin will hit $100k this year are mentioning the possibility of BTC possibly dipping again to test $50k in the short term.
In the altcoin market, new cryptocurrency Bitcoin Minetrix (BTCMTX) went live amid the Bitcoin price crash on April 30th although is also beginning to bounce and potentially recover after its token burn.
Bitcoin, Crypto Prices Dip
In the wake of Wednesday’s FOMC, the Bitcoin price traded as low as $56,800. Oil prices and Gold are also witnessing strong selling pressure, signalling that the current correction has more to do with macroeconomic risks than any crypto-specific weakness.
However, even bullish investors are concerned. After the crypto market crash today, Bitcoin has officially witnessed the deepest retrace during this bull cycle. It has also lost a crucial support level that it had previously defended every time since March.
#BTC Deepest pullback in this cycle?This current retrace is officially the deepest (-23.6%), recently eclipsing the -22.9% retrace from early 2023Longest pullback in this cycle?63 daysThis current pullback is -23.6% deep and 48 days longBitcoin has already eclipsed… pic.twitter.com/JYFCsCA0gY
— Rekt Capital (@rektcapital) May 1, 2024
Fed Chair Jerome Powell’s speech as more hawkish than before, but less hawkish than feared, and interest rates were neither hiked nor cut. The main catalyst for the Bitcoin price selloff may have been Hong Kong Bitcoin ETFs going live being treated as a ‘sell the news’ event.
However, low-cap cryptocurrencies such as Bitcoin Minetrix continue to see strong demand as investors divest from large-cap cryptocurrencies. BTCMTX raised over $12 million in its seven-month presale.
What Is Bitcoin Minetrix (BTCMTX)?
Bitcoin Minetrix is a cloud mining project, designed to make mining rewards accessible to small-scale retail investors.
The project has been launched to challenge the monopoly of wealthy companies such as Riot Platforms in the Bitcoin mining space. Its stake-to-mine dashboard eliminates the high technical expertise and capital investment required in traditional mining.
Users can simply purchase and stake $BTCMTX tokens in exchange for mining credits. These credits can be burned for BTC mining rewards, all with just a few clicks using the Bitcoin Minetrix dashboard.
Crypto mining as an industry becomes extremely profitable during the bull market and Bitcoin Minetrix allows small-scale retail investors to enjoy the profits as well.
BTCMTX token went live on Uniswap on April 30th. Initially, it saw a pullback as is typical in the case of a presale cryptocurrency. However, it is now making a comeback.
Bitcoin Minetrix bounced 100% on Wednesday after its X account revealed that 10% of the token supply - nearly 400 million tokens - have been burned. Then entered a consolidation on Thursday.
The #BitcoinMinetrix Token Burn is now completed! ✅🔥We have burned 10% of the total token supply equaling to 400,000,000 $BTCMTX #Tokens!Stay tuned for more burn updates coming soon 🚀 TX Hash 🔗 https://t.co/8Heqb2mkMU pic.twitter.com/F0rka8ROLI
— Bitcoinminetrix (@bitcoinminetrix) May 1, 2024
The post also mentions that more token burns will be announced in the coming weeks, which could again see BTCMTX make a move to the upside, especially if crypto prices continue to recover.
Additionally, the project is set to see more milestones including the launch of its stake-to-mine dashboard as well as BTCMTX going live on CEX.
Bitcoin Minetrix Price Prediction - How High Can BTCMTX Go?
Experts are bullish on Bitcoin Minetrix, particularly because of its real-world use case. Indeed, a popular crypto YouTuber ClayBro reveals that he is bullish on the project, particularly because of its passive income and capital gains potential.
Similarly, famous trader Jacob Bury backs BTCMTX to potentially deliver 100x gains, as does YouTuber Insider Alpha.
Predir Capital goes even a step further, signalling the possibility of the new cryptocurrency offering up to 1000x gains.
Find the whitepaper and smart contract audit at the link below and trade BTCMTX on DEX Screener.
Visit Bitcoin Minetrix Website
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
