The price of Ethereum (ETH) has continued to decline over the past week, dropping below $1,600 as investor uncertainty grows.
ETH’s value has been affected by a combination of external factors, prompting a sharp sell-off from holders.
Meanwhile, many crypto whales are shifting funds away from large tokens like Ethereum and into emerging coins – with Bitcoin Minetrix (BTCMTX) being one of the most talked-about new offerings in this regard.
Combination of Negative Forces Weighs Down Ethereum’s Price
ETH has fallen almost 9% since Oct. 2 for several key reasons – most notably, an increase in the token’s supply.
Ethereum’s burn mechanism has slowed in the past month due to reduced network activity, prompting over 30,000 ETH to be added to the circulating supply.
This increase in supply has negatively impacted ETH’s value, creating a surplus of tokens that outweighs investor demand and puts downward pressure on price.
Additionally, sales by Vitalik Buterin and the Ethereum Foundation itself have damaged market confidence in ETH’s prospects.
Buterin converted nearly $6 million worth of ETH to fiat currency, while the Ethereum Foundation swapped ETH for stablecoins – actions that some investors interpret as red flags.
Finally, demand for the newly launched Ethereum futures ETFs has been weaker than expected, bringing in under $10 million in the first week of trading.
This suggests that institutional appetite for ETH exposure is low, further impacting investor enthusiasm.
When combined with the ongoing regulatory pressure from the SEC, it’s clear why negative sentiment is currently weighing on Ethereum’s price.
Whales Turn to Bitcoin Minetrix as Stake-to-Mine Setup Draws Attention
As Ethereum sinks lower, some crypto whales have begun shifting funds into a new presale token – Bitcoin Minetrix (BTCMTX).
This project aims to reshape cloud mining by letting users stake BTCMTX tokens to earn credits that are burned to access BTC mining power.
Bitcoin Minetrix’s approach removes the huge risks associated with traditional cloud mining platforms, many of which require cash deposits upfront.
Additionally, since Bitcoin Minetrix’s model is entirely decentralized, users retain control of their staked BTCMTX tokens – which can be unstaked and sold anytime.
These elements combine to position Bitcoin Minetrix as a secure platform for everyday investors to tap into crypto mining profits.
With the global cryptocurrency mining market expected to reach a value of $7 billion by 2032, representing a CAGR of 12.90% between now and then, Bitcoin Minetrix appears well-positioned to capitalize on this growing market.
Presale Momentum Positions Bitcoin Minetrix for Strong 2023 Finish
The presale for Bitcoin Minetrix is currently live, intending to raise over $15 million to fund mining operations and marketing efforts.
BTCMTX tokens are priced at just $0.011 during this presale, yet as it progresses, the price per token will increase incrementally – meaning that those who show early faith are rewarded with a lower entry point.
This setup has captured the attention of many within the crypto community, helping raise over $880,000 in just under three weeks.
Investors worldwide have also been piling into Bitcoin Minetrix’s Telegram channel, signaling strong early interest in the project.
As outlined in Bitcoin Minetrix’s whitepaper, 42.5% of the total BTCMTX supply will support the Bitcoin mining process, while 35% will fund marketing.
Notably, 15% of the supply has been set aside for community rewards – with the recently launched “Minedrop” giveaway being the first of such initiatives to engage the community.
Looking ahead, the Bitcoin Minetrix team plans for the token to be listed on major centralized exchanges, as well as decentralized exchanges, once the presale concludes.
These listings aim to give BTCMTX maximum exposure to a broad range of investors, potentially driving up its market value.
Ultimately, with the momentum around Bitcoin Minetrix’s presale showing no signs of slowing down, many believe BTCMTX could be poised for a fruitful end to 2023.
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