Over the past week, Bitcoin SV (BSV) has experienced a significant 60% price pump, defying expectations of continued sideways trading. BSV is now hovering around the $91.40 level, marking the coin’s highest value since April 2022. Meanwhile, the hot...
Over the past week, Bitcoin SV (BSV) has experienced a significant 60% price pump, defying expectations of continued sideways trading.
BSV is now hovering around the $91.40 level, marking the coin’s highest value since April 2022.
Meanwhile, the hot new altcoin Bitcoin Minetrix (BTCMTX) is heading towards the end of its highly successful presale event – and is being touted as the next coin that could follow in BSV’s footsteps.
Short Squeeze Fires Up Bitcoin SV After Period of Sideways Trading
Bitcoin SV’s remarkable rise over the past week has been primarily driven by a squeeze on short sellers.
According to data from CoinGlass, over $4 million worth of shorts were liquidated in the past 24 hours, contributing significantly to the coin’s upward momentum.
Trading volumes have also escalated dramatically, jumping 512% to reach $723 million as speculators look to get involved.
This development coincides with circulating rumors about potential US regulatory approval of a spot BTC ETF in early 2024.
MicroStrategy’s ongoing BTC accumulation is bolstering this optimism further, with CEO Michael Saylor announcing the purchase of 14,620 more Bitcoins on Wednesday.
This comes when rumors are swirling that US regulators could finally approve a spot BTC ETF in the coming weeks.
All of these elements combine to create a highly bullish environment for cryptocurrencies like Bitcoin SV.
History of BSV – A Brief Overview
Bitcoin SV emerged from a hard fork of Bitcoin Cash (BCH) in 2018 when a group led by Craig Wright broke away to create their own coin.
The “SV” in Bitcoin SV stands for “Satoshi Vision,” reflecting the group’s goal to align more closely with Satoshi Nakamoto’s original whitepaper.
This includes restoring the original protocol, lifting the block size dramatically, and enabling large-scale enterprise applications.
However, many dispute Bitcoin SV’s claims to represent Satoshi’s true vision.
Some critics view BSV as overly centralized around Craig White and his many companies.
Regardless, Bitcoin SV maintains a top 50 market cap, now over $1.7 billion after this week’s pump.
The coin is still trading 81% below 2021’s all-time high, yet there’s now a growing belief that BSV could continue trending upwards now that it’s out of its slump.
Ultimately, only time will tell if Bitcoin SV’s recent surge marks the start of a lasting uptrend or just a short-lived spike.
Hot New Mining Token Bitcoin Minetrix Primed to Follow BSV’s Lead After Raising $6.4m
While Bitcoin SV’s price explosion has turned heads, experienced crypto traders understand that there are often more projects primed to surge.
One such project that’s capturing the attention of early-stage investors is Bitcoin Minetrix (BTCMTX), which aims to democratize Bitcoin mining for all through a novel Stake-to-Mine mechanism.
By staking BTCMTX tokens, users can earn Bitcoin mining credits to acquire direct mining time or a share of mining revenues.
This eliminates the high barriers of entry to traditional Bitcoin mining, allowing anyone to participate.
In addition, Bitcoin Minetrix offers BTCMTX holders the option to stake their tokens in a pool for annual yields of 97%.
Since its September launch, Bitcoin Minetrix’s presale has quickly gained traction, raising over $6.4 million in funding so far.
Once the presale ends, BTCMTX is expected to be listed on several top exchanges, making it accessible to the masses.
Major crypto influencers are already predicting enormous potential for BTCMTX following these listings – with No Bs Crypto even speculating that it could “100x” if the conditions are right.
Bitcoin Minetrix’s innovative features have also helped the project create huge community backing, with more than 7,800 people participating in the official Telegram channel.
While there’s no way of telling what the future holds for Bitcoin Minetrix, its unique mining model and impressive early funding make it a new altcoin worth keeping an eye on.
Visit Bitcoin Minetrix Presale
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