Why is Crypto Market Reacting Positively to MicroStrategy’s Bitcoin Buy? Here’s How to Earn BTC with Bitcoin Minetrix

MicroStrategy made headlines yesterday after revealing the purchase of 14,620 more bitcoins for around $615.7 million on December 26th. The company paid an average price of $42,110 per bitcoin, adding to its already massive bitcoin treasury.

With this latest acquisition, MicroStrategy now holds a total of 189,150 BTC acquired for approximately $5.9 billion at an average price of $31,168 per bitcoin. The company’s bitcoin holdings are currently worth over $8 billion, representing one of the largest institutional bitcoin treasuries in the world.

The crypto market reacted positively to the news. Analytics platform Santiment noted that MicroStrategy’s continued bitcoin purchases and positive developments have frequently preceded bullish price movement in the past:

“Microstrategy’s latest purchase of $615M in Bitcoin caused some euphoric waves among traders. Now holding over $8B worth of crypto’s top asset, we see that recent purchases and positive news relating to the firm have led to bullish market movement.”

For example, when MicroStrategy reported positive third-quarter revenue results on November 1st, social dominance surrounding bitcoin increased. Shortly after, on November 30th, the company bought 16,130 BTC, and the bitcoin price jumped 17% in the following 5 days.

Similarly, once MicroStrategy’s most recent $615 million purchase hit mainstream media, bitcoin price rose back above $43k. According to Santiment, these examples illustrate a correlation between MicroStrategy’s activities and positive market sentiment.

Strangely enough, Ethereum actually outperformed Bitcoin in the day following MicroStrategy’s purchase. While Bitcoin rose a modest 0.5%, Ethereum gained 6% to trade around $2400. As one crypto analyst noted regarding this divergence:

“BTC funding rates hit a 25-month high. Traders are just speculating on higher prices, which is no problem if the price doesn’t move against them. Otherwise it could be bloody.”

In other words, overly eager speculation that bitcoin’s price will continue rising could get traders into trouble if momentum stalls or reverses. Still, bitcoin appears to be consolidating with bullish potential after holding the $45k resistance level repeatedly. As another analyst described:

“Bitcoin consolidating for a long time. Bullish outlook with 0.618 Fib retracement at 48500 and 45K providing strong resistance. Past tests make 45K weaker. Bullish potential towards a new ATH.”

So in summary, bitcoin is seeing positive momentum with key resistance around $45-48.5k. A breakout above $45k could signal a continued uptrend towards $50k or even new all-time highs. On the other hand, a pullback near $38k support could provide another promising swing trade entry.

Bitcoin Minetrix Introduces Stake-to-Mine Concept for Passive BTC Profits

Against the backdrop of intrigue surrounding both Bitcoin and altcoins, an emerging project called Bitcoin Minetrix (BTCMTX) offers a way to passively earn BTC rewards. Having raised over $6.4 million in its presale so far, Bitcoin Minetrix allows users to stake a native token to gain cloud mining power. This grants users Bitcoin profits without expensive hardware or expertise.

Bitcoin Minetrix introduces a novel “stake-to-mine” concept that opens up Bitcoin cloud mining to everyday users. Cloud mining allows users to rent hashing power from a mining center to mine Bitcoin without owning equipment. However, Bitcoin Minetrix removes the scams prominent in centralized cloud mining by using a tokenized staking system that keeps users in control.

Instead of locking users into risky long-term contracts, Bitcoin Minetrix enables users to simply buy and stake BTCMTX tokens to start earning “Mining Credits.” These credits can then be exchanged for mining time on the decentralized Bitcoin Minetrix service.

This stake-to-mine concept essentially doubles holders’ earning potential by combining staking rewards with Bitcoin mining profits. Participants earn an impressive 99% APY on their staked BTCMTX tokens while also gaining BTC rewards from mining.

The Bitcoin Minetrix presale continues to quickly gather momentum as it passes new milestones. The presale uses a rising price structure where earlier participants benefit from lower entry prices.

The team has outlined plans to get listed on exchanges, launch marketing campaigns, build mobile apps, and expand the team after presale. Ongoing discussions with established mining companies also point to exciting potential growth ahead.

Overall, BTCMTX presents the perfect way to position your portfolio for explosive growth in 2024 alongside Bitcoin’s halving narrative.

Visit BTCMTX Presale

Top crypto platforms | January 2024

The post Why is Crypto Market Reacting Positively to MicroStrategy’s Bitcoin Buy? Here’s How to Earn BTC with Bitcoin Minetrix appeared first on BeInCrypto.

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