The Bitcoin Price Continues to Surge, Reaching Three-Month High
The price of Bitcoin has experienced a second surge in the past week, reaching levels not seen since mid-July. The initial surge occurred when fake news claimed that the US Securities and Exchange Commission had approved a Bitcoin spot ETF. Although this turned out to be false, the increased activity in the market pushed the price of Bitcoin above $28,000. The price remained in the mid-$28,000 range for several days until it broke through resistance at $28,800 on Friday. Since then, Bitcoin has reached a high of $30,936.
Bitcoin Shorts Increase as Traders Anticipate a Correction
With Bitcoin reaching a three-month high, many traders are expecting a correction in the market. Reports suggest that a large number of accounts dealing with Bitcoin futures are opening short positions in anticipation of this correction. On Binance, around 60% of accounts have gone short on Bitcoin futures, while on Coinglass, traders are evenly split between long and short positions.
Bitcoin Minetrix Presale Raises Over $2 Million
As interest in Bitcoin continues to grow, a new project called Bitcoin Minetrix is offering users the ability to mine BTC through its cloud platform. The project recently held a presale where tokens were sold at $0.0111 each. Users can stake these tokens and receive credits that allow them to mine Bitcoin and earn mining rewards through the platform’s cloud mining service. Bitcoin Minetrix aims to provide a decentralized and transparent platform to address concerns about legitimacy in the cloud mining industry.
Hot Take: Caution Advised as BTC Price Surges
While the recent surge in the price of Bitcoin is exciting for investors, caution is advised as the market may experience a correction. Traders are opening short positions in anticipation of this correction, and it is important to monitor market conditions closely. Additionally, the Bitcoin Minetrix project offers an innovative way to mine BTC through its cloud platform, providing an alternative for those interested in participating in the crypto mining industry.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
