Bitcoin and Ethereum are on a tear thanks to a huge Coinbase court victory over the weekend.
Adding to the bullish sentiment, Bitcoin Minetrix (BTCMTX), a new cloud mining project, continues to generate hype – with its presale closing in on the $13 million milestone.
Crypto Market Booms as BTC & ETH Take Off
Crypto investors are buzzing after BTC and ETH surged following a wave of buying pressure.
Bitcoin has soared over 4% to $72,500 – its highest price in nearly a month.
Ethereum is also showing off, up a staggering 7% to $3,640, which is a level not seen since March 31.
Thanks to these price pumps, the Crypto Fear & Greed Index has returned to 76, indicating “Extreme Greed.”
The optimism has also seen open interest in Bitcoin futures contracts passing $35 billion as traders begin to go long.
Even more eye-catching, over $48 billion in spot trading volume occurred across just BTC and ETH in the past day alone.
As these metrics highlight, there’s been a buying frenzy in the crypto market, with both retail and institutional investors getting involved.
While some are calling it unsustainable euphoria, others believe this could be the start of the next bull cycle ahead of Bitcoin’s halving in under two weeks.
Coinbase’s Court Win Fuels Bullish Crypto Sentiment
The surge in Bitcoin and Ethereum’s prices may be partially fueled by the positive legal news surrounding Coinbase.
Coinbase scored a huge win against a class-action lawsuit claiming it facilitated unregistered securities transactions.
A U.S. appeals court cleared Coinbase of any wrongdoing in selling certain crypto assets on its platform.
This legal victory removes a dark cloud that has been hanging over Coinbase and the broader crypto market in terms of regulatory uncertainty.
For years, there’s been a debate over whether specific cryptocurrencies should be treated as securities.
This court ruling now provides some much-needed clarity – at least for secondary market trading.
Unsurprisingly, crypto investors are celebrating this decision as a win for digital asset adoption since it essentially greenlights Coinbase to keep offering a wide variety of coins and tokens.
And with this legal headache out of the way, bullish sentiment is rampant.
As BTC Surges, Bitcoin Minetrix’s Stake-to-Mine Model Turns Heads as Presale Nears $13M Mark
Fueled by this exuberance, investors are also flocking to projects like Bitcoin Minetrix, which has seen an uptick in demand over the past 24 hours.
This platform allows regular investors to get in on Bitcoin mining through a novel “Stake-to-Mine” model.
Bitcoin Minetrix’s model has resonated with investors – leading to almost $13 million raised in the ongoing presale.
To use Stake-to-Mine, it’s simply a case of buying and staking BTCMTX tokens, which will generate cloud mining credits.
The more BTCMTX a user stakes, the more credits are racked up over time.
These credits can then be burned in exchange for actual mining power through Bitcoin Minetrix’s cloud mining rigs.
In addition to their mining rewards, BTCMTX holders can receive estimated yields of 54% per year.
Ultimately, what makes Bitcoin Minetrix so appealing is that it finally solves the major pain points that have locked most people out of BTC mining – namely, the crazy hardware costs and prevalence of cloud mining scams.
The project’s value proposition has piqued investors’ attention, with over 14,500 people now participating in Bitcoin Minetrix’s Telegram group.
Much of the discussion in this group centres around the planned exchange listing for BTCMTX, which will take place once the presale ends.
All in all, as the bullish momentum in the market ramps up, don’t be surprised to see Bitcoin Minetrix continuing to attract retail interest in the weeks ahead.
