Bitcoin to $40k? Crypto Prices Surge as BTC Mining Token Raises $3.1 Million
The post Bitcoin to $40k? Crypto Prices Surge as BTC Mining Token Raises $3.1 Million appeared on BitcoinEthereumNews.com.
The crypto market has been on the rise in recent weeks, with Bitcoin (BTC) pushing above the crucial $30,000 level. Although the BTC price has pulled back slightly in the past day, traders are now speculating whether the coin could hit $40,000 by the end of the year. Meanwhile, crypto mining startup Bitcoin Minetrix (BTCMTX) continues to wow investors during its limited-time presale phase, raising over $3.1 million in early funding. Bitcoin Pulls Back After Hitting Resistance at $35k Over the past 12 hours, Bitcoin has retraced from its recent high above $35,000, giving up some gains after the latest FOMC meeting. BTC is now trading around the $34,850 level, which is a 3% dip from yesterday’s peak. Analysts point to overheating in the derivatives markets as one factor contributing to the pullback. Data showed that Bitcoin derivatives, like futures and options, are at elevated levels – indicating a high amount of leverage and speculation. With the derivatives market overextended, the pullback reflects a “de-risking” by traders, possibly aligning the price with less leveraged positions. The move down could also be a much-needed breather following the Fed’s latest interest rate announcement. Fed Chair Jerome Powell signaled the central bank is considering slowing the pace of rate hikes, which is good news for risky assets like cryptocurrencies. However, Powell reiterated that the Fed is still strongly focused on bringing down inflation – meaning policy uncertainty will likely remain into 2024. Can Bitcoin Regain Momentum & Reach $40k This Year? Amid the BTC pullback, the big question is whether Bitcoin can regain momentum and push towards $40,000 before year’s end. The Fed’s latest comments hint at a potential end to rate hikes, which would bring back liquidity to the crypto market. However, geopolitical tensions and macroeconomic conditions are still creating tension in…
Filed under: News - @ November 3, 2023 3:22 am