IITMIND: EdTech, Finance and Crypto currencies



Bitcoin is gaining attraction among retail investors after major financial giant BlackRock applied for a Bitcoin ETF. With a huge success rate of getting approval for its ETF from the US SEC, retail investors now showing interest in Bitcoin. Also, Fidelity, Citadel & Schwab are launching a crypto exchange called EDXM, Invesco and WisdomTree have both renewed their Bitcoin ETF applications and Germany’s largest asset manager Deutsche Bank has applied for a crypto custody license. It seems the global players the getting in the crypto game and this could be a game-changing factor for the crypto industry which is struggling since Jan 2022. We can expect a huge chunk of fiat money inflow to the crypto market.

The BTC dominance metric has also risen to its highest level since mid-April 2021 today and currently stands at 51%. Yet, the Bitcoin rally has also breathed new life into several alt-coins. The Bitcoin hashrate hit a new All-Time-high (ATH) on June 11th, 2023 at block 7,93,868 which was 516.16 EH/s, however at the time of writing this article the BTC hashrate is 350 EH/s.

As of now, BTC is displaying an extremely bullish price action. Bitcoin bounced back from the 200-day EMA and broke through the downward trend that persisted since Mid-April this year. At the time of writing this article, BTC is trading at $29,350 (12.5% up over the week) with a market capitalization of $570 Billion.

>> Disclaimer Risk warning:- Cryptocurrency Investment is subject to high market risk. The information on our website is for educational purposes only. Please do your own research before investing anywhere, we will not be responsible for your investment losses.

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