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.