Summary of the Article
- Bitcoin (BTC) is trading just above $30,800 after a marginal change of less than 1 percent in the last 24 hours.
- Institutional investors are showing increased interest in Bitcoin – with multiple companies filing for Bitcoin spot ETFs.
- The upcoming halving event in April 2024 is also causing excitement and anticipation among the crypto community.
Bitcoin Price Holds Steady Above $30K
Bitcoin (BTC) is holding steady above $30,000, a sign that bulls are taking charge of the market. At the time of press, BTC is trading just above $30,800 after a marginal change of less than 1 percent in the last 24 hours. Going into the new month, there’s optimism that the new month will be strong for the world’s largest crypto asset as data from past 3 years show that BTC has gained at least 20 percent in July.
Institutional Interest on The Rise
The recent uptrend has been attributed to renewed interest from institutional investors. In the last couple of weeks, BlackRock -the world’s largest asset management firm- has filed for a Bitcoin spot ETF. Fidelity has also joined in this pursuit despite the Securities and Exchange Commission’s (SEC) never having accepted any previous applications. Other major companies that have joined Fidelity and BlackRock include Blackstone, Invesco, and WisdomTree. Out of 576 ETF applications by BlackRock, SEC has approved 575 and rejected only one – which shows promise for those banking on a Bitcoin spot ETF approval soon.
Retail Investors Seek Refuge In Crypto
Retail investors are also increasingly seeking Bitcoin after most economists predicted a number of countries including the U.S. will enter recession in 2023. Already, major economies such as Germany have entered a recession in the last couple of months with predictions that United Kingdom will be next to follow suit. This further points to an increase demand for bitcoin from retail investors who are looking for refuge from economic uncertainty caused by global recessions and inflationary pressure on traditional assets like cash or bonds..
Halving Event Anticipation Builds UpThe crypto community is beginning to get excited about upcoming 2024 halving event which is predicted to occur on April 2024 . This historic monumnetal event when block rewards miners receive when they successfully mine Bitcoin blocks are cut by half aims to reduce inflationary pressure on BTC while simultaneously increasing its value due to scarcity dynamics driving up its price over time .
< h2 >Future Outlook h 2 > With institutional investors filing applications for Bitcoin spot ETF’s , renewed retail investor interest amidst economic contraction and growing anticipation towards halving event , it appears bullish momentum around BTC could possibly break yearly highs with some analysts predicting it reaching upwards 50k within coming weeks .