The dominant cryptocurrency, Bitcoin, has experienced a resurgence, hitting a yearly high of $31,500, marking a substantial increase since mid-June. Although the price of Bitcoin later dipped slightly, it is once again growing, currently trading at $31,117 per unit on the Bitstamp crypto exchange.
In a recent tweet, crypto analyst Ali highlighted Bitcoin’s bullish trend.
Talk about perfect timing! 😍 $BTC https://t.co/na4PMgRAJP pic.twitter.com/62x3VT8TW6
— Ali (@ali_charts) July 6, 2023
A few days prior, Bitcoin reclaimed the $31,000 level, with Bitcoin Open Interest soaring by $300 million to $13.8 billion, just $1.3 billion shy of the $15.1 billion all-time high. Open Interest is a metric linked to unsettled Bitcoin futures contracts, indicating increased trading volume and rising interest in Bitcoin among institutional investors.
Furthermore, retail investors, also known as “shrimps” who hold less than 1 Bitcoin, have been aggressively accumulating Satoshis. On average, they have been buying 33.8 BTC per month and currently hold 1.33 BTC. This buying frenzy echoes the behavior seen in December 2017 when Bitcoin hit its historic peak of $20,000 for the first time.
BlackRock CEO Larry Fink has boosted the bullish sentiment, declaring Bitcoin an international asset and likening it to a “digitized” form of gold in an interview with FOX Business. BlackRock is the world’s largest fund manager, and this significant endorsement of Bitcoin adds momentum to its current upward trajectory.
In an unexpected move, BlackRock recently submitted a filing to the Securities and Exchange Commission (SEC) to register its Bitcoin ETF, despite earlier filings from financial heavyweights such as Ark, InStress Eco, VanEck, and Greyscale being denied by the regulator. BlackRock’s strong track record with the SEC and its recent refiling has drawn praise from the Bitcoin community and triggered a wave of similar filings from other prominent Wall Street firms.
