Institutional Interest Sparks Bitcoin Investment

Welcome Lion's to another wild week in crypto currency with this week looking to be a promising week as we edge closer to Altcoin which has already seen some significant growth in the value of Hive and Leo tokens.

Don't forget to check out the Zealy campaigns which will give you the opportunity to win Hive Backed Dollars (HBD) the native stable coin of the Hive blockchain. It has been greatly supported to remain pegged at 1 USD. More often than not it is worth a little more than 1USD so earners are getting a good return by blogging on the Hive Blockchain.

There has been a lot of action with Bitcoin of late, having increased it's market dominance and an attempt to push past the USD34,000 mark was unsuccessful. But all that is looking likely to change with some exciting new developments emerging in the institutional investment space.

Bitcoin Back on the Institutional Investment Radar

Over the past few days Bitcoin whales have moved in an aggressive accumulation phase amassing over 30,000 Bitcoins valued at approximately USD1 billion. This is an exciting development as it shows institutional interest in the crypto currency market is rising once again.

This is further proving Bitcoin's reputation as a focus for high stakes investors. As the number of transactions exceeding USD100,000 on the Bitcoin blockchain soars to reach new all time highs for 2023 the price of Bitcoin briefly breached USD35,000 for the first time since May 2022.

Bitcoin's current trajectory has many speculating that it might be in the early stages of a new bull market.

Bitcoin whales are often explained as individuals or entities such as investment firms holding a substantial number of Bitcoin. They have been making waves in the crypto market of late as They have once again gone on an accumulation spree and have many speculating about the potential for another bull run.

Do the Institutions Know Something We don't?

Institutional involvement in Bitcoin is also witnessing a significant uptick. This trend is evident through the increasing number of transactions exceeding USD100,000 on the Bitcoin blockchain, which has reached unprecedented levels in 2023.

The surge in large transactions can be traced back to late June. Right before the submission of BlackRock's ETF application and has only continued to gather momentum as Bitcoin reaches new yearly highs.
This can only provide a small window of insight into what the institutional bankers are thinking and it seems to be a positive view that the Securities and Exchange Commission (SEC) will indeed approve the Bitcoin ETFs it has applied and institutional investors are aligning themselves up for cheap bitcoin prior to the boom in price from the news of the approval.

The crypto currency market has been highly bullish lately with Bitcoin's price gaining over 27% in the past month. Bitcoin recently reached its highest point in 2023 surpassing USD35,000 but failing to maintain that level.

The recent price milestone of USD35,000 serves as the next significant resistance level for Bitcoin. If this level is breached the next key range might be around USD38,000 to USD39,000.

A massive 333,000 Bitcoin was purchased at these price levels. However, in the event of a price correction Bitcoin has robust support near the USD30,000 mark which could act as a safety net in turbulent times.

As of now, it's trading at around USD34,453. This surge in price has pushed Bitcoin's gains for the year to over 100% a strong indicator that Bitcoin may be on the cusp of a new bull market.

Return Of Meme Coins

Bitcoin isn’t the only news in the crypto currency market which has seen returning investment and interest in meme coins. The recent frenzy surrounding the Bitcoin ETF application has revived the excitement around all crypto currencies.
It has been reported that Pepe Coin (PEPE) experienced a remarkable 77% surge in value this week exemplifying how investors are increasingly drawn to high-risk meme-based coins even if they have 0 use cases.

This random investment movements shows how dynamic the sector is and the fact that investors in the crypto space are willing to take risks. While Bitcoin's status as a store of value and a mature asset is well established. Meme coins and other altcoins provide a platform for speculators and risk takers to engage in high risk and high reward trading. Because no matter how crap a token might be, they have been proven to draw attention and people always try to get in early to capitalise on shitcoins.

image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.

Posted Using InLeo Alpha