The Cryptocurrency Market Update. Overview for June 28, 2023
<div><img width="150" height="150" src="https://blog.roboforex.com/wp-content/uploads/2020/05/btc-1-150×150.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="The cryptocurrency market update. Overview for June 28, 2023" decoding="async" loading="lazy" style="margin-bottom: 15px;" srcset="https://blog.roboforex.com/wp-content/uploads/2020/05/btc-1-150×150.jpg 150w, https://blog.roboforex.com/wp-content/uploads/2020/05/btc-1-250×250.jpg 250w" sizes="(max-width: 150px) 100vw, 150px" /></div><p>BTC experiences a period of stagnation, while Fidelity shows interest in a bitcoin ETF.</p>
<p>On Wednesday, BTC hovers around $30,424.</p>
<p>Investors continue to await positive <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">momentum</a> to guide their buying decisions. The correlation with the US stock market remains low due to the abundance of domestic news.</p>
<p>The longer the consolidation period for BTC persists, the higher the likelihood of a minor decline in the leading cryptocurrency.</p>
<p>An important support level remains at $29,600-$29,650, while the first resistance is observed at $31,150, followed by $32,400.</p>
<p>The total market capitalization of cryptocurrencies has reached $1.180 trillion. BTC's dominance has risen to 50.2%, while ETH's market share has decreased to 19.0%.</p>
<p>Fidelity's plans for a Bitcoin ETF</p>
<p>Fidelity intends to submit an application to the SEC for the launch of a spot Bitcoin ETF. While previous attempts by the company were rejected, Fidelity's current assets under management amount to $11 trillion, highlighting the potential scale of the project.</p>
<p>BTC's potential growth tied to the upcoming halving event</p>
<p>The market views the potential limited supply of BTC as a strong bullish signal for the long term. The anticipated event is the halving scheduled for April 2024, which will reduce the number of newly mined BTC available to miners.</p>
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