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▲ Bitcoin (BTC)/ChatGPT generated image
Bitcoin (BTC) is firmly holding the $76,000 level. Simultaneously, major altcoins are also rising, spreading positive warmth throughout the virtual asset market.
Cryptocurrency specialized media Benzinga reported on April 20 (local time) that Bitcoin is maintaining a stable trend by securing the $76,000 support level. Ethereum (ETH), XRP, and Dogecoin (DOGE) each recorded returns of over 1%, leading the market's rebound. The total virtual asset market capitalization reached $2.56 trillion, proving that investor sentiment is recovering.
As institutional investors accelerate their entry, the market's fundamental improvement is becoming evident. Goldman Sachs has submitted relevant documents for the launch of a Bitcoin ETF designed to maximize returns, and Morgan Stanley has also officially entered the Bitcoin market. As major financial institutions on Wall Street participate in the virtual asset ecosystem one after another, Bitcoin's institutional integration is expected to accelerate further.
Experts evaluate the current price stagnation as a process of gathering strength before a major rally. Renowned investor Kevin O'Leary named Bitcoin and Ethereum as the standard for the digital asset market, stating that he has structured most of his portfolio with these assets. Anthony Scaramucci also reiterated his view that Bitcoin is an innovative asset that meets all the conditions of money.
Market participants are also paying attention to the major policy schedule planned for this week. The outcome of the confirmation hearing for Federal Reserve Chairman nominee Kevin Warsh, to be held on April 21, will be a key indicator for gauging future monetary policy and the direction of virtual asset regulation. The news that nominee Warsh holds virtual asset investments exceeding $100 million is being received as an encouraging sign in the market.
The virtual asset market is expected to expand its volatility for the time being, depending on whether Bitcoin defends its support level and on macroeconomic indicators. The trend of open interest in the futures market and the speed of institutional capital inflows are variables that will determine future price direction. If Bitcoin settles above $76,000 and the altcoin rotation continues, the market will gain momentum towards new highs.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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