The price of Bitcoin has dropped to its lowest level in 2024, causing concerns about its future and the potential for recovery. This decline comes as Bitcoin's leadership expresses doubts about its viability as a mainstream currency. BlackRock CEO Larry Fink views Bitcoin more as a store of value than a replacement for national currencies. However, BlackRock's increasing interest in the cryptocurrency sector could bring wider acceptance and credibility to the industry. In addition, competition among issuers of Bitcoin ETFs is heating up, with Bitwise leading in terms of inflows on the first day of trading. This competition, along with reduced fees, is expected to enhance Bitcoin's institutional legitimacy and potentially drive its price upward. Despite long-term optimism, analysts caution that initial inflow numbers may reflect short-term trading interests. The current technical indicators for Bitcoin suggest caution among traders, with key support levels observed at certain price points.
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