This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin has experienced a positive price movement in the last week, gaining 2.58% and almost reaching the $39,000 mark. This has resulted in impressive metrics for the cryptocurrency, with 81.35% of Bitcoin holders currently in profit, the highest profitability level since December 2021. There is optimism surrounding the potential approval of a Bitcoin Spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC), which could lead to increased institutional demand and a boost in Bitcoin’s price. Additionally, statements from the US Federal Reserve Chairman suggesting no more rate hikes in the coming months could further contribute to price gains for Bitcoin and other digital assets. However, it is important to note that the crypto market remains subject to various forces, and investors are advised to conduct thorough research. In other positive news, the Bitcoin network has experienced a 50% decline in total fees due to a decrease in ordinals-related transactions. Overall, Bitcoin’s current trading price is $38,758, with a slight decline in the last hour.