“Investors are confident, as money is flowing into to funds and products in the blockchain space” — Paul Ebeling
Cryptocurrencies were broadly higher Wednesday morning as investors continue to put millions of dollars in digital assets.
Bitcoin was up 1.7% to trade at $42,440. Ethereum (ETHUSD), the 2nd-biggest crypto as per market cap, was also up 1% to trade at 2,924.
The Chief market analyst at AvaTrade, said that last wk, $50.2-M was invested in bitcoin, while $95.5-M entered the digital sector as a whole. Over the last 6 wks, a total of $320-M has entered the digital sector
The dip in the benchmark stock market indexes in the US caused by issues such as rising treasury yields, the debt ceiling faceoff between Democrats and Republicans, and the forthcoming energy crisis in Europe and China had a negative effect on crypto markets.
But, over the last few days, bitcoin has been hanging just below 44,000, working to gain enough momentum to hit a Key mark of $50,000 on it way back to its all-time high of over $63,000 hit in April.
Meanwhile, a Forbes report said: “It’s been predicted that US Securities and Exchange Commission could greenlight a long-awaited bitcoin exchange-traded fund as soon as next month something that could send the bitcoin price as high as $100,000.”
The Forbes analyst declared: “Institutional Money is Pouring into the Crypto Market, Its Only Going to Grow”
Have a prosperous day, Keep the Faith!