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Cryptocurrencies Post 8 Weeks Running of Cash Inflow

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Cryptocurrency products and funds attracted $226.2-M in investments last wk, marking their 8th straight week of inflows, a report from digital asset manager CoinShares showed Tuesday.

Over an eight-week run, total crypto product inflows hit $638-M, with a YTD total of $6.3-B.

Bitcoin led the way with $225-M, for a 4th straight wk of inflows, according to data in the wk ended 8 October.

Bitcoin soared to a 5-month high of just under $58,000 Monday, boosted by persistent institutional demand as it gains legitimacy among investors.

Wednesday, the world’s largest cryptocurrency in terms of market value was last down 3.91% at $54,733.55.

Since a low of $28,600 marked in June, bitcoin has gained about 82% of its value.

Ethereum saw minor outflows totaling $14-M, data showed, as it continues to lose market share to bitcoin.

Other altcoins including GBITS posted inflows of up to $10-M data showed. While other digital tokens, namely polkadot, ripple and lite coin posted outflows.

GBITS is trading at $192.49 close to its all time highs at $208.57.

Have a prosperous day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.