The world’s largest cryptocurrency is crying. According to data binance. Cryptocurrencies have jumped about 3% daily and have grown by more than 12% per week.
Bitcoin’s Monday surged after a series of recent highs. After hovering over a month or more than $110,000 below $110,000, the world’s largest cryptocurrency has released new Record In the corresponding rally in the stock market, Thursday and weekend.
The same is true of the rise in Bitcoin’s price in demand among institutional investors, who are more likely to invest in cryptocurrencies through digital asset products provided by established Wall Street companies. Crypto ETFs from asset management giants Black Stone The influx in the past week exceeded $2.4 billion, according to crypto investment firm Coinshares.
EthereumIt’s the second largest cryptocurrency by market cap, growing nearly 3% over the past day with shooting more than $3,000. It has increased by 20% in the past week. Despite the gains from the two largest cryptocurrencies, the total market capitalization of all digital assets fell by 0.5% to about $3.87 trillion.
According to Coinshares, cryptocurrency ETFs recorded a total of $3.7 billion inflows last week, the second largest week in the record.
James Butterfill, head of research at Coinshares, attributes the need for the booming Bitcoin to “the political development and signals of the Federal Reserve.”
On Wednesday, the Federal Reserve released minutes at its June meeting. Officials largely agreed that interest rates would be lowered sometime this year. “Most participants evaluated that it might be appropriate to have a lower target range for federal funding rates this year,” he said. Summary Meeting.
Meanwhile, Butterfill said the positive political development of cryptocurrencies has inspired investors. House is scheduled to vote this week Genius Lawthe bill will regulate stablecoins, passed by the Senate in June. It will also vote on the Clarity Act, which will point out how U.S. financial institutions should regulate the scope of digital assets.
