As a seasoned researcher with extensive experience in the crypto market, I have witnessed numerous ups and downs in the digital asset space. The recent trends in Bitcoin and other cryptocurrencies have been particularly intriguing, especially considering the significant capital inflows we’ve seen over the past few weeks.
Investors took advantage of reduced prices in the cryptocurrency market, with Bitcoin leading the way, as they poured capital from the United States into crypto-linked financial instruments.
Based on CoinShares’ findings, a sum of $1.44 billion was invested in cryptocurrency funds last week. Approximately $1.35 billion of that amount went towards Bitcoin (BTC) ETFs in the United States and other regions. This influx represents Bitcoin’s fifth-largest weekly investment and brings the total crypto product investments for the year to an impressive $17.8 billion.
Last week, Ethereum (ETH) and other alternative coins attracted approximately $72 million in investment from optimistic investors. In comparison to the total inflows in 2021, which amounted to $10.6 billion, this year’s investments have surpassed that figure and continue to set new records for digital asset investments.
Crypto markets up again
Last week’s cheaper cryptocurrency prices sparked renewed interest among investors, causing a significant market rebound on Monday. The overall crypto market experienced a 3.9% growth, reaching a value of $2.4 trillion. Bitcoin, in particular, saw a 5.2% increase within the past day, enabling it to regain the price level of $62,500 and narrowing the gap from its March peak to just 15%.
According to cryptonews.com, major cryptocurrencies such as Ethereum, BNB, and Solana (SOL) experienced price surges of over 5%. The general mood in the crypto market has brightened, currently assessed as neutral. The crypto fear and greed index registered a score of 52, indicating some recovery from the market anxiety detected previously.
According to QCP Capital’s research team, the recent market surge might be attributable to Donald Trump’s unsuccessful assassination attempt and belief in his stronger prospects for winning the presidency against Joe Biden. Additionally, they noted the exhaustion of selling efforts by German authorities as contributing factors. A passage from their report states:
Based on my extensive experience as a seasoned financial analyst, I firmly believe that the market was poised for a significant rally even before last week’s events. The German government’s exhaustion of their supply in the bond market and the aggressive buying of calls by large hedge funds were clear indicators of an impending upward trend.
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2024-07-15 16:44