Cryptocurrency prices today continued to plunge with Bitcoin trading below the $46,000 level. Bitcoin prices declined over 2% to $45,114, as per CoinDesk. Bitcoin, the world’s biggest and best-known cryptocurrency, is up over 54% this year (year-to-date).
Ether, the coin linked to ethereum blockchain and the second largest crypto, was also trading with cuts of 4% at $3,038. Dogecoin, on the other hand, plunged nearly 10% to $0.29. Other digital coins like Stellar, Uniswap, XRP, Litecoin, Cardano also fell over the last 24 hours.
Digital assets investment products saw sixth straight week of outflows, thus bringing total redemptions to $115 million during the six-week period, the longest losing streak since January 2018, according to a report by digital asset manager CoinShares.
Investors took out a net of $22.1 million from cryptocurrency funds last week, even as bitcoin gained from a low of $42,924 to a high of $47,831. The funds based on the world’s biggest cryptocurrency saw the biggest outflows at $22 million, followed by $1.1 million outflows from ether, data showed.
As per the digital asset manager, sentiment looks to be recovering in the overall crypto market judging by recent price rises, which has pushed total investment product assets under management (AUM) to $55 billion, rising 10% week-on-week.
CoinShares, which is the world’s second-biggest digital-asset manager with an AUM of around $4.5 billion, saw outflows of around $16 million during the week. The world’s biggest digital asset manager, Grayscale, saw inflows of around $0.3 million.
(With inputs from agencies)
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