Investors are pouring back into markets — Bitcoin included — as central bank policies ignite a wave of enthusiasm for riskier assets.
The European Central Bank became the latest to cut rates today after Canada cut yesterday.
Now, market watchers expecting the Fed to follow suit.
Neil Wilson, chief analyst at Markets.com, said that economic data this week has been weaker than expected and sent the odds of a rate cut in September to 70%.
That euphoria bled into crypto markets.
On Tuesday, CoinShares found that US spot Bitcoin exchange-traded funds saw the largest one-day investment since March 12.
“It is becoming evident that the US economy is getting weaker, this has ramped up expectations for an interest rate cut to be earlier than expected,” James Butterfill, head of research at CoinShares, told DL News.
According to CoinShares data, Fidelity’s Bitcoin ETF saw the most inflows this week, posting $456 million in investment.
Investors bought $274 million in BlackRock’s iShares Bitcoin Trust and $149 million in the Ark 21Shares Bitcoin ETF.
Crypto market movers:
Bitcoin is up 0.5% over the past 24 hours to $71,266.
Ethereum is up 1% to $3,800.
What we are reading:
Robinhood to acquire Bitstamp exchange for $200m in aim to become ‘on-ramp to the crypto world’ — DL News
Tether and CoinGecko warn of crypto phishing attacks and fake token launches — Milk Road
Q&A with Robinhood crypto general manager: Why the crypto giant went to the EU — Unchained
Judge orders SEC to pay $1.8 million in legal fees, dismisses case against Debt Box — Milk Road
Why Railgun project co-founder talked to the feds — and what’s next for crypto privacy — DL News
Liam Kelly is a Berlin-based DL News’ correspondent. Contact him at liam@dlnews.com.