Despite the decrease in value against the U.S. dollar, bitcoin has become the 12th largest valuation in the world, surpassing the market capitalization of payments giant Visa.

On Wednesday afternoon, BTC had a market valuation of $523.36 billion, which is $40.67 billion more than Visa’s.

However, the crypto asset’s market valuation is still below that of Meta (formerly Facebook), which is currently at $499.66 billion.

For bitcoin to become the 11th largest asset by valuation in the world, its market capitalization needs to increase by $30.06 billion, surpassing that of Meta.
#bitcoin #largest #asset #Bullish #cryptoonindia

Is U.S. Bitcoin ETF Hope Driving Huge Investments in Crypto ETPs? 💰

In the week ending Oct. 27, crypto exchange-traded products (ETPs) experienced significant inflows of $326 million, marking their #largest weekly increase in over a year, as reported by CoinShares.

#ETPs are investment funds designed to mirror the price of assets, with crypto ETPs typically tracking major cryptocurrencies like Bitcoin and Ether.

This surge in inflows, the highest since July 2022, was the fifth consecutive week of ETP inflows. One possible reason for this increase is growing optimism regarding the potential approval of a U.S. spot-based Bitcoin ETF by the U.S. Securities and Exchange Commission.

Notably, #bitcoin ETPs received 90% of the total inflows, while Solana (SOL) also saw $24 million in inflows. In contrast, Ether funds experienced outflows of $6 million. Despite numerous past applications, the SEC has yet to approve a spot Bitcoin ETP, with some firms amending their applications in an attempt to address regulatory concerns.

#Binance
#crypto2023