Between Donald Trump and the Federal Reserve, cryptocurrency funds suffered a blow last week.
According to
#CoinShares , digital asset investment products, including
#bitcoin and
#Ethereum ETFs, saw inflows of just $48 million last week. Bitcoin products ended the week with net inflows of US$214 million, while Ethereum products posted negative inflows of US$255 million.
Investors started the week with US$1 billion in cryptocurrencies, but the strong start to the new year was quickly overshadowed by macroeconomic instability. Tight minutes from the U. S. Federal Reserve's latest meeting and strong U. S. economic data forced investors to withdraw $940 million from digital asset investment products, effectively wiping out the initial influx of funds.
The U. S. Federal Reserve's tightening of monetary policy The bitcoin price fell to a two-month low on Monday as the market adjusts to The bitcoin price fell to $89,800 on Monday, dropping below the $90000 mark for the first time since mid-November, the first time since November The bitcoin price broke the $100,000 mark last week, but it's been nearly a month since it hit an all-time high of $108,000. As market participants continue to speculate about changes in
#cryptocurrency regulation ahead of President-elect Donald Trump's inauguration, ...
This suggests that the honeymoon period following the US presidential election is over and macroeconomic data has once again become an important factor driving asset prices, writes James Butterfill, head of research at Coinshares.
Last week, minutes from the U. S. Federal Reserve meeting showed that policymakers viewed potential changes to immigration and trade policies under President-elect Donald Trump as a source of inflationary pressure. The U. S. Fed also said in December that the pace of interest rate cuts would be slowed this year.
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