Bitcoin investment was highest in seven months last week

Bitcoin investment reached its highest level in seven months last week, according to CoinShares platform. Thanks to this, the rate of the most popular cryptocurrency in the world exceeded $ 50 thousand.

Image: Pixabay

Image: Pixabay

In the week ending October 9, investors have invested $ 225 million in Bitcoin-backed assets, the best result since the week ending February 26. The source notes that investments in bitcoin accounted for most of the $ 226 million that were invested in all digital currencies over the week. Assets related to Ethereum experienced an outflow of funds in the amount of $ 13.6 million, while a week ago the inflow of investments in “ether” was measured at $ 20.2 million.

Over the past week, the bitcoin rate has grown by about 15% and exceeded the psychologically important mark of $ 50 thousand. At the time of this writing, bitcoin was trading at $ 55,540 per unit. The growth of the rate was facilitated by investors buying up the cryptocurrency at the time of its rate drop to about $ 40 thousand at the end of September. The upbeat sentiment of investors can also be attributed to the emerging signs that the US Securities and Exchange Commission may establish a bitcoin exchange-traded fund in the future.

“We believe the change in Bitcoin sentiment stems from the constructive statements by US Securities and Exchange Commission Chairman Gary Gensler, which indicate the possibility of allowing the use of Bitcoin in the United States. Our recent survey also shows an increased involvement of institutional investors in this asset class. “, – said in a message from CoinShares.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment