Crypto Asset Outflows Continue
Last week, there were outflows of $54 million from digital asset investment products, with Bitcoin accounting for 85% of the total outflows. Despite significant corrections in cryptocurrencies like XRP, Solana, and Cardano, these assets continued to attract inflows from investors. The negative sentiment in the market can be attributed to U.S. investors who are concerned about the strict regulatory environment.
BTC Price Rebounds
In the past 24 hours, the price of Bitcoin has increased by more than 2%, currently trading at $27,281. The lowest and highest prices recorded in the past 24 hours were $26,415 and $27,268 respectively. The surge in trading volume by 70% indicates growing interest from traders. Additionally, Ethereum’s price has risen by 2% to $1,663 in the past 24 hours and has also experienced a significant increase in trading volume.
Hot Take: Regulatory Environment Impacts Crypto Sentiment
The strict regulatory ecosystem in the U.S., including the stance of the SEC and government towards cryptocurrencies, is having a negative impact on investor sentiment. This is contradictory to the aim of investor protection. As a result, digital asset investment products are experiencing outflows, particularly in Bitcoin. However, some altcoins like Solana, Cardano, and XRP are still attracting inflows from investors despite market corrections. It remains to be seen how regulatory developments will shape the future of the crypto industry.
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