Bitcoin ETFs have received over $1 billion of fresh money in the last three days. This has helped to propel Bitcoin’s leading cryptocurrency up to $73,000.
On Wednesday alone, over $500,000,000 worth of stock was purchased by investors in funds managed BlackRock, Fidelity & Grayscale. according Farside Investors data.
Bitcoin has seen a surge in price this week. On Thursday, it reached $72,659 and then dropped slightly. Recent prices were $72,606 – a rise of 10% in a 24-hour period. Bitcoin has fallen by a few percentage points from its previous record price of $126.080 in October.
The White House hosted a gathering on Wednesday with cryptocurrency executives, including Coinbase’s CEO Brian Armstrong and regulatory officials like Securities and Exchange Commission Chairman Paul Atkins.
In a later press conference, President Obama said the Clarity Act had been a success. “very, very powerful” Legislation and urge lawmakers to pass.
Last year, the House of Representatives passed a bill on crypto market structures. However, this legislation has been stuck in limbo for most of 2018. Some lawmakers had hoped for a voting date in August. However, that has now been moved to September.
Clarity Act was created to create a framework in which digital assets can be classified as commodities, securities or stablecoins for payment.
BlackRock’s iShares Bitcoin Trust received $588.5 million in investment since Monday.
Morgan Stanley’s Bitcoin Trust and other funds also saw significant trading activity. This buying frenzy follows a week of investors’ purchases. cashed out After tensions re-escalated in the Middle East, over 385 million dollars were taken from U.S. Funds. The prices remained mostly flat despite ETF redemptions.
After the Treasury Department’s announcement, investors may feel bullish. announcing The company said on Wednesday it will more than triple the amount of government bonds that they buy.
The lower long-term returns reduce the cost of non-yielding investments like gold and bitcoin, which generally encourages a risk-on attitude. Following the announcement, both jumped as the dollar fell.
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Source: bitcoinmagazine.com
