Its price stalls at $63,000 due to outflows; Hong Kong ETF brings little good news Investing.com


Investing.com — Bitcoin prices were little changed on Tuesday, holding at the lower end of a trading range established over the past month as investors continued to exit U.S.-listed cryptocurrency investment products.

The launch of a spot exchange-traded fund (ETF) in Hong Kong also didn’t spark any immediate joy, as markets wait to see how big demand for cryptocurrencies will be in Asia.The size of Hong Kong’s capital market is also much smaller than that of the United States

It was up 1.6% in the past 24 hours to $63,423.3 as of 01:26 ET (05:26 GMT).

Bitcoin ETF outflows continue

Data from digital asset management firm CoinShares on Monday showed that crypto investment products saw capital outflows for the third consecutive week – $345 million, the highest level since March.

Net Bitcoin outflows in particular soared to $423 million as hype for a spot U.S. ETF launched earlier this year waned.

While altcoins have seen some capital inflows, this has been largely offset by Bitcoin outflows. Institutional investors have remained largely biased against the world's largest cryptocurrency since the launch of the ETF earlier this year.

Hong Kong spot Bitcoin and Ethereum ETFs rise on debut, but –

Six spot Bitcoin and Ethereum ETFs made their debuts on the Hong Kong market on Tuesday, with prices rising in a sign of enthusiasm for cryptocurrencies.

But given that Hong Kong’s capital markets are much smaller than their U.S. counterparts, exactly how much these gains will translate into cryptocurrency prices remains unclear.

Regional markets did enter a bull market this week, with the index rebounding 20% ​​from the more than five-year low hit in January. But overall sentiment remains fragile, especially in the face of weak economic conditions on the mainland.

3rd party advertising. Not an offer or recommendation by Investing.com.See disclosures here or
Remove ads
.

Still, Hong Kong crypto ETFs are effectively the only means for local and Chinese investors to invest in cryptocurrencies after China banned all cryptocurrencies in 2021.

Cryptocurrency Prices Today: Little Moved as Fed Concerns Rise

Concerns about rising U.S. long-term interest rates also dented confidence in cryptocurrencies ahead of this week.

The Fed is widely expected to keep interest rates steady. But Chairman Powell is likely to send a hawkish message, especially after several higher-than-expected inflation data.

This has turned investors against cryptocurrencies, as the industry typically thrives in a highly speculative market driven by low interest rates.

The world's second-largest coin fell 1.5% while falling 1.2%. An increase of 1.4%.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *