rose above $61,400 on Tuesday morning, boosted by strong inflows into U.S. spot ETFs, which recorded their second-highest inflows in August.
Bitcoin ETFs saw net inflows of over $61 million, the highest since a $192 million inflow on Aug. 8. BlackRock’s iShares Bitcoin Trust (NASDAQ:) led the charge with $92 million in inflows, while Bitwise’s Bitcoin ETF (NYSE:) attracted $25 million in outflows.
Ether prices also rose by as much as 4% as investors looked for possible signs of upcoming rate cuts by the Federal Reserve later this week.
With a relatively light economic data calendar, market attention has focused on the release of the minutes from the Federal Reserve's July meeting on Wednesday and Fed Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday.
“Despite the fear, uncertainty and uncertainty that has been spread throughout the media, it doesn’t matter if it’s the ETF picks or any other FOMO theories that pop up; this is all just a narrative to keep the mind occupied. The real value is in the long-term position of this unique asset as a hedge and store of value,” Stefan Godly, co-founder of Venture Studio, told Investing.com.
The cryptocurrency market received a boost after a tweet from Tron founder Justin Sun hinted that China could lift its ban on Bitcoin and other crypto assets.
Specifically, China’s Supreme Court and prosecutor have updated their interpretation of the country’s anti-money laundering laws, now officially recognizing “virtual asset” transactions for the first time.
The current Anti-Money Laundering Act, in force since January 1, 2007, receives its first major update in almost 20 years with this latest revision.
Meanwhile, State Street (NYSE:) has partnered with digital asset custodian Taurus as part of its tokenization strategy, with plans to expand into cryptocurrency custody once the U.S. regulatory environment improves. The bank, which manages $44.3 trillion in assets, is set to launch tokenized versions of traditional assets.
The global cryptocurrency market cap rose by 3.17% to around $2.14 trillion over the past 24 hours. Stablecoins, which are commonly used for trading and hedging, reached $60 billion, accounting for 92.43% of the total cryptocurrency market volume in 24 hours.
The price is up 1.3% on the day. Most meme coins are also on the rise as broader bullish momentum boosted market favorites like , and . The best-performing coin is , the largest meme coin launched via SunPump, the competitor to Tron’s Pump.fun created by controversial entrepreneur Justin Sun.
