We’re in the middle of massive geopolitical tensions and still, the crypto market exploded. Prices are looking great today, and we have already addressed the reasons for which they went up.
It’s been reported that an important digital assets manager says geopolitical risks are not keeping institutional crypto investors from adding to their positions in North America.
In its latest Digital Asset Fund Flows Weekly report, CoinShares explained that digital asset investment products enjoyed inflows of over $125 million last week.
“Digital asset investment products saw inflows totaling $127 million last week, an uptick on the previous week, suggesting investors remain supportive of digital assets despite recent geopolitical events.”
It’s been reported that BTC saw the biggest inflows since December 2021 in its seventh consecutive week of inflows.
“Bitcoin saw inflows totaling $95 million last week, the largest single weekly inflow since early December 2021, and has now seen seven consecutive weeks of inflows.”
Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and XRP enjoyed inflows of $25 million, $0.4 million, $0.9 million, and $0.4 million, respectively. Multi-asset investment products enjoyed a similar fate, as the online publication the Daily Hodl notes.
“Multi-asset (multiple coins) investment products continued to see inflows which totaled $6.8 million last week. Multi-asset, on a relative basis, has seen the most inflows year-to-date, totaling $104 million…”
Bitcoin price boomThe crypto market looks healthy today and the prices have exploded. The most important coins are trading in the green. You may wonder how this is possible following so many corrections and increased volatility.
Well, there are two important factors that triggered the price rise.
It’s been just revealed that Russia suspends the sale of foreign currency.
“Russia’s central bank will no longer allow its citizens to buy up foreign currency in a bid to maintain reserves within the country,” according to official notes.
This is another trigger that led to the price increase for Bitcoin and crypto. Check out our previous article in order to learn more about this.
The post Institutional Money Pour Into Bitcoin, Ethereum, Cardano, And XRP first appeared on CryptoGazette - Cryptocurrency News.
