Despite the impressive developments of last week, Bitcoin and other altcoins have failed to hold the positive trend.
Crypto funds being run by top asset managers closed last week after seeing unprecedented amounts of investments. According to CoinShares, BlackRock, Grayscale, Fidelity, Bitwise, ProShares, and 21Shares recorded net inflows of $1.9 billion in the week. However, the crypto researcher has said that the massive amount of capital may have been driven by the crypto-related executive orders recently issued by President Donald Trump.
Earlier last week, Trump issued a presidential pardon to Silk Road operator Ross Ulbricht. The full and unconditional pardon means that the 40-year-old is fully absolved of his legal issues and would no longer serve a life sentence after he was previously found guilty of running an underground website where bad actors were said to have used Bitcoin to carry out over $200 million in drug dealing and other illegal trades.
Again, on Thursday, the president signed an executive order giving the go to create a “Presidential Working Group on Digital Asset Markets.” This group has been saddled with the responsibility of developing a federal regulatory framework for digital assets, including stablecoins. The group will also weigh the pros and cons of creating a national Bitcoin reserve and submit its findings in that regard.
Expectedly, the executive orders have now brought a new level of confidence to crypto enthusiasts and investors alike. So high is this confidence that, for the first time in a while, no global digital asset investment product experienced a net negative flow of capital last week, according to the report submitted by CoinShares’ Head of Research James Butterfill.
US-Based Crypto Investments Lead the Way, but Momentum Falls
Expectedly, US-based crypto funds led the inflows last week, adding $1.7 billion to the total. They were followed by digital asset investment products in Switzerland, Canada, and Germany with respective net inflows of $35 million, $31 million, and $23 million.
Despite the impressive developments of last week, Bitcoin and other altcoins have failed to hold the positive trend. After reaching an all-time high of $109,000 on January 20, Bitcoin dropped below $100,000 early Monday, as the crypto market saw nearly $850 million in liquidations. As of press time, Bitcoin trades at $100,246.
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