$120 bn Pours Into Crypto Market Cap In A Week
The global financial landscape is presently undergoing a remarkable transformation, marked by the entry of prominent institutional investors into the realm of cryptocurrencies.
BlackRock, the world’s largest asset manager, has applied for a Bitcoin ETF, a significant development that has attracted attention from market observers. Invesco’s application, WisdomTree’s Bitcoin ETF filing, and Deutsche Bank’s crypto custody license filing have also gained attention. These advancements have led to a significant capital influx into the cryptocurrency market, with $120 billion flowing in just one week.
On June 14, the market cap stood at $1.020 trillion, a significant milestone in and of itself. The next week, however, saw a massive flood of cash, driving the market cap to its current value of $1.141 trillion as of June 21.
This increase in capital indicates investors’ rising confidence and enthusiasm for digital assets, as they attempt to capitalise on their potential for high returns and portfolio diversification.
Another noteworthy development is the introduction of EDX Markets, a crypto exchange supported by prestigious investors such as Citadel Securities, Fidelity Investments, and Charles Schwab.
(With inputs from Shikha Singh)
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