Coin Monitor- BTC, ETH Retrace Lower
By Shubham Joshi
Private virtual currencies or VDA markets nosedive on Wednesday as investors remain cautious due to ongoing regulatory concerns amid upcoming announcements regarding the monetary policy decisions in the U.S. Bitcoin dropped below $29,500 levels.
An interesting trend is emerging these days. Institutional investors have been showing renewed interest in cryptocurrency products, as total inflows accounted for $114 million in the past week. Notably, the United States & Germany led the race with contributing $58 million and $35 million respectively.
In other important news, an unusually high March inflation rate of more than 10% in the United Kingdom is expected to influence overall market sentiment, analysts believe. More than $25 million in bitcoin futures were liquidated of which longs, or bets on rising prices, made 98% of the positions.
According to a recent report, the Bank of England and the Bank for International Settlements have successfully settled aarge synchronized transactions in central bank money using distributed ledger technology. DLT systems help keep records and verify crypto transactions. They have inspired innovation in traditional finance,analysts believe.
While talking about the MENA region, The Securities and Commodities Authority (SCA), which regulates the UAE’s financial markets, said this week that it has begun accepting license applications for cryptocurrency services.
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