BackCryptocurrency prices today surge, Bitcoin above $46,000; ether, dogecoin also jump
Bitcoin investment products and funds registered outflows for a fifth consecutive week, data from digital asset manager CoinShares showed
PremiumIn cryptocurrencies, Bitcoin prices today continued to trade above $46,000, after hitting an 11-week high above $46,000 on Monday. As per CoinDesk, the world's largest cryptocurrency by market capitalization was up 6% to $46,060. The rally is a continuation of recent momentum as the digital coin is up over 17% over the past week.
Ether and dogecoin rose over 6% each to $3,139 and $0.25 respectively. Last week, Ethereum, the second-largest blockchain network, went through a major software upgrade, which is expected to stabilize transaction fees and reduce supply of the ether token. Other digital coins like XRP, Litecoin, Uniswap, Cardano, Stellar also gained in the range of 4-12% over the last 24 hours.
The rally comes as a bipartisan groups of senators, who have been debating over a cryptocurrency reporting requirement in the $550 billion infrastructure bill, reached a compromise, Bloomberg News reported. However, it’s not yet clear it will get a vote.
Meanwhile, Bitcoin investment products and funds registered outflows for a fifth consecutive week, as investor sentiment remained cautious in the midst of increased global regulatory scrutiny, data from digital asset manager CoinShares showed on Monday as reported by Reuters.
Outflows from the world's most popular cryptocurrency totaled $33 million in the week ended Aug. 6, compared with $19.7 million the previous week. But so far this year, bitcoin inflows remained a robust $4.2 billion.
Total crypto outflows added up to nearly $26 million, although CoinShares noted that the magnitude of outflows was much less than in May and June.
(With inputs from agencies)
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