Bitcoin started the new week with a decline as investors focused on the speech by Federal Reserve Chair Jerome Powell and the employment data to be released on Friday.
Market at the Start of the Week
Today's focus is on Powell’s speech while CoinShares published its weekly cryptocurrency report stating that there was an inflow of $1.2 billion last week.
CoinShares Report
“There were $1.2 billion inflows into cryptocurrency investment products for the third week in a row. We believe this is a response to expectations of continued moderate monetary policy in the US. “The approval of options on some US-based investment products may have boosted market sentiment, but there was no corresponding increase in trading volumes.”
Regional Fund Flows
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of $1.17 billion. Switzerland came in second after the United States with $84 million. In contrast, Germany experienced an outflow of $20.5 million.
Last week saw significant movements in the cryptocurrency market, with varying trends across different regions and altcoins reflecting mixed results.
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