Digital asset investment products recorded a small outflow of $17 million last week, marking a fourth consecutive week of capital flights following investor concerns over regulatory uncertainty in the sector, according to Monday’s report. bottom. By CoinShares.
Bitcoin (BTC-US Dollar) fund also posted $20 million in outflows for the fourth straight week ending March 3, while short Bitcoin funds experienced a total of $1.8 million in inflows for the third straight week, the report said.
Last week’s negative sentiment around cryptocurrencies was Bitcoin (BTC-US Dollar) immersion 4.8%crypto-friendly bank Silvergate Capital (SI)make clear question its feasibilityand continued concerns about Federal Reserve interest rates.
Bitcoin on weekdays (BTC-US Dollar) market volume averaged $57 billion, 15% below the normal average, notes CoinShares.
On the other hand, the flow between altcoins is Ethereum (ETH-US Dollar) and Solana (SOL-USD) saw inflows of $700,000 and $340,000 respectively, while Binance (BNB-USD) and Cosmos(ATOM-USD) recorded outflows of $380,000 and $210,000, respectively.
Overall, investors in the cryptocurrency market are becoming more and more cautious about putting capital into this space like Silvergate (SI) confusion unfolds.Previously, SI was Downgraded Underperform on Wedbush after company says on Friday cancel its payment network.
“I would be surprised if the banks will reopen within a month with the latest developments,” said Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, in a report. wrote. “The collapse of Silvergate could impact not only the digital asset platforms that used it, but also how other banking partners decide to integrate cryptocurrency companies.”
Let’s see what’s new Crypto market outlook.
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