As for Tesla, in its September quarterly filing with the United States Securities and Exchange Commission (SEC), the company stated that “could restart in the future the practice of carrying out transactions in cryptocurrencies “, suggesting that Tesla is looking into the possibility of resuming support purchases made with digital assets.
The optimism carried over to the rest of the market, with gains for Ethereum and, in general, the top 10 cryptocurrencies by market capitalization presents a good outlook. Total capitalization rose again above the $ 2.6 trillion mark. In the case of Ethereum, it rises above 1% and maintains its uptrend at $ 4200. Of the top ten cryptocurrencies, most are on the rise. Altcoins Cardano, Polkadot, and XRP are leading the gains.
All in all, “the throwback of the past days took some of the foam off the market after the launch of the ProShares ETF sent it to record highs, “commented Craig Erlam, analyst at Oanda. success at the beginning of the week, to the disappointment of other currencies waiting to get into action, “he adds.
Experts warn that falls are only an occasion to buy bitcoin and other assets at a better price. Others also point out that the decline is due to a more than expected profit-taking movement after the large increases of around 50% in October.
“The “crypto” now aims to reach $ 100,000Something that appears to be within reach by the end of 2021, “said Naeem Aslam, head of analytics at AvaTrade.” More money is flowing into the digital sector as more investors access exchange-traded funds (ETFs). The $ 72,500 and then $ 89,000 levels are short-term resistance levels, “he adds.
Fund inflows into investment products reach a record
Investment products in digital assets received new funds last week totaling $ 1.47 billion, the highest figure recorded to date, in the heat of the debut of the US-listed fund BITO of ProShares. The previous weekly record came earlier this year, in February, with entries totaling $ 640 million.
With this data, inflows so far this year amount to $ 8 billion, far exceeding the 2020 record of $ 6.7 billion, according to CoinShares.
During the week, total assets under management hit a new record of $ 79.2 billion, as the price of Bitcoin hit new all-time highs at $ 67,000 on October 20.
Bitcoin received 99% of the entries, which amounted to US $ 1.45 billion last week, of which US $ 1.24 billion were seen only in the US, where the new investment vehicle debuted.
Ethereum registered exits for the third consecutive week for a total of 1.4 million dollars “in what we believe is a small take of benefits, since the price is close to its all-time highs,” they comment from ProShares.
Other altcoins saw inflows, the most notable being Solana, Cardano, and Binance, which saw inflows totaling $ 8.1 million, $ 5.3 million, and $ 1.8 million respectively.
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