The AXIA Capital Bank mobile app is NOW LIVE!
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Institutional investors had been showing bearish sentiment towards Ethereum for the longest time. The second-largest cryptocurrency by market cap, which had initially caught their attention, was not doing as well as expected, and the outflows that followed were massive. However, it looks like sentiment among these large investors is beginning to turn positive as Ethereum has begun to record inflows. Ethereum Inflows Balloons Over the last several weeks, Ethereum inflows have been ramping up. Although they were nowhere near the volumes that had been recorded during the bull market, it had put a stop to more than 2 months of consecutive outflows for the digital asset. Last week would prove to be no different, given that Ethereum’s inflows had come out to $8 million, a low volume, but it was inflows nonetheless. But the most important inflows were recorded in the week prior when the digital asset had initially been recorded to have seen inflows of $2.5 million. Related Reading | More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000 Corrected numbers which had emerged this week had shown that not only was this number too low, it was off by more than $100 million. When the corrected data was published this week, it showed that inflows into ETH had reached $120 million in that single-week period, meaning that it was the largest single-week inflow in one year. It is a testament to the changing sentiment among institutional investors when it comes to the altcoin. With the anticipated Merge approaching quickly, the bullish sentiment has washed over both small and large investors alike, prompting more investment into the digital asset. A Week Of Inflows Ethereum was fortunately not the only cryptocurrency to mark another week of inflows. The bullish sentiment had extended to almost every sphere of the crypto market, and the investors had reacted accordingly. So from bitcoin to digital asset investment products, the inflows continued. Related Reading | Ethereum Weekly Exchange Net Flow Points To Growing Accumulation Trend Bitcoin had seen either week of inflows, with $16 million recorded for last week. Just like Ethereum, the numbers for bitcoin for the prior week had been incorrect, and corrected data showed a much higher inflow rate for the prior week with $206 million in total. The inflow trend was not limited to long bitcoin alone, though as short bitcoin continued its streak with $0.6 million in inflows. Digital asset investment products would prove to be the big winners for the week with inflows of $27 million. The total asset under management has not been pushed back up to $30 billion with last week’s inflows. Europe also accounted for the majority of inflows as Switzerland alone recorded $16 million for last week. The USA and Germany would see lesser inflows of $9 million and $5 million. What this data shows is how investors are looking toward the market with the recent recovery. However, given the recent decline in prices, it remains unsure whether the inflows will continue for the new week. Featured image from News Text Area, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
In the spirit of the national avocado day, Mexican food chain Chipotle launched its new interactive game called “Buy the Dip,” which will give away more than $200,000 in Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Solana (SOL) and Dogecoin (DOGE), in addition to promo codes to buy their guacamole, and queso blanco dips for one…
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On July 26, the price of Bitcoin (BTC) fell to a level not seen in more than a week as investor anxiety grew in anticipation of the Federal Reserve raising interest rates. Bitcoin Slumps According to TradingView, the leading cryptocurrency is currently trading below $21,000 at $20,955, down 4.26 percent today and a further 7.17 percent over the past week. As a result, the total market value of the digital asset is currently $400.13 billion. More than a week ago, on July 18, BTC had a market cap of this amount. Hopes for a long-lasting Bitcoin recovery have been dashed by the dip, which has brought the coin’s trading range back to $19,000 to $22,000. Related Reading | On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing It’s interesting to note that cryptocurrency consulting firm Eight Global has a more upbeat outlook for the Federal Open Market Committee (FOMC) meeting on July 27. The website stated that the federal funds rate is significant for cryptocurrency because: “Crypto is correlated to the stock market, and the stock market is impacted by the federal funds rate. Rising rates hurt the performance of stocks while lowering rates make stocks more interesting as investment.” The majority and most likely outcome, according to Eight Global, is a hike of 75 basis points, although the market has already factored this in. What to expect tomorrow: An increase of 75 bps is expected by the majority and is the most likely outcome. A 75 bps hike will either have a neutral or bullish outcome for stocks and crypto, as this has been priced in during the past weeks. pic.twitter.com/MH3Hx8oQ9k — Eight (@eight_global) July 26, 2022 BTC/USD trades at $22k. Source: TradingView With the markets correcting, cryptocurrency trading guru Michal van de Poppe stated that he is “looking at a $20.5K-20.7K area to hold for Bitcoin going into FOMC tomorrow.” Related Reading | Bitcoin Puell Multiple Lifts Off From Buy Zone, Bull Momentum To Follow? Featured image from Shutterstock, charts from TradingView.com
On Tuesday, a newly published report details that the cryptocurrency exchange Kraken is under federal investigation for allegedly violating U.S. sanctions, according to five people familiar with the matter. The unknown sources explained that the inquiry into Kraken started in 2019, and it’s accused of allowing users from sanctioned countries like Iran access to the […]
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The Ivy League business school will charge $4,500 for a six-week course with over 50 lectures, including guest speakers, that will require 8-10 hours of studying per week.
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Linda Jeng and Brett Quick will be joining the council in support of its policy and regulatory affairs team.