The first cryptocurrency Bitcoin has dropped below its crucial resistance of $23,000 area and has taken down the overall crypto market. The entire crypto market is quite bearish just a day prior to the FOMC meeting after which the Federal Reserve is set to announce interest rate hikes. As per Coinmarketcap data, currently, Bitcoin has lost 0.53% over the last 24hrs and is now trading at $22,980.
On the other hand, even though the inflation rate is decreasing, the Federal Reserve is expected to increase interest rate by 25bps.
Bitcoin Records Highest Inflows
Meanwhile, as per CoinShares the crypto investment products have registered a weekly inflow of $117 million in the last seven days. Also this happens to be the highest weekly inflow recorded since July 2022. Among all the cryptocurrencies, the King currency has once again proved its kingship as Bitcoin has recorded $116 million in inflows.
The above chart displays that in the last nine weeks the multi-asset crypto investments have registered an outflow of $6.4 million. Further, the total assets under management (AuM) has spiked 43% in the last two months and currently the AUM is at $28 billion.
Further, when the global flows are considered, Germany takes the top slot when it comes to inflow count as the country has registered $46 million inflows.
However, after a good start of the year the crypto market is now experiencing a slight correction and tomorrow’s FOMC meeting will give a new direction to the market.
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- Source: https://coinpedia.org/bitcoin/crypto-assets-record-6-month-high-inflows-bitcoin-tops-the-list/