Hold onto your hats, crypto fans! Last week was a whopper in the world of digital assets, thanks to none other than President Donald Trump. According to CoinShares, the bigwigs of crypto (BlackRock, Grayscale, Fidelity, and the like) raked in a staggering $1.9 billion in investments. Coincidence? I think not!
Let’s break it down, shall we? Trump started by pardoning Silk Road’s Ross Ulbricht, who was doing time for running a shady online marketplace using Bitcoin. Next thing you know, Trump’s signing executive orders, creating a “Presidential Working Group on Digital Asset Markets” to regulate digital assets and stablecoins. Oh, and they’re even considering a national Bitcoin reserve. Talk about a crypto-crusade!
Unsurprisingly, crypto-enthusiasts are now more confident than a cat in a room full of rocking chairs. Not a single digital asset investment product saw a net negative flow last week. USA-based crypto funds led the inflows, adding $1.7 billion to the pile. Switzerland, Canada, and Germany followed, with $35 million, $31 million, and $23 million respectively.
But, alas, the crypto market is as fickle as a reality TV star’s mood. After reaching an all-time high of $109,000 on January 20, Bitcoin dropped below $100,000 earlier this week. At the time of writing, it’s back up to $100,246. So, you know, just another rollercoaster ride in CryptoWorld!
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2025-01-27 18:20