Bitcoin returns to $50k as cryptos register seventh straight week of inflows

2:44 pm 5 October 2021

Bitcoin price has experienced a massive rally throughout the last couple of days of September and the beginning of October as the Fed ruled out plans to follow China’s lead to ban cryptocurrencies. Further, the Chairman of the US SEC Gary Gensler reiterated support for a bitcoin exchange-traded fund (ETF) rooted in regulated futures markets. Today the most popular cryptocurrency broke above psychological resistance at $50,000 amid rising interest from institutional investors. According to the latest report from CoinShares, BTC investment products generated $68.7 million worth of inflows between Sept. 27 and Oct. 1, representing a 36% increase in exposure week-over-week. Ethereum recorded inflows of $ 20 million although it has lost market share to Bitcoin in recent weeks, falling from a peak of 28% to 25%. There was also a mixed appetite for altcoins last week. Products tracking Cardano (ADA) recorded inflows of $1.1 million, while Polkadot (DOT) and Binance Coin (BNB) funds lost $800,000 each. Digital asset investment products saw inflows of US$90m last week, marking the 7th consecutive week of inflows totalling US$411m.

Institutional crypto appetites have shifted away from altcoin back to Bitcoin. Source: CoinShares.

BITCOIN price jumped above $50,000 level during today's session. Buyers are working hard to stay above the new support while keeping the focus on the next resistance at $53,000. However if sellers manage to regain control, then another downward impulse towards $48,000 may be launched. This level coincides with 23.6% Fibonacci retracement of the upward wave launched in July. Source: xStation5

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world.