Cryptocurrencies gains slightly today with more positive reports from crypto asset products
Today's Cryptocurrenices analysis on behalf of Samer Hasn Market Analyst and part of the Research Team at XS.com
October 10, 2023 (Investorideas.com Newswire) Cryptocurrencies saw modest gains this morning after the losses they suffered yesterday. As Bitcoin is trying to consolidate above the $27,600 level, in addition to Ethereum, which is trying to maintain the $1,580 level. As for the Solana currency, it was able to recover slightly above the level of $22 after giving up its gains extended since the beginning of this October.
A new report from Coinshares appears to have revealed more inflows into crypto traded funds, ETPs and ETFs, which recorded inflows of about $78 million, the highest levels since last July. Bitcoin-related funds recorded inflows of about $43 million.
While the recently launched Ethereum futures ETFs recorded inflows of only about $10 million. While the report spoke of the weak appetite of investors towards investing in these products when compared to Bitcoin futures funds, which collected more than a billion dollars in 2021 when they were launched.
Also notable, funds linked to Solana witnessed inflows of approximately $24 million, which may have recorded 28 weeks of inflows versus 4 weeks of outflows during the year 2023. Meanwhile, the head of research at Coinshares, James Butterfill, spoke about the importance of Solana as one of the most prominent altcoins.
These positive numbers for products related to Solana come after the launch of the new update, which provided the ability to conduct transactions confidentially without revealing details publicly, in addition to the update that contributed to reducing the consumption of computer resources when approving transactions on the network.
It seems that the positive sentiment in the cryptocurrency market in general is still present, as investors continue to pump their money into products related to cryptocurrencies, although not at the level hoped for.
In my opinion, the continued uncertainty surrounding the regulatory and legislative environment regulating this complex market, especially in the United States, will constitute an obstacle to sustainable growth and widespread adoption of this technology. I also believe that any rises that may follow any positive news or events will be very short-lived.
Besides, I believe that any predictions, especially long-term ones, that may indicate the possibility of any of the cryptocurrencies achieving fantastic gains, such as talk about the possibility of Bitcoin reaching the level of $100,000, must be responsible and based on sufficient objective evidence and systematic forecasting practices. I don't really see that in any of those forecasts.
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