Bitcoin (BTC) and Ethereum’s Ether (ETH) prices on Tuesday morning Asia time held their rebound from the Black Friday sell-off of global equities and cryptocurrencies following news of the new Covid-19 Omicron variant. Bitcoin was trading at US$57,184 and Ethereum at US$4,445, as of publishing time, according to CoinGecko data.
Fast facts
- Institutional investors appear to remain unfazed by the recent market corrections. Crypto investment products saw inflows of US$306 million last week, bringing year-to-date inflows to a record US$9.5 billion, according to digital asset manager CoinShares. But price pressures saw total assets under management (AUM) drop from US$75.4 billion to US$72.8 billion.
- Bitcoin — the largest cryptocurrency by market cap — saw the largest inflows in five weeks totalling US$247 million following the launch of another investment product in Europe, CoinShares said. Ethereum saw its fifth consecutive week of inflows last week, with inflows of US$23 million. Solana and Polkadot saw inflows of US$14.6 million and US$11.5 million respectively, while Cardano saw outflows of US$1.1 million.
- The bull run is not over yet, said cryptocurrency platform OSL in its Trader View update today. “Funding rates are again stretching very quickly, reflecting that market participants believe $BTC is not likely to drop further and that the use of leverage will be safe. However, this sets us up for further pullbacks, especially more so with $BTC than $ETH on this occasion.”
- The price of Shiba Inu (SHIB) surged by over 20% in 24-hour trading today, with U.S. cryptocurrency exchange Kraken now supporting trading of SHIB. Kraken is the second-largest cryptocurrency exchange in the United States by trading volume after Coinbase, according to CoinGecko. Coinbase listed SHIB on its platform in September, which also led to the token’s price surging.
- Metaverse token The Sandbox (SAND), which has increased by over 1,000% in the past two months, fell by 10% in 24-hour trading today. SAND, which reached an all-time high of US$8.40 on Nov. 25, is currently trading at US$6.95, according to CoinGecko data.