In cryptocurrencies, after a volatile weekend, Bitcoin surpassed $40,000, reaching its highest level in more than two weeks after yet another weekend of price swings following tweets from Elon Musk.
Bitcoin price today was up more than 3%, as per CoinDesk, trading at $40,293. Ether also witnessed a small lift but remained well within recent ranges at $2,600, up 4%. Dogecoin was trading at $0.32, up 0.7% while other cryptocurrencies like XRP, Litecoin were also trading with gains over the last 24 hours.
Bitcoin traded above $41,000 for the first time in more than two weeks on Monday, after rallying from below $35,000 on Sunday after Tesla Inc boss Elon Musk tweeted that the electric carmarker would resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.
In another news, cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday.
Total crypto ouflows hit $21 million for the week ending June 11. Since mid-May, total outflows reached $267 million, representing 0.6% of total assets under management (AUM).
Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of $12.7 million, data showed. The token has been one of the strongest performers this year.
The outflows in bitcoin cooled last week to $10 million, significantly lower than the previous record week of $141 million, CoinShares data showed. Trading activity in bitcoin products rose 43% from the previous week.
(With inputs from agencies)
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!