The rise of cryptocurrencies, driven by bitcoin
Tuesday saw a rise in the majority of cryptocurrencies due to optimism about the state of the world economy and the likelihood of more regulatory permission for exchange funds soon.
The CoinShares platform reports that last week saw net liquidity of $148 million for bitcoin exchange funds and $33.5 million for ethereum.
According to cryptocurrency platform Bitfinex, long-term bitcoin investors dumping their holdings in the market has been driving the currency's decline since March. This pattern appears to be ending.
According to earlier US statistics, the manufacturing PMI plunged into a significant contraction in May, dropping from 49.2 in April to 48.7 in May.
The Fedwatch tool indicates that the markets anticipate a hike in interest rates in September and November, but no change in rates in June and July.
According to cryptocurrency platform Bitfinex, long-term bitcoin investors dumping their holdings in the market has been driving the currency's decline since March. This pattern appears to be ending.
According to earlier US statistics, the manufacturing PMI plunged into a significant contraction in May, dropping from 49.2 in April to 48.7 in May.
The Fedwatch tool indicates that the markets anticipate a hike in interest rates in September and November, but no change in rates in June and July.
According to further statistics, there were 8.06 million US job opportunities in April compared to 8.4 million in March.
Bitcoin
On Coinmarketcap, the price of bitcoin increased 1.7% to $70.3 thousand at 21:03 GMT.
Ethereum
As of 21:03 GMT, Ethereum had increased by 0.7% to $3796.
As of 21:03 GMT, Ripple increased 1.1% to $0.527 on the Coinmarketcap platform.
