Cryptocurrency inflows hit all-time high of $4.5 billion in first-quarter: Coinshares By Reuters – Investing.com

SourceInvesting.com
SectorFinancial Markets
CountryMiddle east

© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Inflows into cryptocurrency funds and products hit a record $4.5 billion in the first quarter, suggesting increased institutional participation in the once-maligned sector, data from digital currency manager Coinshares showed on Tuesday. The first quarter inflows represented an 11% increase from the last three months of 2020, which hit $3.9 billion. Investments into crypto, however, slowed in the first quarter compared with the fourth, where growth was 240%, data showed.

Coinshares said in the report, however, that this was not "indicative of a broader slowing trend, as quarterly growth rates tend to be highly varied." On Monday, the cryptocurrency sector hit an all-time peak of $2 trillion in market capitalization. 's market cap was more than $1 trillion, holding that milestone level for one whole week. "There's so much momentum that's building and people are scrambling ...read more...