Investment in bitcoin soared to its highest level in four months in the week ending on September 24 after China announced a ban on trading and mining of cryptocurrencies.
- Investment assets backed by bitcoin attracted the most investment, with inflows of $50.2 million over the week closing September 24, the most since the week of April 19.
- There was a $28.9 million value of inflows for ether assets, the most since June 7. Solana-related assets posted inflows valued at $3.9 million, and Cardano products posted inflows of $2.6 million.
- These crypto inflows continued despite China’s total ban on all crypto-related activities on the Mainland on Friday that led to a steep decline in crypto prices.
- Bitcoin dropped nearly 6% to less than $42,000, and Ether plunged nearly 8% to average around $2,800 before gradually recovering in the days following.
In the last month, Bitcoin has recorded $100.9 million worth of crypto inflows, Solana has posted a $59.8 million value of inflows. Ether assets have expanded by $35.1 million, with the majority coming in last week.
BTC USD down -0.61%, ETH USD down -0.05%, SOL USD down -0.92%Source: Markets Insider