Hello,

Since early 2020, the institutional demand for Bitcoin (BTC) has been steadily increasing. within the second quarter of this year, data show that the appetite for BTC spiked significantly. consistent with crypto asset fund Grayscale, its products recorded an inflow of $1.4 billion in capital. The investment company is best known for the Grayscale Bitcoin Trust, which allows institutions within the us to realize exposure to Bitcoin through a publicly-traded over-the-counter stock.

If the demand for Bitcoin climbed steadily within the first three months of 2020, it surged rapidly from March to June. One possible explanation for the explosion in attraction toward Bitcoin is its crash in early March when Bitcoin’s price briefly dropped below $3,600 on BitMEX. quite $1 billion worth of futures contracts were liquidated, but within the 72 hours that followed, the volumes in retail markets surged substantially, especially on platforms like Coinbase.

China’s moves are according to its desire to challenge U.S. financial hegemony, an attempt that revolves around its forthcoming digital currency project, referred to as Digital Currency Electronic Payments, or DCEP.

This comes as Chinese entities are seeking to avoid U.S. financial oversight in other ways.

Ant Group, which runs Alibaba’s Alipay mobile payments platform, in the week announced its public listing will occur in Shanghai and Hong Kong but not ny .

This is an enormous deal. Alibaba is signaling an enormous $200 billion valuation for Ant, whose Alipay service accounts for quite half Chinese mobile payments, which are forecast to hit RMB 777 trillion ($108 trillion) in 2020. U.S.-based investors will now be denied access to the present monster primary share offering.

Why would Alibaba, which in 2014 held its own record-breaking $25 billion IPO on the ny stock market , take this step?

For answers, look to Beijing and its tit-for-tat mini-Cold War with Washington.

On the opposite hand, Crypto Market Retraces By $4B

Volatility returned to some extent for Bitcoin in the week . Following weeks of stagnation, BTC firstly broke the resistance at $9,300 then continue towards conquering $9,500.

Bitcoin’s intraday high visited $9,680 on Bitstamp, where it got rejected by subsequent resistance. After failing to reclaim that level, BTC began its descend towards $9,500 again, which is support now.

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