Bitcoin continues to consolidate within the $28,000 to $31,000 trading channel as investors await economic guidance from the Fed. The theme of consolidation is guided by anticipation for Friday’s upcoming inflation report.
US Senators Kirsten Gillibrand and Cynthia Lummis introduced a bipartisan Responsible Financial Innovation Act to outline the regulatory outlook of cryptoassets. Check out Alex’s section below for implications and key takeaways.
Fund flows suggest that investors are buying the dip. Bitcoin ETFs and other listed funds brought in US$126m of inflows last week, as investors take advantage of the price decline. Year to date inflows are + US$506m (Data: Coinshares)
Two months after adopting Bitcoin as legal tender, the Central African Republic announced their plan to tokenize natural resources. President Faustin-Archange Touadéra denoted the move as a “new chapter with tremendous possibilities”.
On-chain data suggests that crypto miners are unloading 3.3k Bitcoin tokens per month. This has driven substantial sell-side pressure and appears as a signal of distress for capital. Check out the quantitative section for an in-depth analysis.
PayPal has rolled out its crypto transfer feature that will allow users to send and receive Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.