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BTC and ETH posted weekend declines after last week's gains

BTC and ETH posted weekend declines after last week's gains

created Simon peters20 Września 2021

BTC started the week at 45 thousand. dollars after a slight drop in the previous week. During the week, it reached the level of almost 49 thousand. dollars, but on Sunday it fell again, hitting the $ 45 level today. He reacted similarly ETH - started the week at $ 3200, dropping from a high of $ 3652 last Thursday. The currency started to fall before bitcoin - the fall from Thursday's level over the weekend ended today at $ 3200, down 13%.

Half of institutional investors own bitcoin

More than half of institutional investors (52%) currently own bitcoin or other crypto-assets, according to major research by Fidelity Digital Assets. From the research published every year Institutional Investor Digital Assets Study shows that the events of last year were the main driving force behind the acquisition of cryptocurrencies for institutional investors.

The results show that 80 percent. Asian and 75 percent. European investors say they are planning to buy crypto assets. 70 percent investors from Asia already have them. As much as 84 percent European and American investors are interested in purchasing institutional investment products containing crypto-assets.

$ 1 billion worth of Ethereum has been withdrawn from circulation

Over 300 ETH has been withdrawn from circulation since the completion of the network upgrade on August 5 in London. The so-called Ethereum Improvement Proposal - 1559 (Ethereum Improvement Proposal EIP-1559) has so far resulted in the withdrawal from the circulation of ETH worth approx. 1 billion. dollars since the implementation of the network modernization. ETH is being withdrawn from circulation under EIP-1559 to create a deflationary environment for crypto assets. With every transaction, ETH is now being taken out of circulation instead of paying crypto miners wages. The process will result in a currency shortage, which should theoretically raise its price.

Brevan Howard launches a crypto unit

Major hedge fund Brevan Howard launched a crypto unit to focus its activities in this sector. The European Hedge Fund is one of the largest in the world, but does not enjoy much recognition. The new unit - BH Digital - will handle the research and management of cryptocurrencies. The news is the latest after the announcements of the largest global institutions regarding investments in the cryptocurrency sector, such as Goldman Sachs, JPMorgan or BNY Mellon.

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About the Author
Simon peters
eToro analyst. A graduate of the Faculty of Mechanical Engineering at Brunel University in London. He is CFA UK Level 4 certified in Investment Management.