CoinShares spoke about the influx of funds into the digital currency market
According to CoinShares analysts, cash inflows into crypto-based products from January 15 to 21 this year amounted to $14.4 million. Before the market recovery, a sharp drop in digital asset prices was recorded.
On January 24, the value of BTC fell below $33,000 for the first time since July last year. The fall occurred against the background of a wide discussion of the report of the Bank of Russia, which contained a proposal to ban the issuance, circulation and exchange of digital currencies, as well as the organization of such transactions in the Russian Federation. The initiative of the regulator caused a flurry of criticism. For example, from Pavel Durov.
The founder of Telegram believes that the implementation of the proposals of the Central Bank can lead to an outflow of IT specialists from Russia and paralyze the development of high-tech industries.
“The desire to regulate the circulation of cryptocurrencies is natural on the part of any financial authority. However, while recommending a total ban on cryptocurrencies, the Central Bank of the Russian Federation proposes to throw out the baby with water. Such a ban is unlikely to stop unscrupulous players, but it will put an end to legal Russian projects in this area, ” Durov wrote.
The head of Indefibank, Sergei Mendeleev, is sure that the initiative of the Russian Central Bank threatens the future of Russia.
“This is another step towards the country’s hopelessly lagging behind in terms of technology. Banning technology means losing all the personnel in this area, both entrepreneurs and programmers, as well as financiers, not forgetting about simply talented and driven entrepreneurs, ” the entrepreneur believes.
Meanwhile, analysts at Santiment pointed out that the largest recent trend “buy the dip” was seen yesterday among investors.Experts believe that crypto investors switched from selling digital assets to buying them almost overnight due to the market fall and the lost profit syndrome.
Today, bitcoin has already risen above the $36,000 mark. The capitalization of the main cryptocurrency has reached, according to CoinGecko, $685 billion.
The growth occurred against the backdrop of media reports that more than a thousand graduates of the American accelerator Y Combinator created an association to invest in cryptocurrency startups. The Orange DAO group intends to form a venture structure whose work will be aimed at supporting innovative projects.
“Orange DAO will help startups apply and get into Y Combinator, provide them with funding before and after YC, while helping with management, as well as attracting talent and buyers,” the structure said.
What do you think about the trends currently presented in the cryptocurrency market? Will the positive mood of investors continue?