Cryptocurrencies show inflows after record outflows

08 June 2021 | Economics

GERTRUDE CHAVEZ-DREYFUSS

Cryptocurrencies posted inflows last week after hitting record outflows the previous two, as investors took advantage of price declines in the market, data from digital currency manager CoinShares showed.

Inflows into crypto investment products and funds totalled US$74 million last week. That followed record outflows of US$151 million the previous two weeks, representing 0.3% of assets under management.

Bitcoin products continued to see outflows last week of about US$4 million, CoinShares data showed. This brings the total outflow over the last three weeks to US$246 million. For the year, however, bitcoin still showed inflows of US$4.4 billion.

The world's most popular currency rose 3% last week and was last up 3.8% at US$38 104.

Ether, the second largest cryptocurrency in terms of market capitalization and the token used for the Ethereum blockchain, showed inflows of US$47 million, with total inflows totalling US$973 million. Its price was up 13% last week, but dropped 41% the week before.

Investment product flows also showed that altcoins, or the non-bitcoin, non-ether tokens, remained popular, with inflows into Cardano and Polkadot and Ripple.

Grayscale remains the largest digital currency manager at US$33.6 billion, but their assets under management were down from US$47.3 billion two weeks ago.

CoinShares, the second-biggest and largest European digital asset manager, oversaw about US$3.9 billion in assets as of last week, down from about US$6 billion two weeks ago. - Nampa/Reuters

Similar News

 

Namibia’s tourism sector walking on thin ice

2 days ago - 30 July 2021 | Economics

PHILLEPUS UUSIKU Due to limitations to the number of people at gatherings, reduced opening hours for restaurants and bars and moreover travel restrictions, the tourism...

South Africa plans billions in relief

2 days ago - 30 July 2021 | Economics

ALEXANDER WINNING AND WENDELL ROELFSouth Africa plans about R36 billion of relief measures to support businesses and individuals affected by unrest this month and by...

SA unions agree to wage deal

2 days ago - 30 July 2021 | Economics

The majority of public sector unions in South Africa have signed a one-year wage hike deal, a cabinet minister said on Tuesday, as government looks...

Namibia’s economic recovery ‘disgraceful’

3 days ago - 29 July 2021 | Economics

Jo-Maré Duddy – Dragging vaccine roll-out and the re-imposition of some lockdown measures during the third wave of Covid-19, as well as lower than expected...

Govt caught with its pants down

3 days ago - 29 July 2021 | Economics

Jo-Maré Duddy – Government must open-up the import of Covid-19 vaccines to the private sector to fight the third wave, prevent a fourth and help...

Public and private sector collaboration crucial

3 days ago - 29 July 2021 | Economics

The power of unity cannot be overemphasised. Indeed, Namibia has experienced, and is still experiencing the effects of a people united towards a common goal...

Fighting the fire of discontent

4 days ago - 28 July 2021 | Economics

Jo-Maré Duddy – Although Namibia shares a similar volatile cocktail of high inequality, poverty, unemployment, corruption and waning trust in political powers than South Africa,...

Livestock marketing gaining momentum

4 days ago - 28 July 2021 | Economics

PHILLEPUS UUSIKUDue to the unavailability of animals in the market for the month of April 2021, there was a massive decline in the number of...

African central banks to hold rates steady

4 days ago - 28 July 2021 | Economics

VUYANI NDABAMajor sub-Saharan African central banks are expected to keep interest rates on hold this week as the region's recovery lags the rest of the...

Africa demands local production of vaccines

4 days ago - 28 July 2021 | Economics

Global pharmaceutical firms should license production of Covid-19 vaccines in Africa rather than just do piecemeal contract deals, an African Union special envoy has said.By...

Latest News

On the brink of burnout?...

2 days ago - 30 July 2021 | Business

Selma Shilunga 1. Talking about your feelings is importantWe often keep our true feelings bottled up, saying “I’m fine”, even when we’re really not....

Kristofine Itembu proves that the...

2 days ago - 30 July 2021 | Business

Rivaldo KavangaHailing from Onankali village in the Oshikoto Region and raised in the dusty streets of Soweto in Katutura, the career-driven Kristofine Itembu remains humble...

Pensioner loses N$50k to scammers...

2 days ago - 30 July 2021 | Crime

TUYEIMO HAIDULA OSHAKATI A 60-year-old retired teacher lost N$50 000 to scammers who pretended to be police officers on Monday...

Ex-general implicated in Ekandjo’s missing...

2 days ago - 30 July 2021 | Justice

Kenya Kambowe RUNDUFormer minister Jerry Ekandjo’s name has surfaced in court as one of the possible victims in a stock theft case in which former...

South Africa plans billions in...

2 days ago - 30 July 2021 | Economics

ALEXANDER WINNING AND WENDELL ROELFSouth Africa plans about R36 billion of relief measures to support businesses and individuals affected by unrest this month and by...

The man who works fast...

2 days ago - 30 July 2021 | Business

Sono Kahuure runs the network escalations department at Paratus Namibia and is the keyholder to unlocking solutions for his customers. Sono is the go-to man...

Taking sports development to the...

2 days ago - 30 July 2021 | People

Mariselle Stofberg Powerful play From growing up in the dusty streets of Okuryangava, Titus Mwahafa’s passion for sport and sports development has driven him...

“I imagined a better life...

2 days ago - 30 July 2021 | Business

Desiree GasesTST was founded in 2012 and is a full-service advertising and market research company combining qualitative and quantitative approaches to deliver rich, operational, and...

EDITORIAL: Fix Windhoek’s leadership mess

2 days ago - 30 July 2021 | Opinion

Windhoek is without political leadership. But that’s not the saddest part. The fact that, for a week, nothing concrete has been hammered out to restore...

Load More