Bitcoin prices have moved higher on Tuesday, reaching a maximum of three weeks of $ 7,044.35 and on track to record five winning sessions in the last six.
The digital currency no. 1 is now more than 20% less than Aug. 14 Low. A single bitcoin
BTCUSD, + 4.55%
changed the last hand to $ 7,026.64, up 4.5% from Monday 5:00. Eastern Time on the Kraken exchange.
The highest move in bitcoin is that the US dollar is in the midst of a period of weakness, which has attracted analysts' attention.
"This kind of behavior is typical of commodities." When the dollar falls, it takes more dollars to buy a barrel of oil or an ounce of gold and vice versa, "said Mati Greenspan, an analyst eToro senior market. "My suspicion is that while the dollar dominates the markets, people trust Bitcoin and vice versa when the dollar falls."
Read: An SEC Commissioner is establishing itself as the voice of innovation for the crypto market
Morgan Creek Digital launches cryptographic fund
Morgan Creek Digital, an operating subsidiary of Morgan Creek Capital Management, announced the launch of a digital investment index. The fund, which is in partnership with Bitwise Asset Management in San Francisco, is a weighted basket for the market capitalization of the 10 largest digital businesses, excluding Ripple and Stellar as they have a central availability of more than 30%.
"Increasingly, institutional investors come to us to ask for exposure to space," said Mark Yusko, CIO of Morgan Creek Asset Management. "We wanted to create a vehicle tailored to those investors, and Bitwise was the ideal partner to do so because of their institutional approach, experienced team and track record of success."
The fund will have a minimum buy-in of $ 50,000 and will start accepting subscriptions this week, according to Hunter Horsley, CEO of Bitwise.
The plateaus that extended gains at the start of Tuesday in New York
Altcoin, alternative coins to bitcoin, erupted higher on Tuesday. Ether
ETHUSD, + 3.86%
earned 4% to $ 287.94, Bitcoin Cash
BCHUSD, + 3.77%
rose 3.9% to $ 551.80, Litecoin
LTCUSD, + 5.76%
up 5.5% to $ 60.96 and the Ripple XRP currency
XRPUSD, + 5.86%
traded at 35 cents, up 6%.
Futures are monitoring spot prices higher. The September contract of Cboe Global Markets Inc.
XBTU8, + 4.46%
earned 4.8% to $ 7.040, while the contract of CME Group Inc. in August
BTCQ8, + 4.31%
earned 4.5% to $ 7.030.
CryptoWatch: Check bitcoins and other cryptocurrency prices, performance and market capitalization – all in one
Provide critical information for the day of US trading. Subscribe to the free Need for Know newsletter from MarketWatch. Register here.