Cryptocurrencies see flows for the sixth week in a row

Data from digital asset manager CoinShares showed that cryptocurrency investment products and funds posted inflows for the sixth consecutive week as investors view recent regulatory challenges in the sector as buying opportunities. Over the past six weeks, cryptocurrency inflows have reached $320 million, inflows have reached $6 billion in 2021, and inflows into the sector have reached $95 million last week, led by investments in bitcoin worth $50.2 million.

China has cracked down on cryptocurrencies by imposing a blanket ban on all cryptocurrency transactions and mining, hitting bitcoin and other major currencies and putting pressure on crypto- and blockchain-related stocks.