Cryptocurrency prices rose during Tuesday's trading, as investor appetite for digital assets continued to improve, supported by strong inflows into Bitcoin and Ethereum exchange-traded funds (ETFs), boosting gains for the largest cryptocurrencies and pushing Bitcoin to trade above $66,000.
Data from the SoSoValue platform showed that US-based Bitcoin exchange-traded funds attracted net inflows of $227 million on July 20, marking the fifth consecutive session of positive inflows, indicating continued institutional demand for the cryptocurrency despite the volatility in global markets.
Ethereum exchange-traded funds (ETFs) also attracted net inflows of around $38 million, led by BlackRock's ETHA fund, reflecting continued investor interest in Ethereum as ETFs become more widely used as a tool for investing in digital assets.
Investors are also monitoring developments in US monetary policy, as a decline in expectations of monetary policy tightening and interest rate hikes could boost demand for high-risk assets, including cryptocurrencies, while continued flows into exchange-traded funds remain one of the most prominent factors supporting prices during the current period.
In terms of trading, Bitcoin rose by 1.65% to trade at $66,163.50, while Ethereum climbed by 2.01% to $1,933.80, and Ripple rose by 1.87% to $1.1348.
