Cryptocurrency funds and products have experienced outflows for the fifth week in a row as investors remain cautious amid heightened global regulatory scrutiny, data from cryptocurrency management Coinshares shows. .
According to Arab Net, total outflows from Bitcoin, the world's most popular cryptocurrency, totaled $33 million in the week ending August 6, compared to 19.7 million dollars in the previous week.
But since the beginning of the year, inflows into Bitcoin are still strong at $4.2 billion.
Bitcoin, on Monday, hit an 11-week high above $46,000. Since mid-July, it has jumped 46%, as policymakers seek a last-minute compromise on how to tax crypto assets.
The largest cryptocurrency climbed 5% to $46,060 during New York trading hours, continuing its recent momentum, rising nearly 17% over the past week.
Other cryptocurrencies benefited from this rally as well, with Dash, Ether and Litecoin increasing by at least 3%. The Bloomberg Galaxy Crypto Index of the largest digital asset rose 6.7%, also its highest level since May.
The rise comes as policymakers in Congress wrestle over how to craft the part of an infrastructure bill that would impose new tax rules on cryptocurrencies.
