Cryptocurrency inflows hit record high of $4.2 billion, CoinShares says
Inflows into cryptocurrency funds and products have already hit a record $4.2 billion for the first quarter, reflecting growing institutional investor interest, CoinShares data showed.
The previous high for crypto inflows was $3.9 billion in the fourth quarter of last year, driving total inflows for 2020 to $6.7 billion, the asset manager’s data shows.
U.S. dollar little changed ahead of Fed meeting outcome
The dollar was little changed to slightly higher on Tuesday in quiet trading, with currencies generally lacking direction as market participants awaited the outcome of a Federal Reserve meeting for clues as to where U.S. interest rates are headed.
The greenback overall posted gains against the euro and commodity currencies such as the Australian and New Zealand dollars.
At the Fed’s two-day monetary policy meeting, policymakers are expected to forecast that the U.S. economy will grow in 2021 at its fastest rate in decades, with unemployment falling and inflation rising, but they are unlikely to change their monetary policy.
In afternoon trading, the dollar index was slightly up at 91.84. It has gained for a third straight session.
Investors will also pore over whatever the Fed has to say about the rise in yields, which have gained on bets that economic growth and inflation could prompt a faster-than-expected normalization of monetary policy.
U.S. Treasury yields were mixed overall, with the benchmark 10-year note up at 1.621% .
The euro was down 0.2% at $1.1905.
It has held below $1.20 since March 5, hurt by expectations for a slower economic recovery in Europe compared with the UK and the United States, due to problems in rolling out the coronavirus vaccines.
Germany, France and Italy said on Monday they would suspend AstraZeneca COVID-19 shots after several countries reported possible serious side effects, but the World Health Organization said there was no proven link and people should not panic.
The dollar fell 0.1% against the yen to 108.97 ahead of the Bank of Japan’s two-day policy meeting, which ends on Friday. The central bank’s governor said on Tuesday it was important to keep long-term interest rates “stably low”.
Reference: Reuters
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