Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $58,525.29 (+4.55%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $1,820.84 (+1.97%), while XRP has dropped by 0.05% and is now trading at $0.472.
The daily revenue of Bitcoin miners has just hit a record $52.3M ($366.1M per week), according to data provided by analytics company Glassnode.
Experts have pointed out miners have managed to increase their revenue in spite of the halving of the reward miners receive for mining a block, which took place in May 2020. After the third halving in the crypto's history, the reward for mining a block was reduced from 12.5 to 6.25 Bitcoins.
At the same time, media outlets have reported Morgan Stanley has just become the first US bank to offer asset managers access to Bitcoin-based investment funds.
According to sources, we are talking about two funds owned by Mike Novogratz's Galaxy Digital and an investment tool launched jointly by NYDIG and FS Investments.
FxPro's team of analysts say:
"Over the past 24 hours, Bitcoin has added 5% and is currently trading at around $59,000. After suffering another correction that has ended at $54,000, buyers have entered the scene, which has resulted in the crypto retesting $60,000.
So far, there is no reason to think Bitcoin could go from a bullish cycle to a broad correction in the near future. However, there is a possibility that the Fed may begin to take a less adaptive stance on stimulating the economy, which would result in a sell-off in the equity and cryptocurrency markets.
In addition, news that Morgan Stanley (which has $4T in assets under management) is going to start offering its wealthiest clients access to Bitcoin-based funds is unlikely to cause downward pressure on the leading cryptocurrency. It is clear that institutional interest is only growing, which is increasing the market capitalization of cryptocurrencies.
Visa believes digital currencies will gain widespread adoption over the next few years, with a focus on expanding adoption. First and foremost, all of this will generate momentum for Bitcoin, as a benchmark asset, for which the infrastructure for investment has been created over the past few years."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at 1.797.925.480.602 $.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.