Institutional demand pushes bitcoin prices back near $40,000 level

Bitcoin moved back near the $ 40,000 mark as prices for the world’s oldest cryptocurrency rebounded from 7-day lows near the $ 33,000 level due to new institutional demand. U.S.-based digital asset mutual fund Grayscale Holdings announced on Friday that its total crypto assets under management (AUM) were $ 30.4 billion.

For the past 24 hours, Bitcoin has traded in the $ 37,388.34 to $ 39,845.92 range, while it was trading at $ 38,900 at around 12:50 p.m. on Monday, up 0.30%. This is evident from data available with the WazirX crypto exchange.

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Meanwhile, the world’s second largest cryptocurrency, Ether, hit a new all-time high above $ 1,761.35 over the weekend. The digital currency reduced some of the losses, trading at $ 1,631 on Monday, up 0.83%.

The rally in the ether is part of the recent surge in DeFi coins.

“After ether hit a new all-time high and locked $ 32 billion in DeFi, everything revolved around altcoins last week. Institutional purchases at the $ 33,000 level brought Bitcoin prices back to nearly $ 40,000, “said Vikram Rangala, chief marketing officer at ZebPay, a crypto exchange.

For example, according to Bloomberg, people with decentralized finance (DeFi) can borrow or borrow without the need for traditional intermediaries like banks. Many DeFi applications run on the Ethereum blockchain.

Meanwhile, Dogecoin, which started as a joke in 2013, hit a new all-time high of $ 0.082 after tweets from Tesla CEO Elon Musk.

Dogecoin or DOGE were back in the spotlight on Thursday, and the cryptocurrency rose over 58%. The richest person in the world stood up for digital currency and tweeted, “Dogecoin is the people’s crypto”. Another tweet read, “No highs, no lows, just Doge.”

Meanwhile, other important cryptocurrencies such as Ripple, Stern and Tether were up to 2% in the red on Monday morning.

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