What happened?
Despite the fluctuating macroeconomic backdrop, Bitcoin experienced a notable surge in investment, trading at $111,654 with a daily turnover of $44.1 billion. Last week alone, CoinShares reported $2.48 billion in net inflows, concluding August with $4.37 billion, which is a 58% increase from last year’s period. This indicates a steady return of money into the crypto market.
Who does this affect?
The shift in Bitcoin’s value will affect various market segments ranging from individual investors to institutions that have invested in the cryptocurrency. Companies and countries that have incorporated Bitcoin into their financial systems will also feel the impact. Surprisingly, Ethereum outshone others by attracting $1.4 billion, causing a noticeable investor rotation.
Why does this matter?
This matters because the spike in Bitcoin’s value amidst macroeconomic turbulence demonstrates the crypto market’s resilience. Additionally, the introduction of Bitcoin Hyper ($HYPER), which combines BTC security with Solana’s speed, indicates ongoing innovation in the crypto space, paving the way for new use-cases like lightning-fast, low-cost smart contracts, decentralized apps, and meme coin creation.