Bitcoin touched $65,000 for the first time in about three weeks, aided by reviving demand for dedicated US exchange-traded funds amid signs that the Federal Reserve is set to loosen monetary policy.
The largest digital asset rose 1.2% to $65,030 on Monday before dipping back to $64,000 as of 1:35 p.m. in Singapore. The cryptocurrency advanced 7.4% last week, the sharpest increase for such a period since mid-July.
Fed Chair Jerome Powell on Friday gave the clearest indication yet that the central bank is on course to cut benchmark rates from a more than two-decade high, portending a more favorable liquidity backdrop for global markets.
Powell’s signal spurred a $252 million net inflow — the highest in more than a month — into a group of one dozen US spot-Bitcoin ETFs the same day, data compiled by Bloomberg show. The funds have attracted inflows for seven straight days.
“All eyes are on the Fed,” said Cici Lu McCalman, founder of blockchain adviser Venn Link Partners, adding that a September rate cut may boost Bitcoin.
Unlike the Bitcoin portfolios, a group of US spot-Ether ETFs suffered a net outflow on Aug. 23. Ether was on the back foot on Monday, dropping as much as 1.7%. Other major tokens were little changed.
Toncoin, a token from a blockchain linked to messaging app Telegram, nursed losses after the latter’s co-founder Pavel Durov was detained in France.
Broker-dealers that sold the defunct securities backed by Inspired Healthcare generated more than $100 million in fees and commissions.
FINRA barred the advisor, Sung Moo Cho, last month.
A new MetLife survey finds real estate professionals are increasingly steering clients toward tax experts as rising property values leave more sellers facing significant capital gains.
The independent broker-dealer expands its business development bench with a new recruiter and an internal promotion in the West.
The leading ultra-high-net-worth RIA joins other large wealth firms, including Raymond James and LPL, in creating executive roles focused on artificial intelligence strategy
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
