Institutional Commitment to Bitcoin Will be Determined by Rates Guidance, U.S. Inflation

Dow Jones17:51

0950 GMT - Commitment from institutional investors, which include pension funds and banks, to bitcoin funding will be determined by Federal Reserve guidance on future rate decisions as well as U.S. inflation data released later this week, says Edgars Laimite of crypto market maker Gravity Team. "Bitcoin is dealing with the uncertainty around equities and oil, alongside the cost of dollar funding," he says. "This week is about how firms plan around those conditions." Laimite says an institutional trading desk has to finance the bitcoin it carries and the cash it keeps available across exchanges, and adds that last week's ETF flows showed how quickly institutions can change the amount of money they commit. Bitcoin is 0.5% lower at $79,586.

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