Bitcoin rose on Wednesday morning in Asia to trade above US$27,200, after reaching over US$27,400 earlier in the day. Ether remained flat at around US$1,640. All other top 10 non-stablecoin cryptocurrencies logged gains in the past 24 hours, with Toncoin spearheading the rally with an over 7% increase. The crypto market received a boost from Japan’s leading investment bank Nomura, which announced a Bitcoin-based fund for institutional investors on Tuesday. U.S. stock futures traded flat, after Wall Street closed lower on Tuesday ahead of the U.S. Federal Reserve’s interest rate decision.
Bitcoin rose above US$27,400; Nomura unveiled Bitcoin fund
Bitcoin rose 1.75% in the last 24 hours to US$27,214.15 as of 07:30 a.m. in Hong Kong and moved up 5.11% for the week, according to CoinMarketCap data. The world’s largest cryptocurrency rallied early Wednesday morning to reach US$27,488.76 — the highest price since Aug. 31, but soon retreated.
Laser Digital, a digital asset subsidiary of Japan’s Nomura Holdings, announced on Tuesday the launch of its Bitcoin Adoption Fund, which aims to provide “a seamless way for institutional investors to access the digital asset class.”
Nomura, which held around US$500 billion in assets under management, is Japan’s largest investment bank. The recently launched Bitcoin-related fund is the first in a range of digital adoption investment solutions that Laser Digital Asset Management will bring to the market.
“Technology is a key driver of global economic growth and is transforming a large part of the economy from analog to digital. Bitcoin is one of the enablers of this long-lasting transformational change and long-term exposure to Bitcoin offers a solution to investors to capture this macro trend,” Sebastien Guglietta, head of Laser Digital Asset Management, said in the announcement.
Meanwhile, as the equity market awaits the U.S. Fed’s interest rate decision on Wednesday, some expect the event to have a limited impact on the crypto market.
“While markets may become volatile during and after the meeting, any sustained directional effect is doubtful. In the current environment, making trading decisions based on macroeconomic data is less helpful due to Bitcoin’s reduced correlation with traditional assets,” wrote blockchain research firm K33 Research on Tuesday.
K33 also highlighted a slide in Bitcoin trading activities on the world’s leading crypto exchange Binance. Binance’s seven-day average Bitcoin spot volume had plunged 57% since the start of September, along with the crypto exchange’s intensifying regulatory challenges in the U.S.
Ether edged up 0.42% to US$1,643.57 and added 2.96% for the week. The second top cryptocurrency reached a 20-day high of US$1,659.53 on early Wednesday morning.
All other top 10 non-stablecoin cryptocurrencies logged gains in the past 24 hours. Toncoin continued leading the winners, which jumped 7.24% to US$2.58. The native token of the TON Network has surged 41.07% for the week.
The total crypto market capitalization gained 1.32% in the past 24 hours to US$1.08 trillion, while trading volume dropped 12.12% to US$27.29 billion.