Bitcoin prices moved higher Tuesday, touching a three-week high of $7,086.39 and on track to log five winning sessions over the last six.
The No. 1 digital currency is now more than 20% off its August 14 low. A single bitcoin BTCUSD, +4.54% last changed hands at $7,027.47, up 4.6% since Monday 5 p.m. Eastern Time on the Kraken exchange.
The move higher in bitcoin comes as the U.S. dollar is in the midst of a period of weakness, which has caught the eye of analysts.
“This kind of behavior is typical of commodities. As the buck falls, it takes more dollars to buy a barrel of oil or an ounce of gold and vice versa,” said Mati Greenspan, senior market analyst at eToro. “My suspicion here is that as the dollar dominates the markets, people are placing more faith in it over bitcoin and of course, vice versa, when the dollar falls.”
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Morgan Creek Digital launches crypto fundMorgan Creek Digital, an operating subsidiary of Morgan Creek Capital Management, announced the launch of a digital asset index fund. The fund, which is in partnership with San Francisco-based Bitwise Asset Management, is a market cap-weighted basket of the top 10 largest digital assets, excluding Ripple and Stellar as they have a central supply of more than 30%.
“Increasingly, institutional investors are coming to us asking for exposure to the space,” said Mark Yusko, chief investment officer of Morgan Creek Asset Management.
The fund will have a minimum buy-in of $50,000 and will begin accepting subscriptions this week, according to Hunter Horsley, Bitwise CEO.
Altcoins on track for back-to-back winning sessionsAltcoins, or digital coins other than bitcoin, burst higher Tuesday. Ether ETHUSD, +4.05% was trading up 3.9% at $287.49, Bitcoin Cash BCHUSD, +3.54% was up 3.2% at $548.10, Litecoin LTCUSD, +5.94% is up 6% at $61.25, and Ripple’s XRP coin XRPUSD, +4.61% was trading at 35 cents, up 4.8%.
Futures are tracking spot prices higher Tuesday. The Cboe Global Markets Inc.’s September contract XBTU8, +4.54% was up 4.5% at $7,020, while the CME Group Inc. August contract BTCQ8, +4.38% was up 4.4% at $7,025.
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