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Home»TRADING NEWS»Investors are bullish on cryptocurrencies and technology stocks, BofA says.
TRADING NEWS

Investors are bullish on cryptocurrencies and technology stocks, BofA says.

By Crypto FlexsMarch 1, 20242 Mins Read
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Investors are bullish on cryptocurrencies and technology stocks, BofA says.
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Investors have poured billions of dollars into technology stocks and doubled their cryptocurrency investments on hopes of a Federal Reserve interest rate cut and economic resilience.

Investors have been actively purchasing technology stocks and cryptocurrencies, according to a research report conducted by Bank of America’s global research team.

According to a Reuters report, $4.7 billion inflows into technology stocks, including major companies such as Apple and Nvidia, marked the highest inflows since August 2023. At the same time, investments in cryptocurrencies also witnessed capital inflows, with inflows doubling from $1.2. Last week it rose from $1 billion to $2.4 billion.

According to Bank of America, the surge in investment activity can be attributed to “animal spirits,” sparked by renewed interest in high-risk assets as investor confidence in the likelihood of the Federal Reserve cutting interest rates by mid-year, coupled with economic resilience, has sparked renewed interest in high-risk assets. . .

As funds flowed into Bitcoin spot exchange-traded funds (ETFs) in late February, Bitcoin’s monthly rise appears to have surged nearly 50%, and Ethereum (ETH) recorded its highest monthly rise since mid-2019. In 2022, it will surge 47% to nearly $3,500.

Meanwhile, analysts at Bitwise expect institutional investment in Bitcoin ETFs to surge in the coming months as major financial institutions known as “money transfer companies” begin offering ETF trading to their customers.

According to Bitwise CIO Matt Hougan, the current market dynamics as a scenario where demand significantly exceeds supply, especially when considering the amount of Bitcoin mined every day and the amount of Bitcoin ETFs purchased compared to the expected impact of the upcoming halving event. Even more so. As of press time, Bitcoin is trading at $61,600, according to data from CoinGecko.

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