Cryptocurrency prices jump as market reacts positively to news of potential policy easing in China.

From Investing.com

August 20, 2024 09:42 AM:

Bitcoin climbed above $61,400 with strong inflows into U.S.-spot ETFs, recording the second-highest inflow in August. Bitcoin ETFs saw net inflows of over $61 million, highest since August 8. Ether prices surged by 4% as investors awaited possible signals of upcoming Fed rate cuts this week.

The crypto market reacted positively to Tron’s founder hinting at China possibly lifting its ban on Bitcoin and other assets. China’s Supreme Court and public prosecutor recognized “virtual asset” transactions under updated AML laws, their first major update in almost 20 years.

State Street partnered with Taurus for its tokenization strategy and plans to expand to crypto custody once U.S. regulations improve. The global crypto market cap increased by 3.17% to $2.14 trillion, with stablecoins accounting for 92.43% of the total 24-hour volume.

Dogecoin price rose by 1.3% alongside other meme coins benefiting from bullish momentum. SunPump, Tron’s Pump.fun competitor by Justin Sun, launched , the largest meme coin, driving overall market excitement.

Read more at Investing.com: Bitcoin, Ethereum, Polkadot prices jump amid policy easing hopes By Investing.com