Bitcoin Rises Slightly After PayPal Launches Stablecoin, NFT Trading Volume Picks Up, Outflows Continue for Digital Asset Investment Products

08/08 04:50

Bitcoin experienced a slight rise following the launch of PayPal's stablecoin, PYUSD, which is fully backed by U.S. dollar deposits. However, other top 10 non-stablecoin cryptocurrencies remained flat or decreased, with Dogecoin being the biggest loser. The Forkast 500 NFT index increased as NFT trading volume picked up. Digital asset investment products experienced outflows totaling US$107 million in the week ending August 4, with Bitcoin-related products seeing the largest weekly outflows since March. However, outflows into Bitcoin short positions stopped for the first time in the past 14 weeks, suggesting institutional investors may be adjusting their Bitcoin strategies.

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