SEOUL, South Korea, Dec. 23, 2020 /PRNewswire/ — Haru‘s total transaction volume has reached the $100m milestone within just 15 months of launch.
The demand for Haru, a service brand name of Block Crafters, has also increased. As a variety of people from over 30 countries have searched for Haru‘s services lately, Haru‘s user number has exceeded 10,000. The recent crypto market is only further strengthening the reasons to use Haru.
The Bitcoin price is rising
The price of cryptocurrency protagonist Bitcoin (BTC) has recently hit the $20,000 milestone, marking a new consecutive day record. According to Coinmarketcap, on December 16th, Bitcoin price first reached $20,000, climbing to $24,085 on the 19th. As of the December 23rd, Bitcoin is trading at $23,700 with a total market cap of $440.3bn.
But the spotlight is also on Ethereum (ETH), the no. 2 by market capitalization. According to data published by blockchain data analysis firm Glassnode on December 8th at 11am, there were 1,178,174 wallets holding at least 1 ETH, marking an all-time record. This is a roughly 17% increase over January, when the figure stood at 972,924.
As governments around the world are pouring out money to stabilize the economy shaken by COVID-19 and as low interest rates are persisting, cryptocurrency is also receiving attention from institutions and other investors searching for a destination to invest their ample capital. Data published on the 17th by Bitcoin Treasuries shows that a total of 23 listed and private companies worldwide, including NASDAQ-listed MicroStrategy and Square, held a total of $17.1bn worth of Bitcoin. This represents 4.47% of the total Bitcoin volume in circulation.
The number of Bitcoin fund participants is increasing
Buoyed by the growth of the crypto market, the capital flowing into cryptocurrency funds is also increasing.
According to a report by Reuters published on the 7th, the assets under management (AuM) of British cryptocurrency asset management firm CoinShares reached a record high driven by institutional investors. Institutional investors invested $429m, the second-highest figure ever, raising the total AuM to $15bn. This represents an over six-fold increase over the $2.57bn recorded at the end of 2019.
The total AuM of US cryptocurrency asset management firm Grayscale, fueled by an influx of institutional investors and rising cryptocurrency prices, surpassed $15bn on the 17th. Grayscale Capital’s flagship cryptocurrency fund Bitcoin Trust (GBTC) surged by 40% over the previous month, trading at $28.25.
So, if the price of Bitcoin is increasing, why are people focusing on cryptocurrency funds? The answer lies in time. To buy cryptocurrency when the price is low and sell when it climbs requires constantly checking prices and studying various trading strategies. Cryptocurrency funds take care of all of this for investors. One need only entrust cryptocurrency to the fund and no longer has to monitor alerts 24/7.