According to VanEck, institutional investors have purchased Bitcoin worth $175 billion, which accounts for over 15% of the total market supply. The company’s ETF fund manages $600 million in assets. Bitcoin’s price rose to $58,500 following statements from the Federal Reserve about maintaining interest rates.
The Federal Open Market Committee did what most analysts predicted and kept the federal funds rate unchanged, remaining in the current range of 5.25% to 5.50%. “In support of its objectives, the committee decided to leave the rates unchanged,” the central bank said in its statement.