Cryptocurrency exchange-traded products, a security that tracks digital tokens like bitcoin (BTC-USD) and ethereum (ETH-USD) as underlying assets, saw the value of their assets under management slump during September as a tough macroeconomic environment along with heightened geopolitical tensions continue to weigh on crypto prices. Across 157 listed crypto ETPs, total AUM dropped to $23.5B from $25.4B at the beginning of September, according to Fineqia Research. The ETPs include exchange-traded funds (ETFs) and exchange-traded notes (ETNs), as is the case generally. "Unsurprisingly, the crypto ETP market largely tracked the underlying crypto market this past month," said Fineqia CEO Bundeep Singh Rangar. "The macroeconomic environment and geopolitical developments are likely to continue to influence demand for and prices of cryptoassets."Bitcoin (BTC-USD) denominated ETPs suffered a 4% drawdown to $16B during the month. Not surprisingly, BTC itself, which is currently changing hands at $19.16K (compared with $68.9K all-time high in November 2021), slid 4% at the time as market participants become more wary about a backdrop of global monetary tightening, stubbornly high inflation, and recession risks. ETPs holding ether (ETH-USD) tumbled 16% to $5.6B, in a move that strongly correlated with ETH's price decline of 17.3% in the same period, when the blockchain successfully merged to a proof-of-Stake consensus mechanism from Proof...
XRP Price Prediction For 24 November
