The global market cap of cryptocurrencies has crossed $4 trillion for the first time, thanks to renewed optimism among investors, approval of the regulatory framework by developed countries and massive inflows into spot ETFs. The US House of Representatives has approved a bill this week to create a regulatory framework for these risky digital currencies. This legislation will increase investor confidence in cryptos and will also change the approach towards them.

The launch of new exchange-traded products is receiving a response from investors. Bitcoin is currently consolidating around $118,000 after touching $123,000 last week. Increased ETF inflows, a Federal Reserve interest rate cut and a weaker dollar could fuel the crypto market rally. India’s top crypto exchanges CoinDCX, ZebPay, Mudrax and Coinswitch have seen a net inflow of over $200 million in the last week.