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Altcoin News

A $100+ Bil. Market: There Is Strong Demand For Crypto Hedge Funds

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In the latest crypto news, we are focusing on hedge funds and their rise over the past year. Throughout 2018, we can see that the crypto market has lost more than 75% of its valuation – however the situation is not the same with crypto hedge funds, which are apparently raising hundreds of millions of dollars from different investors and institutions.

One of the popular hedge funds in the crypto industry is Grayscale Investments, a subsidiary company of the famous venture capital firm Digital Currency Group – and a hedge fund that has raised more than $330 million from its existing and new investors.

After the 1,200% increase, the managing director of the company Grayscale Investments, Michael Sonnenshein, said that the 69% drop in the price of Bitcoin had minimal impact on the company and how it manages to build its client base. As he stated:

“Bitcoin prices doing nothing but go down the entire year has not deterred our existing clients from putting more capital to work. Asset inflows are really strong despite these price declines. Investors are taking the pullback as an opportunity to increase their exposure. The price has not slowed down the pace of investments — it’s actually caused us to broaden our relationships.”

Grayscale currently has a strong reputation as a digital asset management company and an investment firm. However, there are other big players in the industry too – such as Pantera Capital and the former Point72 portfolio manager Travis Kling and its Ikigai Asset Management, both holding investments that are over $100 million.

 

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Altcoin News

Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle

Circle-the crypto finance company released the third official verification of the USDC stabelcoin dollar reserves according to the official statement making its way into our blockchain news today. By reading the report carefully, you can notice that as of December 31, 2018, at exactly 11:59, 251,211,149 USDC tokens were issued. The company has about $251,211,210 in their custody accounts and plus $61 surplus in dollar reserves. Circle issued a statement:
 “As of the Report Date and Time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody accounts.”
USDC is a stablecoin that is based on the Ethereum (ETH) ERC20 token which was first announced in May 2018 after Circle successfully raised $110 million from investors. The CEO of Circe Jeremy Allaire explained more about USDC by saying:
 “It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.”
Circle’s third audit attestation on the stablecoin, shows that the company has a surplus of US dollar reserves that are able to back the circulating coins. The first one was published in November 2018. Also, back in December, the USDC stablecoin was added to one of the largest crypto exchanges in the world-Binance after getting listed on Huobi and OKEx both in October.
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Altcoin News

Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600

The latest Bitcoin news show that the most dominant cryptocurrency is kind of idle when it comes to fast growth. Over the past few days, it managed to go in the green and in the red with less than 1% movements, holding firmly above the $3,600 mark. Bitcoin has stayed above the $3,600 threshold for some time now, while its highest price point over the past 24 hours was $3,707. Currently, BTC is at $3,637 with a loss of 0.32% overnight. The total market capitalization is down from $122 billion yesterday to $121 billion today - and down by more than $2 billion from the intraweekly high of $123..2 billion. Ripple (XRP) is slightly down as well, trading at $0.32 and falling by one cent compared to yesterday's numbers. Ethereum (ETH) also declined by 0.64% and is still at $122. EOS managed to surge by 0.68% overnight and is now trading at $2.44. While most of the top 10 is green, only EOS (EOS) and Tron (TRX) managed to rise. TRX rose to $0.024 with a 0.94% growth just like EOS and its sub-1% movements. The biggest growth overnight was initiated by Cardano (ADA) and Binance Coin (BNB). While ADA surged by 2.71% to a new price of $0.045, BNB managed to climb to $6.20 rising by 2% overnight. As it is right now, the cryptocurrency market definitely needs some movement on the green side. However, the idle movements can continue as well, proving that another bear market is here.
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Altcoin News

Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation

Over the past day, the crypto market recovered from its previous position and reached $123 billion as Bitcoin also managed to avoid another drop below the $3,600 mark. In the latest crypto news, we take a look at some analysis from multiple crypto technical analysts. Some analysts think that because of the high sell-off intensity in the previous period, there is a strong chance for the price of BTC and other altcoins to drop even further below their support levels in the short-term. Also, they believe that Bitcoin will even decline as low as $3,100 by the end of the bear market before recovering by the end of 2019. Crypto technical analyst Eric Thies said that Bitcoin might start a strong movement upwards by the end of 2019:
 “Similar to 2015, 2019 may be the year of accumulation.’’
Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’
Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
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Altcoin News

Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’

The prime minister of Russia Dmitry Medvedev is in our altcoin news today after addressing the bear market while speaking at an international scientific forum. Medvedev pointed out how important it is to carefully monitor the developments of Bitcoin and other cryptocurrencies saying that their high volatility is a cause for concern for many people but the technology behind them provides many benefits and should not be set aside. The prime minister addressed the high volatility of the crypto market in 2018 by saying:
‘’But this, of course, is not a reason to bury cryptocurrencies.  There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’
He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena. The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake.  The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated. Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.
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