The recent decline of the Bitcoin price scratched the surface to a lot of possibilities in the world of Bitcoin and put a large dent in profit projections for hedge funds oriented in crypto assets. However, the good thing is that funds like these are always on the increase – and there are now more than 300 of them – which is a record number worldwide.
One source confirmed this. According to the research conducted by Autonomous Next, the number of cryptocurrency funds went over 300 in 2018 – and there are now 312 up and running cryptocurrency funds which marks another milestone completed this month.
In other words, the number of crypto-related funds increased by 24% from the previous year, coming from a number of 251 funds which were operational then. Additionally, the 312 crypto funds present nowadays represent a 457% surge from the 56 existing in 2017.
According to the source, the majority of these crypto funds opened in the second quarter of the year. The researchers also found that the number of these funds is in a strong relation with Bitcoin’s appreciation. However, the main reason why the new funds have been opening like crazy over the second part of this year is their activity surrounding initial coin offerings (ICOs).
What’s important to note is the fact that these cryptocurrency funds collectively manage between $7.5 billion and $10 billion in assets nowadays – even though most of this capital surrounds the largest funds.
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“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs. ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
Analyst Believes That Bitcoin Is Expected To Bottom Out In Q2 Of 2019
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.”According to Woo, Bitcoin may enter an accumulation phase which is what could give it a push for a new upward trend.
“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” Woo was confident.He also explained that if Bitcoin bounces in the short-term (which is a possibility) and surpasses the $7,000 mark, a bull run before the Q2 of 2019 can happen.
“If price (in the short term) bounces upwards here, which is certainly possible, I think the 200 day moving average is the upper band of the move. This is around $7,000 right now. Remember if price goes above the 200 DMA, in the history of BTCUSD’s 8 year trade history, it’s been a reliable indicator of bear to bull transitions. It’s too early to transition out of the bear,” he concluded.Still, Bitcoin (BTC) is struggling to break out of the $6,800 resistance level and is keeping at the same situation for the past three months. A breakout above $7,000 is even more difficult with the current market conditions.
Bloomberg Analysts: Bitcoin Is ‘No Longer Boring’ But Its Price ‘May Drop To $1.5k’
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