Luxury
@luxurymenzdk
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Earlier this week, the crypto market declined sharply before bouncing back, with bitcoin dropping over 15% and ether experiencing its steepest decline since the FTX collapse. This selloff, fueled by broader economic concerns and geopolitical factors, increased market uncertainty. Curious whether these events triggered any significant shifts in crypto funds' strategies, I reached out to leading crypto investors managing liquid and hedge funds to learn about their plans moving ahead.
Interestingly, despite the market recent turbulence, several crypto funds continue to focus on fundamentals, with a strong bullish stance on Solana (SOL) and the DeFi sector. Joe McCann, founder, CEO and CIO of Asymmetric Financial, told me that his firm, managing two liquid funds with 9-figure and 8-figure assets under management (AUM) respectively, remains invested in bitcoin while overweight on Solana. "We have owned exactly zero ETH +1.77% all year and see absolutely no reason to own it going forward," McCann said. 1 reply
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The CEO of the financial company deVere Group, Nigel Green, believes that the demand for the first cryptocurrency will continue to increase, and by the end of the year the BTC rate will reach $100,000. Nigel Green believes that the first cryptocurrency is the best investment asset at the moment, since the number Bitcoins are limited to 21 million coins. “Bitcoin is now likely the best asset in terms of growth potential for the rest of the year. It costs $60,000, but many are expecting it to reach $100,000 by the end of the year. Is it possible? It is quite possible, because the number of bitcoins is limited. That is, if the demand for BTC increases, then the price will go up. Bitcoin is not at all the same as the US dollar, where the Fed can simply print more,” says Green. 0 reply
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The cryptocurrency market may be poised for a "rescue rally" after a 6-month market roller coaster, with some analysts suggesting that selling pressure on exchanges has eased.
“If you look at the forecast for the 7th month, there is reason for optimism after such a significant capitulation by small traders,” crypto analytics platform Santiment X 7/2 said.
This added to the negative sentiment in the market, and traders' losses suggested that "the rescue rally may have just begun."
Bitcoin
BTC
Ticker fell
US$662,913
It fell nearly 6% in the month to June 7, hitting a one-month low of £59,500, according to Cointelegraph Markets Pro.
According to TradingView, the market capitalization of the cryptocurrency market fell by about 55 billion yen between a high of 2.5 trillion yen in 4,000 units in a month followed by many other cryptocurrencies.
Mingkyu Wu, an analyst and trusted contributor to CryptoQuant, said in a 7-1 message that the seller has "finally run out of steam." 0 reply
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