Crypto hedge funds expand the business even as BTC/USD is down 54% since the start of the year
|- BTC/USD is close to important support levels.
- Hedge fund of former Goldman's investment manager opens new offices.
BTC/USD is changing hands at $6,260, down 3% on a daily basis but mostly unchanged since the beginning of Tuesday. The cryptocurrency market collapsed on Monday, as the lack of recovery momentum caused the reversal on approach to important technical levels. Considering that the slump was engineered by edgy market sentiments and technical factors, one might expect that the critical support levels will be strong enough to stop the bearish assault.
Thus, Bitcoin is likely to stay above $6,000, which means that we are in for some range-bound trading at least until the SEC announces its decision on new crypto ETF application at the end of September. On the upside, BTC/USD recovery is capped by $6,660, created by DMA50, followed by DMA100 at $6,700. Once this area is cleared, $7,000 will come into focus with last resistance at $7,500. This is where the downside trendline meets DMA200.
Hedge funds don't give up.
Cryptocurrency bears grabbed the control over the market once again, but crypto hedge funds are unabashed and continue to expand their business globally. Thus, Bloomberg reports that BlockTower Capital opened a second office. This fund was co-founded a year ago by former Goldman Sachs investment manager Matthew Goetz.
Since the beginning of the year, crypto hedge funds have lost 52% of their value as compared to Bitcoins 54% loss, but the damage seems to not great enough to discourage the investment managers.
BTC/USD, the daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.