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The struggles of cryptocurrency hedge funds in 2018 seem to have no end in sight. With half of the year almost gone, these crypto-focused hedge funds continue to perform poorly.
According to the Financial Times, cryptocurrency hedge funds are down by 35 percent so far in 2018. This decline is in stark contrast to 2017 when revenues grew by 2,700 percent. Such was the success of the market that a total of 167 firms were established in 2017 alone.
Coinbase is now allowing accredited investors with deeper pockets the ability to utilize the Coinbase Index Fund, which offers exposure to every asset listed on the popular exchange.
The previously announced Coinbase Index Fund has officially opened for investments of $ 250,000 to $ 20M.
Reuben Bramanathan, Product Lead of Coinbase Asset Management, stated in an official announcement:
We’ve seen overwhelming interest from investors since we announced the fund earlier this year. At this stage, we have opened the fund to those who wish to invest $ 250,000 to $ 20M.
Bitcoin, the number one cryptocurrency, is currently in freefall as it continues its losing streak for the third consecutive day. However, the decline recorded today, June 10, 2018, has seen Bitcoin reach a three-month low.
Bitcoin began the day trading at about $ 7,600 according to CoinMarketCap. At the time of writing this article, BTC price has fallen to $ 6,700, losing almost $ 1,000 in less than 24 hours. This decline is the most significant drop in Bitcoin prices since the middle of March. This latest price decline brings the total BTC price loss for 2018 to 53 percent.
Blockchain can upend – not just the business models of recent decades – but a millennia-old societal practice of deep significance to civilization.
CoinDesk
A short-lived rally gave eager bulls false hope as the the market attempted to break back into the trading range (TR) outlined in last week’s BTC Market Analysis. As noted in our last discussion, a break back into the TR would be considered a period of evaluation and an inability to maintain support within the TR would likely lead to a continuation of the downtrend:
Figure 1: BTC-USD, 2-Hour Candles, Downtrend Continuation
The Financial Industry Regulatory Authority (FINRA), has taken action against Tezos co-founder Arthur Breitman. The Wall Street regulator has fined Mr. Breitman $ 20,000 USD, banning Tezos from associating with broker-dealers for two years. It’s part of a settlement following FINRA’s accusations that the crypto company’s co-founder made false statements regarding the project whilst employed at Morgan Stanley.
Also Read: Bitcoin Cash Smashes Through $ 1,000 USD
The world’s largest independent semiconductor manufacturer, Taiwan Semiconductor Manufacturing Company (TSMC) has reported record sales during March 2018. TSMC’s president has attributed the company’s performance in part to demand for the hardware required to mine cryptocurrencies.
Also Read: Bitcoin Cash Smashes Through $ 1,000 USD
During a recent shareholder conference call, the Taiwan Semiconductor Manufacturing company announced revenues of 248 billion TWD (approximately $ 8.46 billion USD) during the first quarter of 2018 – a 6.1 percent year-on-year increase.
Bitcoin.com CEO and Bitcoin Cash (BCH) proponent Roger Ver faced embarrassment Monday after attempting to pass off a Tokyo Blockchain conference as his own.
The free event, titled the Tokyo Free The Blockchain Conference, was held at the Ritz Carlton Monday evening. Speakers included various business professionals, both Japanese and international, along with startups and investors.
Tweeting a photograph from the event, Ver commented on how “we” – Bitcoin Cash – “packed” the venue with “supporters.”
“The last time BTC could do that was when it still worked as Cash,” he added.
This week the Reserve Bank of India (RBI), the country’s central bank, has banned banks from dealing with cryptocurrency businesses. Indian financial institutions have three months to cease doing business with digital asset operations but some of them may stop facilitating INR settlements. News.Bitcoin.com spoke with Sumit Gupta the founder and CEO of a new Indian digital currency exchange called Coindcx. Gupta told us about his team launching a cryptocurrency trading platform in the midst of regulatory uncertainty.
Also read: Help Wanted! Japan Needs Crypto Engineers
Even though most of the cryptocurrencies are still suffering from bearish momentum right now, it remains to be seen if there is any positive momentum on the horizon. For the EOS price, things are not looking all that bad compared to most of the other cryptocurrencies. In fact, it seems the EOS price is stabilizing above $ 6, which would be a milestone in its own right.
