Below is a brief note on the recent bulls of BTC and crypto assets from Justin Chuh, Senior Trader at regulated digital asset investment manager Wave Financial. Q1 2021 hedge fund letters, conferences and more Short-time highs Bitcoin, ether and almost any other cryptocurrency among more than 8,000 cryptocurrencies of the $ 2 trillion class was reach a relatively short-term high […]
April 19, 2021
4 minutes of reading
This story originally appeared on ValueWalk
Bitcoin, ether and almost every other cryptocurrency among more than 8,000 of the $ 2 trillion class hit a relatively short high last week. The major currency pair and almost everything else fell more than 10% over the weekend, with bitcoin back below the familiar $ 60k barrier and ether lucky enough to maintain a new $ 2,000 floor.
Nearly everything is “moving,” moving upwards at once so fast that we forget to look at the big picture and ask ourselves what is really going on in the crypto space right now?
Bitcoin and electronic money has established itself as a valid asset class, but every asset continues to be highly correlated with bitcoin and sentiment can still be quite fragile. A meme currently among the top cryptocurrencies by market capitalization. News of government action, whether unfounded rumors of the U.S. Treasury Department introducing AML fees or the Turkish / Indian government banning cryptocurrencies; or internal power failure China, which can cause the market to crash quickly as everyone runs to the exit. But when the crypto market sells off, where does the money go? Go back in the past and in overvalued public stocks or does the Government Treasury have negative real returns? Or will it exist in the future, but into better memes to tackle scalability and environmental stories?
The impact of the BTC Tide on other cryptocurrencies
It should really be alt coin season. Much “the investorsIt doesn’t seem too heavy to accumulate bitcoin and ether, but build a portfolio around them. We are seeing the emergence of cohorts “what about this token that my friend who has been in crypto since 2017 told me about”, which adds to the terrifying volatility . Institutional money is still flowing into bitcoin and ethereum, and most retail investors will probably do better than just buying and holding portfolios of those two assets rather than adopting the latest and greatest tip. best from their crypto friend.
BTC is likely to go back above $ 60k again, but we could see some sideways action before that. Some market participants have definitely bought the discounted price, but others can wait to learn more about accident and avoid one another, before they feel comfortable buying again at these levels. Whether the BTC wave rises naturally or falls even more due to news of crypto-related penalties, we can assume others will follow suit.
About Justin Chuh, Senior Trader at Wave Financial
Prior to joining Wave Financial, Justin Chuh worked at the exclusive commercial technology business HC Tech, where he was an FX trader for 7 years. Justin is an Employer of CFA, a member of the CFA Los Angeles Association and graduated in Arizona with a BA in Economics and Business Management. Justin is responsible for trading Bitcoin and other digital assets that make up Wave’s assets under control, ensuring that their trading strategies include inflows and acquisitions.
Introducing Wave Financial LLC
Wave Financial LLC (Wave) is an investment management firm based in Los Angeles and London, providing private and institutional digital asset solutions. Led by a team of experienced financial services professionals, Wave offers investable funds through diverse investment strategies applicable to digital and tokenized real assets. chemical. Wave also offers managed accounts for HNWI and home offices looking for the right digital asset exposure, private treasury management service, early stage venture capital and investment. Strategic issue for the digital asset ecosystem.
Wave is regulated as a California Registered Investment Advisor (CRD #: 305726).