A high-profile pseudonymous crypto trader says that one emerging smart contract platform may pose a more enticing long-term investment than top blockchain network, Ethereum.
The analyst and trader known in the industry as The Crypto Dog, is spotlighting scalable layer 1 blockchain project Solana (SOL) amid the crypto market breakdown.
The Crypto Dog believes that both Bitcoin and Solana have advantages over Ethereum as long-term investments. BTC, notes the trader, is a safer bet than ETH, and SOL has more upside potential.
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“BTC is a safer, more boring long-term bet than ETH. Flippening, unlikely in my opinion and if it does happen, I’ll be here long ETHUSDTPERP (perpetual contract). Happy either way.
SOL is higher upside, more exciting long term bet than ETH. It’s the layer one with the best shot at number two.”
Additionally, the analyst bets that Solana will be one of the first assets to reach new all-time highs, as crypto traders and investors patiently wait for the market to recover.
“SOL will be one of the first to make new highs.”
At time of writing, Solana is trading at $35.85, down approximately 38% off its high of $58.03 in May, according to CoinGecko.
As for Bitcoin, The Crypto Dog is betting on a strong move up for the top cryptocurrency by market cap. The trader notes that BTC appears strong on the daily timeframe, and that he put in a leveraged trade at the $33,000 level.
“BTC 1D (daily timeframe) looks phenomenal to me. I’m holding the most spot I’ve had in years, and I’m also levered from $33,000.
I think this is the most long Bitcoin notional I’ve ever been.”
Source: The Crypto Dog
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Crypto trader and analyst Justin Bennett is telling Bitcoin bulls to keep on eye on this specific date, as the flagship cryptocurrency struggles to maintain upward momentum.
In a new strategy session, Bennett says that monthly futures expiration dates have played a big part in Bitcoin’s price action, often correlating with local tops and bottoms.
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Source: Justin Bennett
The closely-followed analyst posits that if Bitcoin’s price is following monthly futures expirations, then it may also correlate with quarterly expirations. He notes that on June 25th, Q2 futures are set to expire for BTC, potentially marking a bottom for the world’s flagship digital asset and the broader crypto markets.
“My theory is that if Bitcoin has followed monthly futures expirations… then it stands to reason that it could also be following quarterly futures expirations. And if that’s the case, we saw the top shortly after April started, and if this is the case, if this theory holds up, then we could see cryptos bottom sometime around June 25th. That’s when Q2 futures expire. So June 25th is going to be a date to keep on your calendar. And I’m going to go ahead and say that anywhere from June 20th… to June 25th is going to be the range to keep an eye on.”
Bennett also takes into account that until then, Bitcoin and the rest of the crypto markets could face downward pressure.
“However if this theory has merit, it’s also important to note that it could mean cryptos could stay under pressure for the next couple of weeks till that June 25th expiration…
It’s just a theory of mine, but given what we’ve seen from monthly futures expirations so far in 2021, I think it makes sense to at least keep an eye on the Q2 futures expirations later this month on June 25th because that could mark the bottom for cryptos.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Bitcoin has held critical support after a move to the downside on Friday and trades at $37,539. A good old weekend pump has brought it back from the mid-zone of the $30,000 range and now it might make a push towards $38,000.
BTC trends upwards in the daily chart. Source: BTCUSD Tradingview
In the short term, reclaiming the $40,000 area seems like the most bullish scenario, but if the price action has had something in common during these past weeks, it’s the lack of volume.
Kevin Kelly, Co-founder and Head of Global Macroeconomics at Delphi Digital published a report on the potential scenarios for Bitcoin. The analyst said that leveraged positions signaled a major correction was due.
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Conversely, BTC’s price has been forming a “major head and shoulders pattern”. Thus, the analyst believes it’s possible for the cryptocurrency to trend downwards and dive back towards the critical support at $30,000.
Source: Kevin Kelly, Delphi Digital
If Bitcoin’s price trends below $30,000, a revisit of the $20,000 it’s possible by the “traditional rule of thumb”. Kelly added:
However, technical analysis is only one piece of the bigger puzzle, especially when it comes to $BTC. Having said that, an extended move below $30k could spell more short-term pain for hodlers; this price level also coincides with BTC’s 50-week moving average.
A 50% dropped, as long-term BTC traders know, it’s not indicative of a guaranteed recovery. On the contrary, BTC’s price has seen 80% corrections on its way to new highs.
Predict the price of BTC & AAB and win up to 5,000 USDT!
There have been multiple instances where BTC rebounded after a +40% sell-off only to find its recovery to be short-lived. One somewhat recent example is Dec. ’19.
What Are The Ingredients For A Bitcoin Bull Run?
In addition, Kelly said that 85% of BTC addresses are in profit. In the past, price bottoms see a reduction in the number of UTXOs in profit to around 50% or less. This suggests more downside in the short term.
Source: Kevin Kelly, Delphi Digital
In defense of the bulls, long-term holders have changed their position and begun accumulated after a period of realizing profits. However, as the analyst said, this metric rarely suggests an immediate change in the price action to the upside.
Looking at the total supply of BTC held by long-term holders on a percentage basis, we can see the trend has started to reverse. Total BTC supply held by LT holders recently bottomed at 58.5% but is now back above 61%. Again, this is a good sign longer term.
A major headwind for Bitcoin, in the short term, is the “deceleration” of central bank asset purchases. In previous cycles, BTC’s price peaks at the same time as Year-on-Year (YoY) growth in central bank balance sheets, Kelly said.
Source: Kevin Kelly, Delphi Digital
The analyst believes Bitcoin needs another catalyst, a big company adding to its balance sheet, for example, for it to retake bullish momentum. However, he believes that in the long term the trend remains positive for holders. Kelly concluded:
(…) despite its recent drawdown, the long-term chart clearly shows BTC still in an uptrend. If $BTC were to retest prior support of $20k then we’d start to get much more concerned.
Bitcoin is on the move again, thanks to an Elon Musk tweet.
The Tesla CEO and Dogecoin lover said in a tweet on Sunday that Tesla “will resume allowing Bitcoin transactions” if and when there’s “confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” Bitcoin popped nearly 1% after the tweet to $37,650.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
The tweet was a response to a CoinTelegraph story about Magda Wierzycka, CEO of fintech company Sygnia, accusing Musk of a Bitcoin pump and dump scheme after Tesla bought $1.5 million in BTC and then, in Wierzycka’s summation, “sold a big part of his exposure at the peak.”
Musk dismissed Wierzycka’s criticism as “inaccurate,” adding that Tesla “only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.” (Musk did say in April that Tesla “sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”
In the past year, Musk’s tweets have repeatedly moved crypto prices, both up and down.
Tesla’s Bitcoin purchase in February gave a boost to both Bitcoin and TSLA stock, but then his surprise tweet in May that Tesla will no longer accept Bitcoin due to environmental concerns prompted a major pullback that has continued as he continued to tweet his concerns about Bitcoin. Meanwhile, he has favored meme token Dogecoin instead, and his Doge meme tweets have repeatedly boosted DOGE.
Price charts show that the Elon Effect on crypto prices is alive as ever.
After Musk’s tweet on Sunday, Bitcoin broke through the resistance level of $35,000 to $36,000 for the first time since the beginning of the recent bearish trend in April.
At the Bitcoin 2021 conference in Miami last week, chants of “Fuck Elon,” as well as t-shirts bearing the same phrase, were popular. But if Tesla is willing to re-embrace Bitcoin, maybe Bitcoiners aren’t broken up with Musk for good.
Bitcoin’s (BTC) price continues to be range-bound between $30,000 and $40,000 level for the past few days, which is not necessarily a bearish sign.
Generally, after a sharp fall, the price tends to consolidate as the asset transfers from weaker hands to stronger hands. After the transition is complete, the asset breaks out and starts a new uptrend. Usually, the longer the price consolidates in a range, the stronger the next trending move will be.
Bloomberg Intelligence senior commodity strategist Mike McGlone said on Saturday that Bitcoin’s declining supply was a positive sign, which could act as a “bullish ace” for its move higher “if past patterns hold.”
Crypto market data daily view. Source:Coin360
Yoni Assia, CEO of eToro, also told Cointelegraph that Bitcoin could see a sharp rise “over the next three to five years, as there are still 5 billion people in the world that basically don’t have good local currency.”
Related:Bitcoin price could hit $85K in months as indicators flip bullish — report.
Therefore, investors should not be discouraged by the muted price action in the short term. Bitcoin’s fundamentals remain strong and are likely to result in a new uptrend in the future.
As crypto markets consolidate, let’s analyze the charts of the top-5 cryptocurrencies that may outperform in the next few days.
BTC/USDT
Bitcoin turned down from the resistance line of the descending triangle on Jan. 12 and broke below the 20-day exponential moving average ($36,586). This suggests that the bears are aggressively defending the resistance line.
BTC/USDT daily chart. Source:TradingView
The longer the price stays below the 20-day EMA, the greater the chances of a drop to the lower levels. If bears sink the price below $34,600, the BTC/USDT pair could drop to $33,400 and then to $31,000.
A break and close below $31,000 will complete a descending triangle pattern, which has a target objective at $19,549. However, it is unlikely to be a straight drop to the lower levels because the bulls will attempt to stall the decline in the $31,000 to $28,000 support zone.
This negative view will invalidate if the price continues to move up and rises above the resistance line of the triangle. Such a move could open the gates for a rise to the 50-day simple moving average ($44,709), which is again likely to act as a stiff resistance.
A break above the 50-day SMA will suggest that the correction could be over and the bulls will gradually try to start a new up-move.
BTC/USDT 4-hour chart. Source:TradingView
The moving averages on the 4-hour chart have been crossi each other and the relative strength index (RSI) is just above the midpoint, indicating that bulls are trying to make a comeback.
A breakout and close above the resistance line of the triangle will signal that demand exceeds supply. If the bulls sustain the price above the triangle, a new up-move could begin.
Alternatively, if the price turns down from the resistance line and breaks below $34,000, it could signal a minor advantage to the bears. That could pull the price down to the critical support at $31,000. A bounce off this support will suggest accumulation at lower levels and that could keep the pair inside the triangle for some more time.
AAVE/USDT
Aave is trading inside a large range between $280 and $581.67 for the past few months. The bulls have successfully defended the support of the range on five previous occasions, hence the buyers are likely to buy the dip once again.
AAVE/USDT daily chart. Source:TradingView
If the price rebounds off the current level with strength, it will suggest that the bulls continue to accumulate on dips. The buyers will then try to push the price above the 20-day EMA ($344). If they succeed, the AAVE/USDT pair could rise to the 50-day SMA ($414), which may act as a stiff hurdle.
If the price turns down from the 50-day SMA, the pair could consolidate between $280 and $414 for a few days. On the contrary, a break above the 50-day SMA will clear the path for a northward march toward $581.67.
This positive view will invalidate if the price turns down from the 20-day EMA and breaks below the $280 support. That will embolden the bears who will then try to pull the price down to $208.09 and then to $160.
AAVE/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bears had pulled the price below $280 but they are struggling to sustain the lower levels. However, the moving averages are sloping down and the RSI is in the negative zone, indicating advantage to the bears.
If the price turns down from the current level and breaks below $266.68, the pair could start its downward journey. This negative view will invalidate if the bulls push the price above the downtrend line. Such a move will suggest the correction is over and the pair could then rise to $500.
KSM/USDT
Kusama (KSM) has been witnessing volatile moves in the past few days. Although the bulls pushed the price above the $480 overhead resistance on June 9, they could not sustain the higher levels and the price dipped back below the level on June 10. This shows that bears are selling on rallies.
KSM/USDT daily chart. Source:TradingView
However, the buyers have not allowed the price to break below the 20-day EMA ($388). This suggests that the sentiment is turning positive as the bulls are buying the dips to the 20-day EMA.
The rising 20-day EMA and the RSI near the midpoint indicate a minor advantage to the bulls. The buyers will now make one more attempt to push the price above $480. If they succeed, the KSM/USD pair could rally to $537 and then retest the all-time high at 625.
This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks below $360. That could pull the price down to $280.
KSM/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bulls are trying to defend the trendline support. However, the 20-EMA has turned down and the RSI is in the negative zone, indicating the bears have the upper hand.
If the sellers sink the price below $380, the pair could drop to $342. A break below this support could result in a decline to $280.
This negative view will invalidate if the bulls can push the price above $429. That could attract buying, pushing the pair to $480.
ALGO/USDT
Algorand (ALGO) bounced off the trendline on June 12 and rose above the 20-day EMA ($0.97), which suggests the bulls are buying on dips. The flattish 20-day EMA and the RSI near the midpoint suggest the selling pressure has reduced.
ALGO/USDT daily chart. Source:TradingView
The price action of the past few days has formed an ascending triangle pattern, which will complete on a breakout and close above $1.15. If the bulls manage to sustain the price above $1.15, the ALGO/USDT pair could rally to the target objective at $1.63.
Contrary to this assumption, if the price turns down from $1.15, the pair may extend its stay inside the triangle for a few more days. A breakdown and close below the trendline will nullify the bullish view and open the gates for a drop to $0.80 and then $0.67.
ALGO/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the bulls are attempting to push the price above the downtrend line. If they can sustain the breakout, the pair could rise to $1.15. A breakout and close above this resistance could start a new uptrend.
Conversely, if the price turns down from the current level and breaks below the moving averages, the bears will make one more attempt to sink the price below the trendline. If they succeed, it will signal the start of a deeper correction.
TFUEL/USDT
Theta Fuel (TFUEL) soared to a new all-time high at $0.679 on June 9 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. That was followed by a sharp pullback to the 20-day EMA ($0.41) on June 12.
TFUEL/USDT daily chart. Source:TradingView
The strong rebound off the 20-day EMA shows the sentiment is positive and traders are aggressively buying on dips. The bulls will now try to push the price to the all-time high where they are likely to encounter stiff resistance from the bears.
If the price turns down from the all-time high, the bears will make one more attempt to pull the price below the 20-day EMA. If they succeed, it will suggest the start of a deeper correction.
Alternatively, if buyers propel the price above the all-time high, the TFUEL/USDT pair could resume the uptrend, with the next target objective at $0.85 and then $1.
TFUEL/USDT 4-hour chart. Source:TradingView
The 4-hour chart shows the pair rebounded strongly off the $0.40 support, which suggests accumulation at lower levels. However, the relief rally is facing resistance just below the 61.8% Fibonacci retracement level at $0.57.
This suggests that the bears have not given up yet and are selling on rallies. If the price dips below the 20-EMA, the bears will try to pull the price down to $0.40. If that happens, the pair may consolidate between these two levels for a few days.
Alternatively, if the price rebounds off the 20-EMA, it will indicate the sentiment is positive and the bulls are not waiting for a deeper fall to buy. That will increase the possibility of a break above $0.57. The pair could then rise to retest the all-time high.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
After Tesla stopped accepting Bitcoin as a payment method for its electric cars back in May, Elon Musk has stated that his company would resume receiving Bitcoin transactions, with one condition dependent on the energy consumption.
Exactly one month following Tesla’s announcement of halting bitcoin payments, Elon Musk has said on Sunday that the electric vehicle manufacturer will resume allowing BTC transactions. However, there’s one condition: at least 50% of the energy used for bitcoin mining must be from clean energy sources.
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” he tweeted.
The tweet was in reply to Magda Wierzycka, one of the richest women in South Africa and CEO of Sygnia, who blamed Musk for pumping and dumping bitcoin for his own benefit.
Musk claimed that Tesla only sold 10% of holdings to confirm BTC “could be liquidated easily without moving market.”
Additionally, the billionaire refused the allegations that he uses his social media influence to deliberately impact the price of BTC. However, whether he does it on purpose or not, Musk’s Twitter posts are more often than not followed by enhanced volatility.
After the aforementioned development in which Tesla disabled BTC payments, the asset fell by $3,000 immediately and more than 20% in the next day.
In contrast, when Musk clarified that Tesla still holds all of its coins days later, it caused a price surge of $2,500.
Today’s tweet was no different. The price of the primary cryptocurrency responded immediately to the news by a sudden increase of $1,500, breaking above the $36k resistance towards $37.5k.
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JP Morgan is criticizing El Salvador’s decision to adopt Bitcoin (BTC) as a legal tender.
In a report titled “The Bitcoinization of El Salvador” shared by Documenting Bitcoin on Twitter, the banking giant says that the Central American nation’s recent embrace of Bitcoin is not motivated by stability concerns.
The bank adds that the move may jeopardize the outlook of El Salvador’s credit program with the International Monetary Fund (IMF), which recently warned nations that adopt Bitcoin as a legal tender raises economic and regulatory issues.
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“It is difficult to see any tangible economic benefits associated with adopting Bitcoin as a second form of legal tender, and it may imperil negotiations with the IMF.”
The bank says that the impact of El Salvador’s crypto-related decision on its relationship with larger economies remains uncertain as the current governing tax, banking and financial laws and regulations existed long before the emergence of cryptocurrencies.
“Those moves may be complicated if this is the beginning of a broader trend among similarly situated, smaller nations.”
JP Morgan is commenting on El Salvador’s new Bitcoin Law as the bank also enters into the cryptocurrency market.
In April, the financial behemoth reported that it is planning to give its wealthy clients access to an actively managed Bitcoin fund. A filing with the U.S. Securities and Exchange Commission (SEC) in March also reveals that the bank is launching a structured note offering that allows investments in companies with exposure to digital assets.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Tesla CEO Elon Musk says his electric-vehicle company will start accepting Bitcoin (BTC) payments once there’s confirmation that miners are utilizing clean energy, offering a glimmer of hope that the FUD surrounding digital assets could soon subside.
Musk responded to a Cointelegraph tweet on Friday about recent accusations from Sygnia CEO Magda Wierzycka, who called on the United States Securities and Exchange Commission to investigate the billionaire for allegedly manipulating Bitcoin’s price.
This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.
When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.
— Elon Musk (@elonmusk) June 13, 2021
According to Wierzycka, Musk knowingly pumped the price of Bitcoin only to sell a “big part of his exposure at the peak.”
“This is inaccurate,” Musk said in response. “Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving [the] market.”
As Cointelegraph reported, Musk confirmed in April that Tesla had sold a portion of its Bitcoin holdings to prove its liquidity as an alternative to cash. Just one month earlier, the billionaire confirmed that Tesla had added $1.5 billion worth of BTC to its balance sheet. At the same time, Tesla would begin accepting BTC payments for its vehicles.
However, Tesla’s embrace of Bitcoin-as-a-payment was short-lived after Musk flagged concerns over the cryptocurrency’s energy usage. On May 12, Musk tweeted that his company would no longer accept Bitcoin payments due to the network’s “increasingly rapid use of fossil fuels…”
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
The Tesla CEO also laid out the conditions for Tesla to once again start accepting BTC payments:
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.”
Tesla TSLA chief executive Elon Musk may no longer be the bitcoin community’s favorite tech billionaire but he can still move the bitcoin price.
Musk, who has alientated many in the bitcoin space over recent months with his tongue-in-cheek support of “joke” cryptocurrency dogecoin, sent the bitcoin price sharply higher early Sunday afternoon.
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MORE FROM FORBESCrypto Price Alert: JPMorgan Issues Stark Bitcoin Warning As Ethereum, Binance’s BNB, Cardano And Dogecoin SlideBy Billy Bambrough
Tesla billionaire Elon Musk crashed the bitcoin party earlier this year with a $1.5 billion bet on … [+]the cryptocurrency but has since turned his attention to “joke” bitcoin rival dogecoin.
Getty Images
“When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing bitcoin transactions,” Musk posted to Twitter, replying to a Cointelegraph piece that reported Magda Wierzycka, the chief executive of South Africa financial services company Sygnia, “criticize[d] Elon Musk for [an] alleged bitcoin pump and dump.”
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“This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market,” Musk said. In February Tesla revealed it had bought the equivalent of $1.5 billion of the digital currency and continues to hold most of it.
The bitcoin price jumped by around 5%, climbing toward $40,000 per bitcoin, following Musk’s confirmation Tesla plans to eventually resume its bitcoin support.
The bitcoin price crashed in April partly due to Musk pulling the plug on Tesla customers using bitcoin for purchases, citing the bitcoin network’s eye-watering energy demands that have spike in the last few months.
CryptoCodex—Helping you understand the world of bitcoin with brevity
MORE FROM FORBESCrypto 2021 Price Prediction: Why Ethereum Is ‘On Track’ To Surpass Bitcoin’s Market CapBy Billy Bambrough
The bitcoin price added around 5% following Elon Musk’s tweet confirming his plans to restart … [+]Tesla’s bitcoin support if the cryptocurrency improves its use of renewable energy.
Coinbase
In late May, Musk helped create the North America Bitcoin Mining Council, bringing together some of the region’s biggest mining companies with the goal to increase miners’ use of renewables.
“[The North American bitcoin miners] committed to publish current and planned renewable usage & to ask miners [worldwide] to do so,” Musk posted to Twitter at the time, adding he thought the development was “potentially promising.”
In the meantime, Musk has lent considerable support to dogecoin, a meme-based cryptocurrency originally created as a “joke,” calling for developers to submit upgrade ideas and calling a suggestion dogecoin could be used via the ethereum blockchain “amazing.”
Victory Capital is entering the crypto market by partnering with American stock exchange Nasdaq and crypto-focused asset manager Hashdex.
In a statement, the investment management firm with $157.1 billion in assets under management (AUM) reveals that it will be the exclusive sponsor of private placement funds and other investment instruments based on the Nasdaq Crypto Index (NCI).
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Nasdaq and Hashdex developed the NCI in response to the growing institutional interest in Bitcoin (BTC) and other cryptocurrencies. The rules-based index serves as a measure of the performance of the digital assets market and is designed to be readily trackable by investors.
Victory Capital notes that it plans to launch a private fund that will track the NCI. It will also offer private funds that track the Nasdaq Bitcoin Reference Price Index and the Nasdaq Ethereum Price Index.
Says Mannik Dhillon, president of VictoryShares and Solutions for Victory Capital,
“By investing in a portfolio designed to track the NCI, investors can seek returns that align with the cryptocurrency market in a diversified manner, gaining exposure to multiple digital assets as this market continues to evolve and mature. We are actively considering other vehicles and wrappers to bring these capabilities to a broader set of investors.”
Victory Capital highlights that the private fund will only be available to accredited investors.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
