Bitcoin Price Close to Bottom, Will See $10,000 this Year: Hedge Fund Mgr.
The cryptocurrency market capitalization has dropped by $575 billion since its all-time high, and the bitcoin price has dropped by two-thirds since it peaked near $20,000. But a hedge fund manager believes the trend is about to reverse. Spencer Bogart, partner at cryptocurrency and blockchain venture firm blockchain Capital, predicted a bullish retracement for bitcoin and the rest of the cryptocurrency market on CNBC’s “Fast Money.” According to him, the recent week’s development in crypto-market could be the main reason why “bitcoin is close to bottoming.” The week began with TD Ameritrade, a stock brokerage giant, announcing on Wednesday a strategic investment in ErisX, a cryptocurrency spot and futures exchange. High-frequency trading firm Virtu Financial will also give support to the New York bitcoin firm.On Thursday, veteran financial advisor and billionaire Ric Edelman announced his investment in Bitwise Asset Management, a renowned cryptocurrency index fund. And on Friday, David Swensen, who oversees Yale’s $29.4 billion endowments and has earned himself the nickname of Yale’s “Warren Buffet,” reportedly spread his employer’s portfolio by investing in two cryptocurrency funds run by Andreessen Horowitz and Paradigm.