Showing posts with label Man Group. Show all posts
Showing posts with label Man Group. Show all posts

November 16, 2017

Bitcoin price surpasses $7,500; Market confident on entry of institutional investors

By Joseph Young - November 16, 2017 (www.cryptocoinsnews.com)

The bitcoin price has surpassed $7,500 today, on November 16, achieving $7,558 at its peak, as the market continues to demonstrate optimism around the rapid rate of adoption by leading financial platforms.


$15 Billion App Square’s Integration of Bitcoin

Earlier this week, Square, the $15 billion payments app development firm operated by CEO Jack Dorsey, the founder and CEO at Twitter, surprised its users with the integration of a bitcoin brokerage feature on its mobile app used by more than 3 million active users.

The development team of Square followed up the integration of its first bitcoin pilot with the following statement:

“We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”

Square’s integration of a bitcoin brokerage service will soon allow the app and the company to compete with existing service providers in the bitcoin market, most notably Coinbase. Over the past few years, bitcoin wallets, trading platforms, and brokerages have grown exponentially in value and user base. Hence, in the mid-term, major financial platforms such as Square will likely begin testing the bitcoin market, given the rapid increase in demand for bitcoin and the cryptocurrency market in general.

$95 Billion Hedge Fund’s Entrance into Bitcoin


Almost immediately after CME Group’s confirmation in regards to its launch of a bitcoin futures exchange by the second week of December, $95 billion hedge fund Man Group revealed its plans to invest in bitcoin by the end of 2017. Man Group CEO Luke Ellis stated at the 2017 Reuters Summit that bitcoin will soon be added to Man Group’s “Investment Universe,” or a diversified portfolio of assets.

Managers and partners of large-scale hedge funds like Man Group are only permitted to issuing checks in the minimum value of around $300 million. Given such policy, in the mid-term, hedge funds and investment firms will invest at least billions of dollars in bitcoin, further increasing its liquidity and improving infrastructure surrounding the cryptocurrency.

Throughout this week, the market has remained highly enthusiastic and optimistic in regards to the short-term growth trend of bitcoin, considering that some of the world’s largest hedge funds will pour in billions of dollars in the market in the upcoming months.

George Kikvadze, the vice chairman at Bitfury, also stated that out of the 30 institutional investors he had met in the previous week, 12 are in the process of investing in bitcoin, 10 plan to invest in bitcoin in the short-term, and eight remain undecided.

While the bitcoin price has been relatively volatile over the past four days, by the end of this month, the $8,000 price target of highly regarded financial analyst Max Keiser seems realistic, given the adoption of bitcoin by major financial service providers and retail investors.

Featured image from Shutterstock.

Bitcoin price pierces $7000

November 16, 2017 (www.forex-ratings.com)

The cryptocurrency market cap reached a new all-time high on Wednesday amid a generally-bullish day of trading. The bitcoin price set the tone for the rally, surging nearly $500 to recover past the $7,000 threshold for the first time since its weekend correction.

The total cryptocurrency market cap entered the day at $208 billion, and it climbed gradually throughout Tuesday evening. On Wednesday morning, the rally began to acquire steam, enabling the crypto market cap to leap to a new all-time high of $217.1 billion.

Bitcoin Price Pierces $7,000


The bitcoin price posted a 7% recovery on Wednesday, enabling it to climb nearly $500 in the past 24 hours alone. Since November 12, when the bitcoin price briefly crashed as low as $5,519, the flagship cryptocurrency has recovered by approximately $1,500, bringing it ever closer to the high-water mark it set last week shortly after the SegWit2x hard fork was called off. The bitcoin price is now trading at a global average of $7,004, which translates into a $116.8 billion market cap.

Several factors have contributed to this rally, most notably the fact that Man Group, one of the world’s largest hedge funds, stated yesterday that the launch of bitcoin futures contracts will convince it to make bitcoin part of its “investment universe”. However, traders are likely also bullish on the fact that mobile financial services application Square Cash is testing bitcoin integration and has already rolled the feature out to some users.

Ethereum Price Tests $340


The ethereum price continued its slow — but steady — advance on Wednesday, climbing another 3% to a present value of $338. Ethereum now has a market cap of $32.3 billion, bringing the second-largest cryptocurrency to its highest point since mid-October.

Bitcoin Cash Price Retreats


Bitcoin and bitcoin cash have taken inverse trajectories in recent days, and that phenomenon repeated itself — in direction if not degree — on Wednesday. While bitcoin and nearly every other major cryptocurrency experienced gains against the dollar, the bitcoin cash price declined 4%, reducing it to a current value of $1,289. Bitcoin cash has a market cap of $21.7 billion, making it approximately two-thirds the size of ethereum.

Market Swells at the Seams


Wednesday marked one of the most comprehensive crypto market advances in recent weeks, with 88 of the top 100 cryptocurrencies ending the day in positive territory.

The ripple price increased by 2%, while the litecoin price added 6% to rise to $65. The dash price recovered by 5% following Tuesday’s pullback and is now trading at $437. NEO’s 6% increase enabled it to broach the $30 barrier once again, and the monero price rose 1% to $124.

The competition for the last two spots in the market cap top 10 has been fascinating to watch this month, as no cryptocurrency has been able to cement its place in this echelon of the rankings. Today, IOTA burst into the ninth spot with a 19% increase, while NEM maintains the 10th position with a 3% gain. That makes ethereum classic, now ranked 11th, the odd token out.

November 15, 2017

Massive Hedge Fund likely to begin trading Bitcoin

By David Dinkins - November 15, 2017 (cointelegraph.com)


Reuters reports that Man Group, a UK-based hedge fund, will be getting involved in Bitcoin trading if CME Group’s plans to open a regulated futures exchange are approved. According to Business Insider, Man Group is “one of the largest hedge funds in the world” and the fund’s website points out that they manage $103.5 bln in funds.




































Effects


Even a fraction of $103.5 bln could make a big impact on the markets, but more important, Man Group’s announcement continues to solidify digital currency as being worth of Wall Street’s attention. Bitcoin in particular is finding more and more acceptance in traditional markets. Likewise, futures markets and hedge fund involvement create more on-ramps into the mainstream financial system and more ways for large but cautious investors to get involved.

Hedge funds are only open to accredited investors, that is, those whose net worth exceeds $1 mln. However, such funds have a much wider latitude to trade whatever types of assets or instruments it thinks would be profitable for its clients. Mutual funds, on the other hand, are open to regular retail investors but have greater restrictions as to how they can invest their funds.

The holy grail for retail investors would be an exchange traded fund, or ETF. A Bitcoin ETF would allow ordinary investors to easily gain exposure to Bitcoin by adding it to their brokerage or retirement accounts. Greater acceptance by Wall Street and greater liquidity on regulated futures markets, such as CME’s, will almost certainly usher in an ETF.