The Three Investment Capital is a digital assets investment fund enterprise based in Singapore. It was co-founded by Kyle Davies and Su Zhu in 2012. As of January 2021, the firm reportedly held 37,000 Bitcoin in association with the Grayscale BTC Trust. Su Zhu was recently invited for an interview at the online Uncommon Core podcast. Talking about the latest downfall of Bitcoin from $65K to $36K, he pointed several important events.
He connected the blanket bank in China on Bitcoin mining corporations to be the culprit behind the demise of cryptocurrencies. On the other hand, he also placed Tesla’s decision to abandon Bitcoin in the same category. Elon Musk started as a huge Bitcoin maximalist in the beginning later on transformed into a huge cynic. He maintains that if more green energy projects would be associated with crypto mining, Tesla would start accepting Bitcoin payments once again.
Talking about the concurrent negative events for Bitcoin, Zhu claimed that even though these happenings did not occur simultaneously, but smaller events turn into a big trend. The market was taken over by the rumors and guesses that prevail among the mainstream traders. Despite the presence of major institutional investors and big buyers, many halted to see how lesser the price can go.
This is also the explanation for several market bouncebacks. Every time the prices started to go astray, the whales move to make a purchase. Some analysts mistook the halting of traders for drying up interest. On the contrary, the institutional interest is not only present but is also growing. Those who opted to buy in the middle and beginning of the bull run had to pay a higher price, thus reducing their profit margins.
Crypto Capital Fund Firm CEO Believes that Bitcoin Bull Run is far from being Over
Su Zhu told the interviewer that the ongoing bull run has not run out of gas. It is taking a little break and would soon kick into high gear. He quoted the results from a survey conducted by the crypto veteran. The survey report indicates that there a sizeable amount of hedge funds are waiting for the correct price mark to pour billions of dollars into the crypto market. This can be dubbed as the mega bullish indicator for guaranteed market appreciation.
He further added that as soon as the injection of hedge fund investment is put into Bitcoin, organic buyers would start to emerge. He also said that investors would have to get familiar with the constantly moving ticker and free-market scarcity in the crypto space. He claimed that many investors are treating Bitcoin as copper.
The post Crypto Fund Management Firm CEO Shares the Major Reasons Behind the Latest Bitcoin Dips appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/crypto-fund-management-firm-ceo-shares-the-major-reasons-behind-the-latest-bitcoin-dips/
via Bitcoin News
via Bitcoin News Today
No comments:
Post a Comment