"Identifying meaningful investment opportunities in the crypto space is getting more challenging. With over 200 hedge funds dedicated to crypto investment, how do you know who will be a trustworthy steward, and who is just looking to make a quick buck on the hype?"
The past week has been brutal for cryptocurrency investors. The Red Sea that has enveloped the cryptocurrency markets of late has many newcomers to the space scrambling for the nearest exit.
But before you submit that sell order, it’s worth pointing out that this is nothing new for experienced crypto investors. In fact, it’s become something of an annual tradition. Let’s take a look.
The SEC recently published a “Statement on Cryptocurrencies and Initial Coin Offerings”, authored by SEC Chairman, Jay Clayton. This latest release carries the same moderate tone that we have seen from the SEC in the past. For an organization whose primary objective is to protect the investors under its jurisdiction, this measured response to cryptocurrency is incredibly encouraging.
On the morning of December 6th, 2017, Bitcoin opened at $11,590 USD. At its peak during the day, it reached an all-time high of $14,530 for a total variance of $2,940. By midday December 7th, it had shattered the $15,000 and $16,000 marks and is presently sitting at $16,361. At this rate, it'll probably break $17,000 before I can click “publish” on this article.
It’s been a remarkable year for cryptocurrency. As I write, bitcoin is at $10,015 USD. Considering BTC closed at $966 on December 31, 2016, that’s a gain of over 930% year-to-date. Bitcoin has more than doubled in the last three months, and has risen 70% in just the last 30 days.
One of the main reasons Bitcoin adopters are so pro Bitcoin is because of its beginnings.
On November 8th, 2017, Bitcoin broke $7,700. It did so despite criticism from financial incumbents and central bankers. Even September’s crackdown in China couldn’t keep it down for long.