U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Bitcoin (BTC) Price Blasts Past $10,000, Reaches New 2020 High. Is Correction Over?

News
Tue, 02/11/2020 - 15:50
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Bitcoin (BTC) defies bearish predictions by crossing the $10,000 price level once again

Cover image via 123rf.com

The Bitcoin (BTC) price has breached the $10,000 mark for the second time this year at 15:28 UTC on the Gemini exchange. 

Bitcoin Price
image by tradingview.com

The leading cryptocurrency reached an intraday high of $10,226 at 15:45 UTC after adding almost $500 dollars on Feb. 11. 

Must Read
Bitcoin (BTC) Price Predicted to Skyrocket to $40,000 by Tom Lee - READ MORE

As reported by U.Today, BTC plunged to the $9,600 on Feb. 10 just one day after surging above $10,000. This was viewed as a precursor to a deeper correction.

However, it now seems like the bulls now complete control over the market once again. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
50% Bitcoin (BTC) Price Drawdown Perspectives Discussed by Top Messari Manager

50% Bitcoin (BTC) Price Drawdown Perspectives Discussed by Top Messari Manager

Ripple CTO Teases Major Updates: Robustness or Safety?

Ripple CTO Teases Major Updates: Robustness or Safety?

Bitcoin (BTC) Price Prints 'Ugly' Weekly Candle, but All Is Not Lost for Bulls

Bitcoin (BTC) Price Prints 'Ugly' Weekly Candle, but All Is Not Lost for Bulls

50% Bitcoin (BTC) Price Drawdown Perspectives Discussed by Top Messari Manager

News
Mon, 03/30/2020 - 10:14
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • The ongoing crypto price recession may seem very attractive to advocates of the ‘buy the dip’ mantra. Messari’s Qiao Wang believes this strategy is very risky.

Cover image via stock.adobe.com
Contents

Qiao Wang, Head of Product at Messari top-level cryptocurrencies and blockchain analytics team, bashed crypto hedge funds and here’s why.

Is Bitcoin (BTC) a last resort?

Mr. Wang stated that he knows that numerous cryptocurrency hedge funds decided to ‘long’ Bitcoin (BTC) as its price drastically declined. According to him, this strategy is vulnerable in terms of both macro market trend analysis and risk management.

Further, Mr. Wang explained that by an ‘aggressively’ managed strategy, he means the portfolio that longs as much Bitcoin (BTC) as it did before the recession. 

Must Read
Two Major Investment Fund CEOs Make Opposite Bets on Bitcoin (BTC) - READ MORE
 

U.Today reported that the community of top-notch professional asset managers lack consensus about the future of the flagship cryptocurrency. Both bullish and bearish sentiments are powerful.

Your money, your risks

Although, Mr. Wang clarified that his criticism refers only to the management of assets that belong to limited partners. As for his own funds, he can afford even a 50% drawdown.

If this dropdown occurs, Bitcoin (BTC) price will be as low as $3,125, which is lower than it was at the bottom of crypto Black Thursday. 

At the same time, the personal investment strategy of Mr. Wang reveals quite a different story: 

I’m personally not reducing my BTC exposure (for ideological and tax reasons).

Finally, he suggested a solution that is suitable for crypto hedge funds. According to him, it depends on the mandate of a given fund, but in general, he would put some assets in cash. 

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Recommended articles
50% Bitcoin (BTC) Price Drawdown Perspectives Discussed by Top Messari Manager

50% Bitcoin (BTC) Price Drawdown Perspectives Discussed by Top Messari Manager

Ripple CTO Teases Major Updates: Robustness or Safety?

Ripple CTO Teases Major Updates: Robustness or Safety?

Bitcoin (BTC) Price Prints 'Ugly' Weekly Candle, but All Is Not Lost for Bulls

Bitcoin (BTC) Price Prints 'Ugly' Weekly Candle, but All Is Not Lost for Bulls