The Soros fund, headed by the legendary George Soros, also invests in crypto firms such as Lukka and NYDIG, enforcing the tendency of family firms embracing cryptocurrency. Third Point fund (Dan Loeb) and Point72 Asset Management (Steve Cohen) are also investing in crypto startups.
Bitcoin rally accelerates after Soros Fund Management confirms involvement
Bitcoin has risen by 17% in the past week alone, pushing above $55,000. This was helped by Soros Fund Management after their confirmation that they were investing in Bitcoin. With that, it rose by 6% in just one day, reaching a five-month peak after a rather extended dry spell.
As October has historically been a peak month for the flagship crypto, experts are hoping it will reach an all-time high.
Asked by Bloomberg about Bitcoin entering the financial mainstream, Dawn Fitzpatrick, chief executive of Soros Fund Management, said:
The coins themselves are less interesting than the use cases of Defi and things like that. I’m not sure if Bitcoin is only viewed as an inflation hedge. Here I think it’s crossed the chasm to the mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There are 200 million users around the world, so I think this has gone mainstream.
Other tokens follow suit
Coins like Ethereum, XRP, Terra, Polkadot, and Dogecoin followed suit in sync with the market frenzy. Ethereum is up 16% over the past week. That pales in comparison to Shiba Inu, which rose by almost 75% in the last 24 hours.
Ripple increased by almost 11 percent. Dogecoin, Polkadot, and Terra also registered gains.
Today, most coins are trading mixed. At the moment, the global cryptocurrency market cap is $2.28 trillion, down 0.56 percent from yesterday. Over the past 24 hours, the total cryptocurrency market volume dropped by just over 15% to $124.52 billion.
The situation with Binance
In related news, Binance CEO Changpeng Zhao told Reuters he saw Ireland as an element of plans to establish a number of head offices across the globe. Regulators worldwide have been focusing on Binance in recent months.
The exchange, which boasts the biggest trading volume in the world, has been banned from performing certain activities in some countries. In others, users have been warned that Binance does not have a license to operate.
CEO Zhao has said he wanted to improve relations with regulators and founding regional head office is part of that.
Contributors
