Cryptocoin: Bitcoin Increases on Launch of Morgan Creek’s Cryptocurrency Fund
CRYPTOCOIN – On Wednesday, Bitcoin increased above $7,000 on the announcement of Morgan Creek Capital on the launch of the Digital Asset index Fund.
Based on the Bitifinex exchange, Bitcoin made an increase of 1.97% to $7,034.9. Meanwhile, Ethereum made a gain of 3.34% to $293.75 on the Bitifinex exchange.
There was an increase of 3.01% to a 0.3477 trading price in XRP overnight, according to Poloniex exchange while Litecoin surged to 3.06% to $62.65 high based on the Bitifinex exchange.
According to reports, the Digital Asset Index Fund, which allows investors to access a basket of digital currencies, recorded a minimum investment of $50,000.
In an interview, Mark Yusko, the chief investment officer at Morgan Creek Capital Management, said that the previous decline of bitcoin provided institutional investors “a more rational way to evaluate cryptocurrencies.” Moreover, Yusko said that he maintained a bullish position on the digital coin. He added that the digital currency can reach $500,000 in the coming years.
Elsewhere, there were expanded investigations into initial coin offerings (ICO) initiated by the North American Securities Administrators Association (NAASA) following the earlier reports that ICO made a $12 billion increase this 2018 from $7.4 billion last year.
“A strong culture of compliance should be in place before, not after these products are marketed to investors. While not every ICO or cryptocurrency-related investment is a fraud, it is important for individuals and firms selling these products to be mindful that they are not doing so in a vacuum; state and provincial laws or regulations may apply, especially securities laws,” said NASAA President Joseph P. Borg.
Meanwhile, the China-based tech giant Baidu Inc partnered with Tencent Holdings Ltd and Alibaba for the imposition of anti-crypto measures. These measures include the holding down online chat rooms regarding topics on cryptocurrencies. The news followed on the Chinese government’s commencement of restriction on the cryptocurrency industry originating back in September last year. These restrictions include the banning of domestic exchanges and ICOs.
Cryptocoin: EOS Jumps in Bullish Trade
On Tuesday, EOS traded at $5.7778 to 10.13% which was the largest gain for a day since August 17. The upward movement of EOS lifted its market cap to $5.18B, or 2.25% of the total cryptocurrency market cap. The market cap of EOS was $17.53B at its highest.
The EOS traded at a range of $5.2983 to $5.8106 overnight. EOS increased to 18.4% for the past seven days. The volume of the EOS recorded at $541.32M overnight or 4.02% of the total volume of all cryptocurrencies. During the past 7 days, the EOS has traded at a range of $4.53 to $5.81. However, the current price of the EOS declined at 74.86% from $22.98 which was the recorded all-time high on April 29.