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Asian hedge fund managers favor growth over Bitcoin: Goldman Sachs survey

One third of participants see Bitcoin as the least preferable investment asset.

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Earlier this week, a Bank of America survey found that American hedge fund managers favor Bitcoin (BTC) over tech, but Goldman Sachs’ poll with the Asian chief investment officers tells a different story.

Goldman Sach Global Investment Research published a new survey polling 25 chief investment officers from different hedge funds. The results show that Bitcoin is the least favorite investment class for 35% of the participants.

“We held two CIO roundtable sessions earlier this week, which were attended by 25 CIOs from various long-only and hedge funds,” wrote Goldman Sachs strategist Timothy Moe, “Their most favorite is growth style but least favorite on Bitcoin.”

Goldman Sachs Global Investment Research survey. Source: Bloomberg.

New initial public offerings or IPOs follow Bitcoin as the least favorite investment style with 25%.

On the other hand, more than half (55%) favor growth investing, which is to invest in companies that offer strong earnings growth. This is followed by value-style investing (30%), in other words, seeking out undervalued assets in the market.

While the poll sample size is small for generalization, Goldman Sachs’ poll draws a stark contrast with the recent survey from the Bank of America (BofA). With responses from 194 fund managers with $592 billion worth of assets under management, the BofA survey suggests that the “long Bitcoin” bet is now the most crowded trade across all markets.

According to the BofA survey, “long Bitcoin” has even surpassed trading “long tech,” with almost 45% of respondents favor the largest cryptocurrency over tech. Trades identified as crowded have historically heralded an incoming top for their respective markets, BofA noted in survey remarks.

Following a bearish month, Bitcoin has a rocky start for June. As miners sold more than 5,000 BTC over the past week, Bitcoin crashed below $33,000 for the first time since May 23.

The global crypto market lost about $500 billion this week alone. The last two months’ losses after the peak in April completely wiped out the previous quarter’s growth in the market.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/asian-hedge-fund-managers-favor-growth-over-bitcoin-goldman-sachs-survey

Blockchain

Bitcoin: ‘Magic’ of the Golden Ratio to the rescue?

It has been more than a month now and Bitcoin, the world’s largest crypto, has remained in the lower $30k to the mid $40k price band. This range is set to be Bitcoin’s “new home” for the next few we

The post Bitcoin: ‘Magic’ of the Golden Ratio to the rescue? appeared first on AMBCrypto.

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It has been more than a month now and Bitcoin, the world’s largest crypto, has remained in the lower $30k to the mid $40k price band. This range is set to be Bitcoin’s “new home” for the next few weeks. Additionally, as our recent analysis pointed out, the crypto asset’s price is set to further consolidate under the $41,500-resistance level. 

An “upward rally” or an “uptrend” is something that Bitcoin hasn’t seen over the past few days. Amidst the death cross narrative doing the rounds, the aforementioned phrases have sort of become alienated to the community now. Nevertheless, there is something to cheer about.

The “Magic” of the Golden Ratio

Source: Twitter

A pseudonymous analyst recently highlighted that after every downtrend (encapsulated within the red region), whenever Bitcoin’s price has shown signs of recovery, it has broken past the 1.0 Fibonacci level (light green line). Next, its price has only surged beyond 1.618 or the ‘golden ratio’ (dark green line). The market has then always used the same level as support to further continue its uptrend. 

What’s more, after retesting the aforementioned level, the crypto has always gone to touch its genuine cycle top. Commenting on similar lines, the analyst added, 

“Every cycle, Bitcoin recovers from its previous bear market, then exceeds the recovery by 61.8% on the downside (market at 1.618).”

The analyst went on to add, 

“Every cycle, after exceeding above the 1.618, BTC has tested this level for support before 🚀 (surging).”

Bitcoin’s price, for now, is yet to successfully sustain a breach of the $40k level. At press time, BTC had fallen by over 4% in 24 hours, with the crypto valued at $35,638.

Interestingly, all the previous sell-offs have eventually pushed Bitcoin towards the golden ratio and the price has been subject to its “magic.” Looking at the prevailing market scenario, Bitcoin has already breached the 1.618-level, as indicated by the chart. Looking at past precedents and keeping the ‘cyclic’ nature of Bitcoin in mind, the odds of an uptrend from this level seem to be quite likely. All in all, the ‘golden ratio’ might act as Bitcoin’s bottom before the next uptrend begins.

Well, even though an uptrend is on the cards, there is no surety of when it will exactly happen. However, the analyst went on to contend,

“This Bitcoin Year of the Bull is not over. Much more to come – and the price will go much higher.”


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Source: https://ambcrypto.com/bitcoin-magic-of-the-golden-ratio-to-the-rescue

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QNT Technical Analysis: Price Below the Fibonacci Pivot Point of $72.67

QNT price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

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The Quant Network is the first blockchain network to develop the Overledger DLT gateway – an enterprise-grade DLT (Distributed Ledger Technology) gateway. This gateway ensures enterprises achieve interoperability across multiple blockchains systems and DLTs. It also aids in cross-chain interconnectivity. It is a speedy, straightforward, and secure ecosystem. QNT is the native token of this network. Technical Analysis of QNT is as follows.

Past Performance

On Jun 12, 2021, QNT opened at $51.71. On Jun 18, 2021, QNT closed at $71.01. Thus, in the past week, the QNT price has increased by roughly 37%. In the last 24 hours, QNT has traded between $71 – $76.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

https://zephyrnet.com/wp-content/uploads/2021/06/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67.png

Day-Ahead and Tomorrow

Currently, QNT is trading at $75. The price has increased from the day’s opening price of $71.01. Thus, the market seems bullish.

READ  Will Ethereum undergo a 27% surge or a 16% drop?

The MACD line has turned negative while the signal line is still positive.  In other words, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum has turned bearish.  Hence, we can expect the price to start falling.

Currently, the RSI indicator is at 25% – deep into the ‘oversold’ region. It faced rejection at 60% and fell to the current level. Hence, selling pressures are very high. Heavy offloading of crypto will push its price further down. It is a good time for traders to go long.

Besides, the OBV indicator has also fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the QNT price. In short, all three indicators have shown bearish signals.

READ  Miller Value Funds to Invest in Bitcoin via Grayscale Bitcoin Trust

QNT Technical Analysis

Currently, the price is below the Fibonacci pivot point of $72.67. It may soon fall below the first Fibonacci pivot support level of $70.76. If the bears remain strong till day end, then the price may fall below the subsequent support levels of $69.58 and $67.67, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $72.18. The price may soon fall below the 23.6% FIB extension level of $69.82 as well. Thus, as of now, the bearish forces are strong. Therefore, we can expect the price downtrend to continue today as well as tomorrow.

#QNT #The Quant Network

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/qnt-technical-analysis-price-below-the-fibonacci-pivot-point-of-72-67

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Decentral Games Announces $5M Capital Raise With New Partners

Metaverse casino Decentral Games has announced its latest multimillion-dollar capital raise, owing to some brand-new partnerships

The post Decentral Games Announces $5M Capital Raise With New Partners appeared first on BeInCrypto.

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Metaverse casino Decentral Games has announced its latest multimillion-dollar capital raise, owing to some brand-new partnerships

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The decentralized app (dApp) ecosystem revealed in a post, published on their website on June 18, that they had completed a $5 million capital raise. With their statement, they welcomed new partners across the globe. More specifically, they have forged official partnerships with crypto investment firms and networks such as Collab+Currency, Genesis Block Ventures, Cluster Capital, and AU21 Capital. ID Theory, a crypto-asset investment firm based in London, have also partnered with them.

In addition, Swiss venture capital firm Bitscale Capital, as well as Metaverse Ventures, a subsidiary of Digital Currency Group, are also on the list.

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The company stated that the additional capital will go towards bolstering its team in the product development and marketing departments. They noted that, to keep up with community demand, Decentral Games’ team had already increased from 10 to 43 employees.

Decentral Games also revealed they will use some of the money to accelerate development of additional features and future crypto-enabled games. The company named DG Poker, DG multi-table Tournament Poker, and DG CyberSakura Slots as examples.

The company also took to its official Twitter to release a 10-tweet thread, summarizing the highlights of this latest investment. They also elaborated on their growth, in line with that of their community. One tweet read:

“Since launching the $DG token and games on mainnet in December 2020, betting volumes have increased quarter over quarter and recently eclipsed a landmark $70 million. The DG DAO [decentralized autonomous organization] treasury remains well capitalized with over $8 million in assets.”

They noted their revenue, to date, was primarily made up of gameplay proceeds. Plus Polygon node staking rewards and sales of wearable non-fungible tokens (NFTs).

Existing partner send congratulations

One of Decentral Games’ biggest moves this year is their partnership with video game giant Atari. They announced their collaboration back in March, which was to launch a cryptocurrency casino. 

Atari sent Decentral Games a congratulatory message via the Atari Token (ATRI) official Twitter account.

The Atari Casino takes up a 20-parcel estate in the casino quarter of Vegas City on Decentraland. It launched with a virtual party at the end of April, featuring DJ Dillon Francis. The musician also collaborated with a visual artist to create three special NFTs, all inspired by Gerald the Piñata. They were auctioned off as part of the casino’s launch.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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Source: https://beincrypto.com/decentral-games-announces-5m-capital-raise-with-new-partners/

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Chainlink, MATIC, Enjin Price Analysis: 19 June

Most altcoins saw their prices head south after BTC’s price fell considerably, with the total altcoin market cap undergoing a bearish trend. As Bitcoin fell by almost 5% in the last 24 hours, at pre

The post Chainlink, MATIC, Enjin Price Analysis: 19 June appeared first on AMBCrypto.

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Most altcoins saw their prices head south after BTC’s price fell considerably, with the total altcoin market cap undergoing a bearish trend. As Bitcoin fell by almost 5% in the last 24 hours, at press time, Chainlink and Polygon (MATIC) saw 6.44% and 4.9% dips. Enjin too saw a 5.39% price fall over the said period, however, its 7-day price was up by 7.16%.

Chainlink was in the news recently after it announced that it will be a matching partner in Gitcoin Grant Round 10.

Chainlink [LINK]Source: LINK/USD – TradingView

Chainlink, the market’s 15th ranked coin, saw an almost 13.9% price fall in just two days. The alt’s price noted minor gains on 17 June, following which, its price fell and tested the $21.5-mark. LINK’s price clung to the support at $21.5, at press time, testing it multiple times. 

Amid recent updates for the coin, algorithmic stablecoin Fei Protocol recently upgraded its oracle mechanism to Chainlink’s ETH/USD price feed. However, this development didn’t reflect in the alt’s price movement and a downward price trajectory was seen for the asset. 

The Squeeze Momentum pictured displayed a bearish trend for LINK, however, the appearance of a squeeze release suggested the easing of the trend. This could reverse its bearish momentum in the near future. 

The Relative Strength Index for the asset was in the oversold zone and noted a reading of 27.6, at press time. What’s more, dominant selling pressure for the alt was pushing the price down too. Recovery from the oversold zone could push the asset price up. 

Polygon [MATIC]Source: MATIC/USD – TradingView

MATIC, at the time of writing, highlighted slight gains as seen by the appearance of green bars. However, the recovery was not significant as the bearish momentum was still persistent, as depicted by the Parabolic SAR’s dotted lines above the candlesticks on a 4-hour chart for the asset. 

After briefly testing the support at $1.31, MATIC’s price showed slight gains. The alt was trading at $1.38 at press time and was down 45.32% from its ATH, with a breakeven multiple of 1.83. If MATIC’s price continued to recover, it could test the key resistance at $1.69. 

Capital inflows for the asset were balanced at press time, according to Chaikin Money Flow. However, outflows still outnumbered inflows as the indicator remained below the zero line. 

Further, the Average Directional Index (ADX) was above 25.0 and highlighted a directional market and the presence of a prominent trend. If ADX holds above 25 for long, price gains for MATIC can be expected. 

Enjin Coin [ENJ]

Source: ENJ/USD – TradingView

Enjin Coin, ranked 69 on CoinMarketCap, was trading at $1.27 at press time with a 24-hour price dip of 6.77% and a 7-day price hike of 8.50%. On the 4-hour chart for ENJ, the Parabolic SAR’s dotted lines above the candlesticks highlighted a bearish trend. However, its price did see some gains as shown by the appearance of a green candlestick, at the time of writing. 

The Relative Strength Index (RSI) noted a reading of 36.8, at press time, and was in the neutral zone. However, the indicator’s uptick highlighted that even though selling pressure was dominant, buying pressure was sharply creeping in for the asset. 

Further, the Awesome Oscillator for the alt pointed to dominant bearish momentum as the indicator had red bars below the zero line. Enjin Coin’s key support and resistance levels were at $1.16 and $1.68, respectively. The alt had tested its support level on 8 June and 12 June, after which its price did see slight gains. 


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/chainlink-matic-enjin-price-analysis-19-june

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