Last week in crypto (1 Oct – 7 Oct)
This week the cryptocurrency market along with all its coins has entered the first week of October and the first month of the last quarter of 2018. While the coins are doing pretty well compared to the slumps most altcoins have been seeing for the past couple of months, Bitcoin is still sub $7,000 USD. But Bitcoin dominance is up at a good 52.2%.
Overall the week has been quite beneficial for the cryptocurrency market with many traditional investors onboarding the market and Bitcoin seeming to stay steady. Last week saw announcements from a large number of traditional financial institutions and investors about how they are getting involved with the cryptocurrency market. The fact that a large number of traditional investors are entering the market, implies a larger number of them talking about it. Which just goes to prove that the market can no longer be ignored.
Here are the developments in the cryptocurrency world this week.
- Ivy-League Yale Invests in Crypto Fund Yale, in a clean sweep, has invested in two crypto-funds in the span of a week. David Swensen, the Cheif Investments Officer at Yale, is said to have invested close to $400 million in a crypto-fund and having helped a Sequoia venture Paradigm raise funds.
Both funds have huge names behind them. The first fund that Swensen invested in is a fund run by Andreessen Horowitz and the second one is a fund that is run by ex CEO of Coinbase and an ex Sequoia executive. David Swensen is known to be a master investor and this investment, whether or not it gives him the returns he is expecting, has acted as a huge credibility boost for the cryptocurrency market. The exact size of the investment still remains unknown.
- Ric Edelman Invests in BitwiseThe financial advisor par excellence, Ric Edelman has joined Bitwise as an advisor. His role is said to help people who want to diversify their portfolios and divulge into the cryptocurrency market.
Ric Edelman, along with the new position at Bitwise, has also invested a large amount in the company. He is supposed to run point on the integration of traditional investors with the cryptocurrency market and be the man getting investors ahead into the new era of financial technology.
- Circle to Buy SeedInvestCircle, one of the US’s most used cryptocurrency marketplaces, has announced that they will be buying the crowdfunding platform SeedInvest. Circle Internet Financial Ltd is also projected as the most valuable cryptocurrency marketplace in the United States of America.
Circle aims to allow and facilitate SeedInvest and other startups to be able to release their own tokens and let investors dabble their portfolios in a larger variety of coins. SeedInvest is the first of many according to a report, to be acquired by Circle. The official terms and agreements of the sale have not been made part of the public record yet, but the deal is said to be closed soon.
- Soulja Boy Releases Song About BTCThe famous rapper Soulja Boy, most popularly known for his song “Kiss Me Thru the Phone”, has just released a song called “Crank That” as a part of his new album “Young Draco” that talks about making money with Bitcoin. Insinuating that the rapper may just be an investor himself.
The lyrics of the song hint towards Souja Boy paying some of his bills and bands using the profits he makes off his cryptocurrency holdings and also hints towards a small amount of Litecoin investments. Apart from Bitcoin and Litecoin, his other investments aren’t mentioned in the song, but it is pretty evident that the rapper is an investor in the cryptocurrency market. One of the lines of the songs is, “Man, this going crazy the cryptocurrency man.”
- TD Ameritrade Back a Regulated Crypto ExchangeWhile most traditional investors of the cryptocurrency industry have been very cold with the cryptocurrency community, a few traditional investing institutions have started to change that. TD Ameritrade, the financial services company, is backing an exchange called ErisX.
ErisX is an exchange that is going to deal with cryptocurrencies and allow traditional investors a safe place to invest in the new market. This regulated exchange is also being backed by another large traditional investment name, Virtu Financial Inc.
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