Crypto fund says bull market has begun
The Bear market is over. Well, thats the stance adopted by Timothy Enneking, managing director at Crypto Asset Management, a fund started last year with approximately $20 million dollars under management. For similar stories take a look at our homepage blockchain daily
Their CAM Crypto30 cryptocurrency index, a composite of the biggest 30 cryptocurrencies, has fallen 69% since its high in January.
He went on to attribute the price pull back in Q1 2018 to four main reasons:
- Firstly, there was natural asset consolidation, or profit taking by investors after the amazing price run up of 2017.
- Secondly, there was the rising risk of regulatory threats looming on the horizon – as governments around the world tried to formulate policy to police and tax cryptocurrency activity.
- The third is the legacy effects of the collapse of mount gox, as the massive liquidation of crypto assets from the trustees of the case put significant sellside pressure on the broader cryptomarket.
- The final reason mentioned by Mr Enneking, is the impact of new blockchain startups selling off cryptoassets in the open market, to generate fiat currency to pay for real world business expenses, and adding increasing sell side pressure on prices.
After more than 3 months of market decline, with the crypto market being highly news-driven, the appearance of this and many other positive news pieces – could indicate a gradual transition to a sustained market turnaround and bullish investor sentiment