Crypto market fell - Should we be surprised?
The total cryptocurrency market capitalization has suffered significant losses during the past week. Even the founder of Morgan Creek Digital, Anthony Pompliano, is saying that cryptocurrency hedge funds could soon close down.
CCN reported today of Bitcoin dropping below $5,000 in price, the lowest price this year. Altcoins have also suffered significantly this year, seeing huge percentage losses. Pompliano, or Pomp for short, explained in his blog post today how these dramatic price drops cumulatively affect cryptocurrency businesses.
Pomp specifically mentions crypto hedge funds and “high water mark issues”. Put simply, fund managers receive a commission based on their performance, in relation to associated crypto asset prices for each investment period.
However, this year is a much different story. “We have seen 50-80% decreases in net asset values in some funds since then. This means these fund managers will not receive a performance fee in 2018, which drastically reduces the income of the individual manager”, Pomp explained.
With reference to the numbers, earning these manager’s next commission’s will also be difficult. They will need to more than double their fund’s net asset value from present-day prices.
source : ccn
...and I say....this would be the only good thing you can do Next thing would be the fall of bitcoin index funds! And than we may start to talk about real value again.
Do not be surprised, as from 1.1.2018 on, Bitcoin started trading on major central banks, and BTC lost its name as "decentralised" because big traders on wall street and else where can just pump or dump it whenever they wish. And most of other cryptos are just going after the price of bitcoin - because BTC still has over 50% market cap of all cryptocurrencies. So do not be surprised over bigger buy or sell.
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I'm not surprise about the fall of cryptos, because if you see any mainstream market you will saw a blood rush. That is because we are in a start of a new big crash, so everybody is trying to get their money in cash.
Thanks. I know. It's funny how mainstream media still want to lie, telling you all the wrong reasons. I remember when Gregory Mannarino (who is now trading only credit spreads) saying that cryptos can give you a big clue of what's coming onto world financial indexes. And it's true.
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