Daily market review for 31.07.2018

2018-07-31 12:45:30

The cryptocurrency investment firm Pantera Capital reported that in the five years since the company was founded, its total profit amounted to more than 10,000%.

It's no surprise that the company president, Dan Morehead, and investment director Joey Krug still remain optimistic about bitcoin. They stated that “the total profit of the fund since its foundation was 10,136.15% minus commissions and expenses”.

In 2013, in an email sent by Morehead, it was predicted that bitcoin, which then traded at a price of $104, would grow to $5,000. This was explained by the fact that “it surpasses cash, electronic money, gold, etc. It can do everything the same as each of these methods of payment. This is the first global currency since the time of gold. This is the first system of payments without borders”.

Three months later, when bitcoin traded at a price of $253, Morehead wrote:

“In my opinion, this is similar to the decision to buy shares of Microsoft in those days when they cost 2 cents per share. It was difficult to commit to it, even when the shares were worth 1 cent. However, in the course of time, it became clear that this would be a great deal. I believe that bitcoin is now in the same position. This is the first world currency after gold and the world's only system of payments without borders with a market capitalization of $3 billion. Now, as Silk Road has sunk into oblivion, a new wave of more demanding investors is coming”.

Pantera, which from then onward has launched its own hedge fund for investment in blockchain start-ups, plans to “discuss the Venture Fund III and the blockchain revolution within the next few months.”

“We have organized meetings in many cities in case investors want to personally get acquainted with other investors who share their interest in blockchain,” the representative of the company writes.

Some of the company's recent investments include investing in the start-up named Origin, focusing on the economy of joint consumption, as well as in the start-up called Basis, which plans to create a “stable cryptocurrency”.

At the end of last year, it was reported that the hedge fund Pantera Bitcoin generated a profit of 25,004% for its investors. Such success was achieved due to the fact that throughout the time the company bought up bitcoins and did not sell them.

Now, let's move to the technical analysis of Bitcoin (BTC):

Bitcoin went down to the mark of $7,820, almost reaching our goal, the support level of $7,700. Then, there was a powerful ransom up to $8,165. After, there was the outset with the subsequent downward movement. We expect its further downward movement. The nearest support level is $7,650. The nearest resistance level is $8,165.

Technical analysis of Ethereum (ETH):

Ethereum reached our yesterday's goal, descending to the support level of $440. Then, there was a rebound up to $450. We expect its further downward movement. The nearest resistance level is $450. The nearest support level is $415.

Technical analysis of Ripple (XRP):

Ripple went down to the support level of $0.42, having reached our yesterday's goal. Then, there was a rebound to the mark of $0.43. We expect its further negative movement. The nearest support level is at $0.41. The nearest resistance level is $0.43.

Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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