Market review, March 17, 2020

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2020-03-17 16:01:18

The cryptocurrency exchange Bitfinex has added its first $280 million hedge fund Fulgur Alpha to its site.

Fulgur Alpha is a Bahamas-based cryptocurrency hedge fund available only to accredited investors. The minimum investment in Fulgur Alpha is $10 million, while the fund promises a stable income with a single rate.

Customer accounts are held at the custodial service Delchain Limited and are managed by Deltec Fund Services, also located in the Bahamas. Bitfinex CTO Paolo Ardoino noted:

“This structure is very similar to the structure of traditional hedge funds: a safe place of trading (Bitfinex), custodial service (Delchain) and fund manager (Deltec Fund Services).”

Ardoino also said that various people and organizations, including cryptocurrency hedge funds, trade on the Bitfinex platform. However, Fulgur Alpha was the first cryptocurrency fund of this size to appear on the site.

Note that investment in a hedge fund is not available to residents of the United States and the Bahamas. Also, it is forbidden to invest in the fund to citizens of countries under US sanctions, for example, Iran and North Korea.

“We believe that this is a new trend for 2020-2021 since hedge funds provide better protection to investors and are more controlled by supervisory authorities. We see an increased number of integration requests,” said Ardoino.

Let us recall that at the end of last year, Bitfinex announced the strengthening of user identification procedures (KYC) and requested additional information from customers of the site.

Technical analysis of Bitcoin (BTC):

Over the past day, the price of bitcoin rose to the resistance level of $5,450 and fell. Now, the price of bitcoin is $5,310. In the future, we predict that the price of bitcoin will be in a narrow price corridor between $5,450-$4,850. The nearest resistance levels are $5,780, $6,000, $6,250, $6,350, $6,600, $6,850, $7,100, $7,300, $7,660, $8,000, $8,020, $8,140. The nearest support levels are $5,280, $4,840, $4,440, $3,900, $3,700.

Technical analysis of Ethereum (ETH):

Over the past day, the price of ethereum grew to the resistance level of $120 and fell to the support level of $115. Now, the price of ethereum is $116. In the future, we expect the price to be in a narrow price corridor between $110-$120. The nearest resistance levels are $120, $127, $142, $153, $161, $170. The nearest support levels are $110, $99, $88.

Technical analysis of Ripple (XRP):

Over the past day, the price of ripple grew to the resistance level of $0.1520 and fell to the support level of $0.1450. Now, the price of ripple is $0.1480. In the future, we expect the price to be in a narrow price corridor between $0.1520-$0.1370. The nearest resistance levels are $0.1520, $0.16, $0.17. The nearest support levels are $0.1450, $0.1370, $0.1280, $0.1140, $0.1050.




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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