Bitcoin hedge funds are coming
With bitcoin becoming the latest craze, hedge funds are reckoning to test the market. Several dozens of cryptocurrency-focused hedge funds are about to start operations. The market for digital currencies has gone with over 800 coins in the market with a combined market cap of $166 billion. A fintech analytics firm, Autonomos NEXT, has recently released a list of 55 cryptocurrency hedge funds. Many of the firms have cryptothemed names such as Ether Capital, Medici Capital and 1confirmation. In addition to hedge funds getting into the market, there have also been ‘initial coin offerings’, a fundraising method based on blockchain technology. It is reported that over $1.8 billion has been raised via the ICOs since the beginning of 2017.