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Bitcoin goes up as American pension funds invest in crypto assets
On Wednesday, crypto assets gained a bit in Asia reacting to news that two American public pension funds are actually investing in a crypto venture capital fund. The given move indicated support for crypto assets from conservative traders.
Morgan Creek Digital, an asset management company started a fresh $40 million crypto venture capital fund the Morgan Creek Blockchain Opportunities Fund underpinned by two pension funds in Virginia and Fairfax County. The fund is pumping funds in the cryptocurrency industry.
The news pleasantly surprised industry insiders especially considering that pension funds have always been ultra-conservative investors. Nevertheless, they dared to inject their money in digital coins, traditionally considered to be extremely volatile and unregulated.
A chief investment officer at Fairfax County Police Officers Retirement System, Katherine Molnar told that blockchain technology offers an extremely attractive asymmetric return profile.
As Bloomberg ascertains, that’s the very first investment in the crypto world from an American pension fund.
Backed by the news, key crypto assets tacked on.
Bitcoin surged by 0.47% coming up with a result of $3,637.4, still staying above a two-week maximum of $3,600. As for Ethereum, it managed to ascend by 2.20% being worth $123.42. Additionally, XRP surged by 1.36% concluding the trading session at $0.30544, while Litecoin jumped by 0.25% ending up with $44.082.
The overall crypto market capitalization jumped to $122 billion versus Monday’s outcome of $121 billion.
Besides this, the everlasting saga of Canadian crypto exchange Quadriga persisted.
Last year, Quadriga’s CEO Gerald Cotton passed away. He turned out to be the only one with access to up to CAD180 million in crypto assets belonging to 100,000 customers. The Ontario Securities Commission is currently probing this issue.
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The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).