Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
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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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.