- Bitcoin bulls hit the pause button, but the coin stays above $7,000.
- Morgan Creek Digital welcomes institutional money to cryptocurrency market.
Bitcoin stays above critical $7,000, trading at $7,060 at press time. The digital coin No.1 has paused after a strong rise on Tuesday, though the upside may be resumed later during the day, once European and American players join the game.
More institutional money coming
Morgan Creek Digital has launched a digital asset index fund in partnership with San Francisco-based Bitwise Asset Management. The fund’s portfolio includes ten largest digital assets, except Ripple and Stellar as their central supply exceeds 30%.
“If there’s a central party that owns 30% or more of supply, then we withhold those from the index. Because we think that introduces a lot of additional risks that may not be there if it was a more decentralized network,” Morgan Creek Digital partner Anthony Pompliano explained.
Apart from BTC, the includes BCH, EOS, litecoin, zcash, monero, dash, ethereum classic and omisego. Bitcoin got the lion’s share of the index (70%), Ethereum is on the second place (15%).
The fund allows pensions, wealthy individuals, and accredited investors gaining exposure to crypto assets with large market value.
“We’re fully prepared and feel we’ve built something that institutional investors will find attractive regardless of how the assets are categorized. Whether they’re securities or not,” Pompliano said.
Bitcoin’s technical picture
BTC/USD stays above DMA50, which is now registered at $6.965, though the upside is capped by Tuesday’s high at $7,128. Once it is cleared, the price may continue moving higher towards $7,400 handle strengthened by (38.2% Fibo retracement level).
On the other hand, a sustainable movement below $6.950 will increase the downside pressure and push the coin towards 23.6% Fibo retracement right under $6,800 handle.
BTC/USD, the daily chart
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