Investing Titan Launching $1 Billion Crypto Fund — BTC, Ethereum, XRP, Litecoin, Bitcoin Cash, EOS, Tron, Cardano Forecasts
Investment firm Elwood Asset Management is starting an institutional crypto hedge fund.
The London-based firm is led by billionaire Alan Howard, who started his financial career as a bond trader in the 1980s at Salomon Brothers. His goal is to have the new fund reach $1 billion in assets, reports the Financial Times.
Howard has an extensive track record and institutional reach. Brevan Howard, the European hedge fund management company he launched in 2002, has an estimated $18 billion under management as of 2016. The fund is known as “one of the world’s leading global macro absolute return managers”, servicing sovereign wealth funds, foundations, endowments, and corporate and public pension plans. The global group has offices in London, New York, Geneva, Jersey, Hong Kong, Washington and Singapore.
Reports Bloomberg,
“Brevan Howard Asset Management’s main hedge fund posted its best year since the end of the global financial crisis as the investment firm led by billionaire Alan Howard joined a number of macro managers in profiting from volatile markets.”
The new venture is not Elwood’s first foray into the crypto movement. The company rolled out the Elwood Blockchain Global Equity Index in March, which is an exchange-traded fund (ETF) tracking companies that are building infrastructure in the blockchain and crypto ecosystem.
Right now, the crypto market is moving sideways. Bitcoin is up 0.02% according to the latest data from COIN360 at time of publishing. Ethereum is down 0.73% at $168.09, XRP is down 2.31% at $0.2540 and Litecoin is down 0.55% at $64.26.
FXStreet’s Tanya Abrosimova says Bitcoin and the crypto market at large remain vulnerable.
“The cryptocurrency market is range-bound mostly with a bearish bias as Bitcoin and all major altcoins are consolidating losses incurred during the previous days…
an average daily trading volume increased to $55 billion, while Bitcoin’s market dominance stayed marginally above $69.0%.”
Here’s a look at the latest forecasts from across the cryptosphere.
Bitcoin
FXStreet – Bitcoin and major altcoins vulnerable to new losses
NewsBTC – Bitcoin now on track to test $9,000
Ethereum
The Merkle – Next level of support for ETH at $163
XRP
FX Empire – XRP leaving major support and resistance levels untested
Litecoin
Crypto Potato – LTC finds support at $63 with decline briefly stalled
Bitcoin Cash, EOS, Tron, Cardano
NewsBTC – Crypto market extends losses: BCH, EOS, TRX, ADA analysis
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