Former heads of HSBC, Citigroup, and Merrill Lynch banks in the Asia-Pacific region have launched Liquibit Capital, a $50 million cryptocurrency hedge fund.
The fund was founded by Joseph Chang, who served as head of equity trading at Merrill Lynch, HSBC, and Citigroup from 1997 to 2016, and his partner Grahame Webb, who previously served as head of technology at HSBC and Citigroup.
They began trading in cryptocurrencies in June 2020, having established the Liquibit Capital Foundation in Hong Kong for this purpose. Besides, the fund is attended by a former vice president of Barclays Capital and two technicians from the financial giants JPMorgan and Wells Fargo.
The fund will manage crypto assets worth $50 million. The Liquibit Capital portfolio will include BTC, BCH, ETH, LTC, and EOS. The storage will be managed by Fireblocks, a digital asset security company. In the future, the fund’s management plans to start trading options and futures on the BitMEX, Huobi, OKEx, and Deribit crypto exchanges, which are popular in Asia.
Chang noted that the decision to move to the crypto industry from traditional finance was made precisely because of tighter regulation and a huge number of intermediaries when working with investment banks.
In recent months, several cryptocurrency hedge funds have been closed. Last month, the Neural Capital fund ceased operations, losing half of its capital. Also, Tetras Capital and Prime Factor hedge funds were announced closed in July due to unprofitability and insufficient demand from institutional investors.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin slightly increased to the resistance level of $11,600. Then it dropped to the support level of $10,300. Now, the price of bitcoin is $10,470. In the future, we predict the sideways movement with a subsequent breakout of the support level of $10,300. The nearest resistance levels are $10,500, $10,700, $10,800, $10,900, $11,000, $11,100, $11,300, $11,400, $11,500, $11,650, $11,850, $12,000, $12,230, $13,000, $13,500. The nearest support levels are $10,340, $10,300, $10,250, $10,200, $10,000, $9,850, $9,600, $9,400, $9,300, $9,200, $9,000, $8,600.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum dropped to the support level of $330. Then it rose to the resistance level of $350. Now, the price of ethereum is $340. In the future, we predict an upward movement with a subsequent decline. The nearest resistance levels are $350, $355, $365, $375, $380, $385, $390, $400, $410, $415, $420, $430, $440, $443, $470, $475, $500, $530. The nearest support levels are $330, $325, $310, $300, $290, $277, $270, $260, $257, $250.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple dropped to the support level of $0.23. Now, it is $0.2310. In the future, we predict an upward movement, followed by a decline. The nearest resistance levels are $0.2350, $0.2450, $0.2480, $0.25, $0.2550, $0.2580, $0.26, $0.27, $0.28, $0.29, $0.2960, $0.30, $0.3080, $0.31, $0.32, $0.3250, $0.3450. The nearest support levels are $0.23, $0.2250, $0.22, $0.2150, $0.21, $0.2060, $0.2020, $0.20.
