Published: May 16, 2018 10:18 a.m. ET Wall Street veteran to actively manage blockchain ETF The buzz around the correlation between bitcoin and the annual Consensus conference is dwindling as the No. 1 digital currency continues to face headwinds after slipping below $9,000.
The mid-April rally has stalled and now faces some downside risk. “After holding $9k support for several weeks, bitcoin finds itself under this widely watched support level.
As I warned readers two weeks ago, there comes a point where support turns into stalling. That is what happened here,” wrote Jani Ziedins in a Tuesday blog post.
“I’m skeptical of BTC at these levels and it needs to recover $9k as soon as possible to prove me wrong. Otherwise expect nervous selling to return and push us back under the $6k lows.” The price of a single bitcoin
was last traded at $8,392.69, down 1.6% since Tuesday’s levels at 5 p.m. Eastern time on the Kraken exchange.
The recent slide in cryptos has taken the total value of all cryptocurrencies below $400 billion to $385 billion, according to CoinMarketCap. Read: Bitcoin fans troll Warren Buffett with ‘Rat Poison Squared’ clothing line With the growing number of companies exploring the blockchain technology, Rex Shares and Brian Kelly, CEO and founder of BKCM funds announced today that they are launching an actively managed blockchain ETF. Read more from marketwatch.com…
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