Comments on Bitcoin and Weekly Data from Voyager CEO

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Comments on Bitcoin and Weekly Data from Voyager CEO
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Voyager Digital (VYGVF), the crypto trading platform with 1.6M verified users and 61 digital coins available, has just released its 24-hour and weekly trading data. Below are insights around the data and the news this past week about bitcoin steadying out from CEO & co-founder Steve Ehrlich.

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Q2 2021 hedge fund letters, conferences and more

Crypto Crackdowns In China

Commentary from Steve Ehrlich, CEO & co-founder of Voyager Digital:

Macro Hedge Funds Surge To 100%+ Gains As Rest Of Industry Struggles

reports 1664895939The biggest winners of this year’s market turmoil are macro hedge funds. Hedge funds on average are down 4% in 2021, according to data group Hedge Fund Research. However, macro funds were up around 8% on average during the first half of the year. Leading the pack is Crispin Odey, whose flagship Odey European fund Read More

Bitcoin appears to be less sensitive to the news in the past week, with the price holding relatively steady in the $34k-35k range despite the continued crypto crackdowns in China that shut down over half of the world's Bitcoin mines. The price seemed to take the biggest hit from negative sentiment during the May sell-off, and is now steadying out, possibly poised for positive price momentum.

In response to the recent mining drop-off, the Bitcoin mining code was automatically adjusted to be 28% easier to compute, incentivizing miners to continue producing blocks. There has never been such a steep drop in algorithmic difficulty, and it could be an effective way to get miners to re-enter the space now that there currently are less machines (due to the crackdowns) which means increased profit for miners.

Bitcoin remains in our top weekly net buys, taking the #2 spot after SHIB.

SHIB, ADA, DOT, STMX, and BTC are among our top net buys in the past 24 hours. Last week, Bitcoin did not make the top net buys for the day, so we're seeing its comeback this week (in the #5 spot as of Wednesday morning). Bitcoin has been trading sideways in the past day, which may signal some hesitancy from investors, but ultimately, we're seeing users on our app taking the relatively lower price point as an opportunity to increase their holdings.

Weekly Comment | Bitcoin Steadying Out

Weekly Data

Top net buys for this week (6/30-7/7)

  1. SHIB
  2. BTC
  3. DOT
  4. ADA
  5. ETH

Biggest rank gains (by net buys week-over-week, 6/23-6/30 vs. 6/30-7/7) 

  1. GRT
  2. BSV
  3. ICX
  4. FIL
  5. NEO

24hr Data

Top net buys for today

  1. SHIB
  2. ADA
  3. DOT
  4. STMX
  5. BTC

Biggest rank gains (by net buys 24hrs) 

  1. BSV
  2. STMX
  3. MKR
  4. SRM
  5. QTUM
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)www.valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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