Daily crypto: Fund believes in new highs for bitcoin: “Will reach $20,000 within a year”

A prominent American fund believes in new highs for bitcoin.

A prominent American fund believes in new highs for bitcoin. Image source: Shutterstock

Christian Ploog

christian.ploog@trijo.co

A prominent crypto hedge fund predicts that "institutional money" will push up the bitcoin price to over $20,000 within a year.

According to the San Francisco-based crypto hedge fund Pantera Capital Management, the bitcoin price will rise substantially over the coming period. They believe that the cryptocurrency has reached a bottom at $6,500 in the current bear market and now say it is “highly likely” that the bitcoin price may be over $20,000 within a year.

“I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher”, wrote Dan Morehead, chief executive and co-chief investment officer at Pantera, in his April newsletter, according to Wall Street Journal.

Russia bans Telegram

A Russian court has ruled to block Telegram, a messaging app that has become popular in the crypto world. The reason that Russia now will block Telegram is that the app refused to provide access to encrypted messages to Russian security service, according to Russian news agency Tass.

Cryptocurrencies are stable, but with some decline

If we take a look at the prices for cryptocurrencies, the largest ones show red numbers. Both ethereum (-3,48%) and bitcoin cash (-4,05%) have lost several percents, while bitcoin (-1,23%) and ripple (-1,11%) have dipped around a single percentage.

Among the cryptocurrencies that have soared the most, we find komodo (+17,16%) and emercoin (16,61%), and among the losing ones bitcoin private (-28,69%), golem (-22,56%), and mithril (-15,90%).

Prices the last 24 hours

Coin: Price: % (24h)
Bitcoin $7 979,61 -1,23%
Ethereum $496,81 -3,48%
Ripple $0,633192 -1,11%
Bitcoin Cash $735,79 -4,05%
Litecoin $126,50 -2,83%

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