“Crypto” has been on a great run after bottoming in December 2018. The Bitcoin futures contract (/XBT) saw a low of $3,130 on December 7th and tested those levels again the weekend of December 14th-17th. In hindsight, what this means is that yet again, digital assets were a leading indicator of risk appetite in the markets. Not that digital assets should be a leading indicator for capital – it’s just that they appear to be.
February is the month of love and we are happily in love with our crypto positions this month!
Since my last post we have initiated a new position in NEO (NEO) and added to our holdings of Ethereum (ETH), Stellar Lumens (XLM) and Tron (TRX). We closed our position in Binance Coin (BNB) reaping almost 50% profit. We will be looking at buying it back after an expected pullback.
As you may recall, TWDAF anticipated a Santa Rally. It happened. We were also excited last month to proudly announce that we were the only crypto fund to actually make money in 2018. But, after several months of continuing “accumulation mode,” today, we are in a holding pattern.
With 2018 in the books, we can officially say that the Third Wave Digital Asset Fund was profitable for the year. While it is true that we got a late start with an inception date of 10/31/18, Bitcoin was trading at $6,310 then and finished the year at $3,700 – down 41% over the same term.
…we are seeing ETH put in a bottom and break higher on increasing volume. This is encouraging.
In April 2013, Bitcoin fell from $233 to $67, overnight. That’s a drop of 71%.
After that, you could buy a Bitcoin for around $120 for most of 2013 but by the end of the year you’d have to fork over more than $1,100 – Bitcoin was up more than 800%. Then from there the price dropped by 86% over the next year or so.
Bitcoin is down around 85% from its highs reached in December 2017, as of just a few days ago
I wanted to take a moment to congratulate our Portfolio Manger, Mr. Steven Orr on his new position as Senior Vice President at Benzinga!
The Wall Street Journal reported that starting yesterday (11/26/2018), Ohio accepts Bitcoin as a legal tender to pay taxes via OhioCrypto.com. This officially makes it the first state in the Union to do so
And now that the technology (blockchain technology, to be clear) underlying the crypto-craze is out, it is here to stay.
All aboard the Polar Express!