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Steve Cohen's hedge fund company Point72 is targeting the cryptocurrency space. The company said in a letter to investors: "We are exploring opportunities around blockchain technology and its transformative and Subversive power. We cannot turn a blind eye to this $2 trillion market."

                             

According to data from Point72's official website, the fund's asset management scale as of April 1 was approximately US$22.1 billion. It is reported that Point72's hedge funds and venture capital departments will all enter the cryptocurrency market, and hedge funds will deploy long-short strategies.

Before the letter was issued, The Block, a website focused on cryptocurrencies, released a report on Thursday stating that Point72 is ready to take major actions in this area.

With the rise of Bitcoin and optimism about the potential of blockchain technology, fund managers are increasingly interested in the industry. Point72's competitor, Millennium Management, is also actively investing in futures and ETFs in the crypto field, including Grayscale Bitcoin Trust, and plans to continue its business in this area. Endowments from Harvard University, Yale University, and other universities have recently started buying cryptocurrencies on exchanges.

The cryptocurrency market has always experienced huge volatility. Since Elon Musk said on Wednesday that Tesla no longer accepts Bitcoin payments, the price of Bitcoin has plummeted. Musk also mentioned that "Bitcoin mining consumes a lot of fossil energy." At the same time, Binance Holdings Ltd., the world's largest cryptocurrency exchange, is under investigation by the US Department of Justice and the Internal Revenue Service for possible illegal actions in the market.

Point72 also mentioned in a letter to investors that it will introduce cryptocurrency investment in private wealth management or hedge funds, and will conduct a comprehensive review of the "liquidity, risk and return" of investment activities. At the same time, the letter also said: "It is too early to say what method the company will take to invest in cryptocurrencies. But when we have specific plans, we will provide you with the latest information immediately."

In addition to Point72, Cowen Inc, a century-old investment bank, is also preparing to enter the market. The investment bank said it will hold cryptocurrencies on behalf of hedge funds and asset management companies. Although many heavyweights on Wall Street are scrambling to use their customers' interest in this hot asset to make money, they have been reluctant to provide such custodial services.

Cowen said on Thursday that the company will agree with Standard Custody & Trust Co. Cooperation to provide "institutional" custody services for cryptocurrencies and other digital assets. Cowen will also report to PolySign Inc., Standard's parent company. Investment of 25 million US dollars.

Cowen CEO Jeffrey Solomon said in an interview: "The demand is clear. We will be able to help many institutional clients solve their problems and start trading digital assets in the near future."

                            

This year, the price of cryptocurrency has skyrocketed, attracting hedge funds and investment managers to enter this fast-growing market, and Wall Street banks have also provided services to cater to this demand. Companies such as Goldman Sachs and Morgan Stanley have announced plans in recent months to help customers buy and sell cryptocurrencies in order to win more customer business.

However, although companies such as Fidelity Investments have been helping customers hold and trade digital assets, many other investment banks have been slow to provide formal custody services.

Part of the reason is the concerns of financial industry regulators. Digital currency speculators are often targeted by hackers, stealing digital credentials and stealing their assets. Because of this danger, the US Securities and Exchange Commission stated that it is weighing how to apply its "custodial rules" to the cryptocurrency market-these rules are intended to ensure that any funds and securities held by the custodian will not be lost or abused.


(This article is from Bitpush.News)
Chia has attracted much attention since March of this year. Although early participants have made money, there is still a big difference in the price of the currency after the listing in May. Therefore, for new users, is it worth digging? Chia, or investing in Chia is an issue that everyone cares about. Today, we will use a simple estimate to deduce the expected valuation of Chia.

Estimated short-term computing power growth

At present, most of the users who enter Chia are basically users who have already enjoyed the early dividends before. After they make money through Chia, they choose to throw away some of them, and then buy hardware for planting and mining. The author also recently sold a part of xch coins and purchased hard drives, memory sticks and solid state to continue to add weight. The main reason why novices do not get on Chia cars now is because the computing power is growing too fast, and they are worried that they will not be able to cover the cost. The recent period of computing power growth is as follows:

                          
                                                                            Picture from HPOOL

It can be seen that after passing the 1E mark, the computing power has grown rapidly and broke the 2E mark. As of the time of posting, it has begun to approach 3E, which means that computing power is growing too fast now, and many people may still be P-disk speed. Can't keep up with the increase in computing power. For example, the author digs 0.04 coins a day before, but now it is less than 0.01 coins. The P disk has not stopped in the middle.

However, when we look at the hashrate growth curve, we find that this line is actually quite straight. Therefore, we roughly use a straight line to derive the hashrate on May 20. For convenience, we will omit the complicated calculation formula and use Graphical representation, the results are shown in the figure:

                                

It can be seen that if at the current speed, the computing power of the entire network will roughly reach 5153PB on May 20. As a result, the revenue of 1PB is about 1.35 XCH, which can be said to have reduced a large part of the revenue.

Of course, if you have 1PB in mining, from May 8th to May 20th, the revenue may reach 22.74 coins. Based on the current lowest price of cloud computing power of 5680 yuan/10TB, then 1PB will cost about 568,000 yuan. And the income is 105058 yuan (the currency price is calculated according to 700USDT). That is to say, less than a month, roughly one-sixth of the cost (after deducting 20% ​​of the management cost, it is one-fifth without deduction)

                                             
                                                           cybtc Perpetual cloud computing power quote

Bull market mining generally has a shorter payback period, usually around 5 months to 10 months. We calculate according to the 5-month payback cycle, then we can roughly estimate that when the currency price is around 700, it is a relatively reasonable price in the current short-term, and whether the increase in computing power can continue after that, it may become a price of the currency. focus point.

If in late May, the increase in the computing power of the entire network has begun to ease, then we can roughly judge that the currency price has reached a staged equilibrium around 700USDT, and if the computing power continues to increase, the currency price will naturally rise. Power.

If in late May, the increase in the computing power of the entire network has begun to ease, then we can roughly determine that the currency price has reached a staged balance around 700USDT, and if the computing power continues to increase, the currency price will naturally increase. The momentum of the rise.

                             

Chia is not worth the investment

Chia is a typical mining project. We used to say that in order to sell graphics cards, graphics card manufacturers would choose to pull ETH. Of course, this is just a speculation, but for terminal hardware manufacturers, they are also in a more entangled situation. In this situation, manufacturers like Shenzhou Computer originally had small profits but quick turnover of their notebooks. Therefore, they are unwilling to limit the computing power of graphics cards for ETH mining. This can also increase product sales. Of course, the probability of later failures will increase a lot. At present, from the actual situation, this kind of computer manufacturers are still willing to cater to the needs of miners to launch corresponding mining laptops.

For Chia, the performance of hardware manufacturers may be even more obvious. It was previously reported that at a blockchain conference, Seagate engineers were among the guests present. Therefore, many people believe that Chia has such big players as Seagate. The factory came to fuel the flames. Originally, mining is basically a matter of graphics cards, and the huge profits of graphics cards brought about by the increase in the price of Ethereum may also make a wave of hard disk manufacturers envy. Therefore, it is inevitable to support a hard disk POC mining project. On the one hand, it can consume inventory on the market and increase sales, and on the other hand, it can prepare for price increases. In this case, Chia may become a wise choice.

Of course, as the subject of Chia, its background is also relatively strong. On the one hand, the aura of the founder of bittorrent makes the project not bad. On the other hand, investment by top investment institutions like A16z will naturally attract many followers. Because FILECOIN is difficult to participate, ordinary retail investors have given up and can only buy cloud computing power. At the same time, other POC projects such as MASS are not suitable for support due to the certain market selling pressure in the early bear market. In this way, Chia naturally becomes a very good choice. It is conceivable that if one day you discover that a major hard drive manufacturer such as Seagate is found in Chia's trading organization, would you be willing to participate in this feast or not? This is actually something that needs to be seriously considered before investing in Chia mining.


(This article is from Bitpush.News)
As of press time, the price of Dogecoin has risen to about 61 cents, an increase of 9.3%, and its market value has reached 79.5 billion US dollars. The price of Dogecoin broke through 50 cents for the first time in Tuesday's trading. So far this year, the price of Dogecoin has risen by nearly 13,000%.

This Saturday, Tesla (NASDAQ: TSLA) CEO Elon Musk plans to give an interview. He is a fan of Dogecoin, and if he talks about Dogecoin in the interview, then May promote further growth in investor demand for this cryptocurrency. An analyst said that cryptocurrency traders may buy this digital currency aggressively because they don't want to miss any gains that Musk's remarks may bring to the price of Dogecoin.

            

Dogecoin started as a joke in 2013, when the cryptocurrency boom was still in its infancy, and various digital currencies flooded into the market. Today, 8 years later, the reason why Dogecoin can regain its popularity is obviously due to the attention of billionaires such as Musk and Mark Cuban, and it is also because investors can use free trading applications Robinhood (commonly known as "Robin Hood" in China) invests in it very easily.

"I won't be involved in doing a lot." Michael Novogratz of Galaxy Digital, an encrypted digital currency commercial bank, said in an interview. "I am worried that once the enthusiasm fades, there will be no developers and no institutions will enter the market."

"When you think about the entire theory of this cryptocurrency revolution, you will find that everything Dogecoin does is pure." Novogratz said. "It's a bit like the middle finger of this system. People are dissatisfied with the current financial system."

Novogratz reiterated his concerns about the sustainability of Dogecoin's rally, believing that this cryptocurrency lacks the complexity of Bitcoin. But the billionaire investor also said when talking about Dogecoin: "Short-selling is very dangerous, I can only tell you so much."

As a billionaire entrepreneur, Cuban is also full of praise for Dogecoin. He recently stated on social media that this emoji-based cryptocurrency can mature into a ¡°usable currency¡±. Prior to this, the NBA Dallas Mavericks under Cuban had accepted Dogecoin as a payment method.

Galaxy Digital, a subsidiary of Novogratz, is a financial services company focused on encryption. The company released a research report on Dogecoin earlier this week in which he referred to Dogecoin as "the most honest Rubbish coins".

"For young millennials and Gen Z, (Dogecoin) is simply a store of value." Novogratz said in an interview on Wednesday.

Earlier Wednesday, New York-based Galaxy Digital announced the acquisition of San Francisco-based BitGo by cash and stock, with a transaction value of approximately US$1.2 billion. Novogratz said that the transaction is "a marriage of West Coast and East Coast, a marriage of technology and finance."

Novogratz said: "Through this acquisition, we have become the second largest cryptocurrency custody company after Coinbase, with $42 billion in assets under management." He also added: "We will move from an investment zone The transformation of a blockchain infrastructure company into a blockchain infrastructure company is the most exciting."

According to data provided by the cryptocurrency company Coinbase, the current market value of Dogecoin has reached $87 billion. On paper, this number is higher than the market capitalization of Coinbase, which is now a public company, of approximately $56 billion.


(This article is from Bitpush.News)
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