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Bitcoin is officially the most crowded trade in the world, according to a fund manager survey conducted by Bank of America Merrill Lynch. Close to a third of investors surveyed this month said they viewed being long bitcoin as the most crowded position, ahead of long FAANG (Facebook, Amazon, Apple, Netflix Google) and BAT (Baidu, Alibaba, Tencent).
Despite the popularity among traders, bitcoin is down close to 6% in the last 24 hours. Here’s the scoreboard as of Tuesday morning:
- Bitcoin (BTC): $US17,847.04 (-5.8%)
- Ethereum (ETH):$US827.85 (+5.2%)
- Bitcoin Cash (BCC): $US2,262.28 (+5.3%)
- Ripple (XRP): $US0.776 (+2.5%)
- Litecoin (LTC): $US339.76 (-4.2%)
- And that’s only the tip of the iceberg. There are now 28 other smaller cryptocurrencies with market capitalisation’s of $US1 billion or more.
- Investors have pumped $US2 billion into crypto funds this year – and 2018 will be even bigger, Morgan Stanley says. A new index tracking the returns of cryptocurrency-focused hedge funds shows returns of 1,641% through November of this year.
- Despite its wild volatility, Bitcoin’ still isn’t viewed as a risk to the financial system, a Nomura strategist said Monday. The cryptocurrency’s crazy price moves could soon start influencing other markets, especially coal.
- Finally, the SEC announced a temporary suspension of trading of The Crypto Company stock from Tuesday’s opening bell until January 3, 2018 “because of concerns regarding the accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company’s insiders to sell their shares of The Crypto Company’s common stock.”