Summary:
- University of Michigan’s fund may further invest in a crypto VC fund
- CME's Bitcoin futures volume hit new record last week
- Bitcoin fell to below $3750 from nearly $4100
The cryptocurrency market has begun the this week unsuccessfully experiencing large falls yesterday. As a result, Bitcoin is trading below the last Monday’s closing price. Other major cryptos also are moving significantly lower. According to CoinMarketCap, the capitalization of the crypto market stands around the $129 billion handle whereas the largest virtual currency Bitcoin accounts for roughly 52.3% of this value.
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Bitcoin (BITCOIN on xStation5) increased on Friday and Saturday, but Sunday brought a significant drop. As a result, the largest cryptocurrency fell from nearly $4100 to below $3750 yesterday. Source: xStation5
UoM’s fund may further support crypto venture fund
The University of Michigan, the US-based well-known university, has its financial endowment fund which collects thousands of endowments. The fund is valued at around $12 billion. According to a document concerning the meeting of the Board of Regents, the Fund committed $3 million to a crypto venture capital fund named CNK Fund I, L.P. (also dubbed as “a16z”) in June 2018. Moreover, the document says that the UoM’s endowment fund is looking to further invest in this VC fund. However, there is not known how much the university may invest this time around.
Ethereum (ETHEREUM on xStation5), like its bigger peer Bitcoin, erased a huge part of its latest gains on Sunday. The virtual currency is trading around the $135 handle at press time. Source: xStation5
CME's Bitcoin futures volume touched new record last week
The Chicago Mercantile Exchange, which is the major US derivative exchange, announced on Twitter that its Bitcoin-based futures volume hit a new record on February 19. The Exchange wrote that over 18 thousand of contracts were traded that day. To compare, the second largest volume in February (until last Tuesday) was around 10 thousand of contracts. However, most of trading days ended with volumes no exceeding 5 thousand of contracts. The new record seems to be quite interesting as it may indicate that Bitcoin could still gather a lot of investors’ attention.
Sunday’s trading was not also optimistic for Ripple (RIPPLE on xStation5). The third largest digital currency already lost all of its last week’s earnings. Source: xStation5
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