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Today’s Cryptocurrency Headline
Hedge fund Tiger Global Management recently informed investors that as of December last year, its $12.7 billion fund had a paper loss of 20% (after management fees were deducted). The losses came from a sudden drop in the valuation of projects in its investment portfolio. Data shows that nearly 70% of the companies invested in by Tiger Global saw their valuations decline, including investments in cryptocurrency exchange FTX for $38 million, as well as a series of crypto and Web3 companies such as OpeaSea and Bored Ape Yacht Club. Tiger Global Management stated that it is working with banks to liquidate its holdings in other venture capital funds.
BingX’s Bitcoin Chart
According to CoinShare, digital asset investment products saw outflows totalling US$30m last week, ending a 6-week run of inflows. Bitcoin has experienced a 0.23% decline within the last 24 hours, with an intraday low of $26,942.82. For the past few days, the largest cryptocurrency has been fluctuating in the $27,000 to $28,000 range, indicating uncertainty among both bulls and bears. The downward trend of the 20-day EMA and the negative relative strength index (RSI) suggest that bears have the upper hand. If BTC/USDT falls below $27,000, it could potentially drop further to $26,500.
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