Soros Fund Management, the fund management company founded by hedge fund icon George Soros, has apparently joined the bitcoin craze.
The family office owns “a few coins … but not a lot,” CEO Dawn Fitzpatrick told Bloomberg.
“I’m not sure bitcoin is only considered here as a hedge against inflation,” Fitzpatrick said. “I think he crossed the chasm to generalize.”
Bitcoin experienced a 10-day volatile period, falling to $ 40,932 on September 27, then rebounding to $ 55,568 on Tuesday, up 36%. The digital currency recently traded at $ 53,884, down 2%.
How to invest in companies doing business in the crypto ecosystem
Brent Kenwell of TheStreet.com offered advice on how to trade cryptocurrency on Thursday:
“From there, I’d like to see bitcoin hold September’s high for support, at $ 52,900.
This lends more credence to the monthly rotation that started with Wednesday’s action.
If that level is lost, Bitcoin still looks OK as long as it holds the 61.8% retracement and the $ 50,000 level.
Below $ 50,000 and the 10-day moving average is in play, with $ 47,200.
On the upside, a move above this week’s high opens the door to the 78.6% retracement near $ 57,175. Above that, it could put $ 60,000 on the line, followed by a push to highs near $ 65,000.
If bitcoin takes such a big hit, it’s doomed to go down along the way. The key for the bulls will be for the cryptocurrency to maintain key levels and short term trend measures.
If he can do that, we could see a big push in the fourth quarter. But given recent volatility, we also can’t rule out a deeper pullback. ”