{"id":201679,"date":"2021-07-03T01:19:05","date_gmt":"2021-07-02T20:19:05","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=201679"},"modified":"2021-07-03T01:19:05","modified_gmt":"2021-07-02T20:19:05","slug":"bitcoin-slips-to-33333-as-cryptos-struggle","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/bitcoin-slips-to-33333-as-cryptos-struggle\/","title":{"rendered":"Bitcoin slips to $33,333 as cryptos struggle"},"content":{"rendered":"<p>ISLAMABAD<br \/>\nThe prices of major cryptocurrencies struggled on Friday and the market cap dropped $1.41 trillion with a decrease of 2.6 percent as of 13:25 GMT. The price of Bitcoin (BTC), the largest cryptocurrency, decreased to $33,333 after shedding 1.16 percent. With this decrease in price, the market capitalisation of the BTC has reached $625 billion.<br \/>\nLikewise, ethereum (ETH) price shed 3.33 percent to reach $2,064. With this decrease in price, the market capitalisation of ETH has reached $240 billion.<br \/>\nSimilarly, XRP shed 3.56 percent to reach $0.643. The market capitalisation of XRP stands at $64.3 billion after this decrease.<br \/>\nOn the other hand, Cardano (ADA) price reached $1.36 with a 1.56 percent increase in its price. Its market capitalisation has reached $43.8 billion with this increase.<br \/>\nHowever, Dogecoin (Doge) shed 4.55 percent to reach $0.242. With this increase in price, the market capitalisation of Doge reached $31.4 billion.<br \/>\nMeanwhile, crypto hedge fund Nickel Digital Asset Management cycled into a cash position following the crypto market collapse of May. The $200 million crypto hedge fund led by JPMorgan and Goldman Sachs alumni redeployed its capital in anticipation of another explosive price run for cryptocurrencies.<br \/>\nPrior to piling into a cash position, Nickel Digital focused on cryptocurrency arbitrage opportunities resulting from cryptocurrency price differences across the spots and derivatives markets.<br \/>\nCommenting on the fund\u2019s investment thesis, Nickel Digital CEO Anatoly Crachilov said, \u201cWe don\u2019t take directional bets, so whether Bitcoin goes up 300% or down 70%, we will seek to capture arbitrage opportunities from market dislocations.\u201d<br \/>\nHe further said, \u201cOur market-neutral, low volatility strategy is designed to provide positive returns irrespective of market directionality. It\u2019s meant to make a transition into the crypto market easier for investors with lower risk tolerance.\u201d<br \/>\nNickel Digital has reportedly earned 29% in gains at 3% volatility, far lower than the 78% market average for crypto assets. However, Bitcoin\u2019s (BTC) blow-off top back in April and the ensuing altcoin capitulation in May has reportedly upended these arbitrage opportunities for hedge funds like Nickel Digital.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD The prices of major cryptocurrencies struggled on Friday and the market cap dropped $1.41 trillion with a decrease of 2.6 percent as of 13:25 GMT. The price of Bitcoin (BTC), the largest cryptocurrency, decreased to $33,333 after shedding 1.16 percent. With this decrease in price, the market capitalisation of the BTC has reached $625 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-201679","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin slips to $33,333 as cryptos struggle<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/bitcoin-slips-to-33333-as-cryptos-struggle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin slips to $33,333 as cryptos struggle\" \/>\n<meta property=\"og:description\" content=\"ISLAMABAD The prices of major cryptocurrencies struggled on Friday and the market cap dropped $1.41 trillion with a decrease of 2.6 percent as of 13:25 GMT. The price of Bitcoin (BTC), the largest cryptocurrency, decreased to $33,333 after shedding 1.16 percent. With this decrease in price, the market capitalisation of the BTC has reached $625 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadpakistan.com.pk\/news\/bitcoin-slips-to-33333-as-cryptos-struggle\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Lead Pakistan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DailyLeadPak\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-02T20:19:05+00:00\" \/>\n<meta name=\"author\" content=\"Web Desk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:site\" content=\"@DailyLeadPak\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Web Desk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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