Cryptochain Capital is happy to announce an April estimated return of around 46% gross before fees. These are unofficial returns as we are waiting for the audited returns from the various cryptocurrency hedge funds we deploy capital across.
The cryptocurrency market had a sharp rebound during April, with the overall market increased from $269 billion to $427 billion.
The strong performance was mainly due to a short squeeze earlier in the month which saw the prolonged market contraction reverse. There were a lot of shorts in different exchanges, so the run up in price triggered many margin call which created many forced buy orders in a short period of time.
The tax season for a number of countries has just passed with many commentators believing this was another reason for the bearish reversal and the positive market sediment throughout the months
With the breakout lasting all month, many are saying that the bull market is back. The cryptocurrency market has been largely trend-driven and reflexive, which means that the more people believe in something, the more likely that it will happen.
An unusual trend throughout the month has been that the alt coins have rebounded faster than Bitcoin. Normally with bearish reversals it is Bitcoin and the larger coins that recover faster with the small alt-coins lagging behind.
Some key events and information throughout the month of April include:
- BitPay Raises $40M in Series B Funding to Expand into Emerging Asian Markets
- George Soros Prepares to Trade Cryptocurrencies
- Monero Fork Underway In Bid to Block Big Miners
- SEC Considers Rule Change to Allow Bitcoin ETFs
- Yahoo Japan is Buying 40% Stake in Cryptocurrency Exchange
- Bitcoin market opens to 1.6 billion muslims as cryptocurrency declared halal under Islamic law
- Bitmain Gets Go-Ahead for US Bitcoin Mining Operation
- St. Louis Federal Reserve says Bitcoin is ‘Like Regular Currency
- Shenzhen, China Backs $79 Million Fund To Support City’s Blockchain Startups
- Gemini Exchange to Launch Market Surveillance Technology in Collaboration with Nasdaq
- Angellist: Number of New Crypto Job Listings Doubled in the Last Three Months
Its our view at Cryptochain Capital that the cryptocurrency asset class is a solid long term investment and should make up a portion of any well diversified investment portfolio.