Rivemont Crypto Fund States $6K BTC Importance
Following the steep decline in value by Bitcoin to the $6K mark after its sudden spike to $8K during July, Rivemont Crypto Fund (RCF), a Canadian company has voiced its own opinion on the current matter at hands in a post to crypto investors on the 10th of August.
Taking to Facebook, the fund’s post stated that following an intense and quick correction over the last 14 days, a comeback, preferably referred to as a technical one is quite foreseeable. Additionally, this action can be traced back to Thursday. As of now, it’s hard to determine whether this marks a possible and sudden surge in price from the $6K mark or if it’s a state of relief from the bear-dominated trend and the downfall in value.
Continuing in the statement, the $6K mark is no doubt a vital level. Consolidation is quite common and preferred following the massive spike seen last year. Additionally, any price that is maintained over this level is viewed as positive for the future price. An important note to remember is that RCF, the only company managing digital currencies in Canada previously possessed over 90 percent of assets in fiat currency.
As of now, RCF seems to have instilled faith in the digital market as the management fund now holds almost 20 percent in Bitcoin and just over eight percent in ETH. With this, it now possesses over 70 percent in fiat currency as a means of security should any investment in the cryptocurrency market goes wrong.
This indicates that RCF is now dipping its fingers into cryptocurrencies and BTC growth within the upcoming months, albeit carefully, as a possible precaution against a decision by the US Securities and Exchange Commission regarding the Bitcoin exchange-traded fun and its delay until September. After inspecting BTC and its price fluctuations since the 10th of August, the current stance by the fund towards BTC seems to be the proper choice.