Rivemont Cryptocurrency Fund Consists of 91 Percent Fiat Currency
Rivemont Crypto Fund recently revealed to the public that more than 90 percent of its entire asset stash consisted of fiat currency with the remainder going to Bitcoin completely. After a recent update, RCF sold off most of its digital coins to reach its current percentage and allow fiat to fill up even more space.
Rivemont stated that more than half of the entire fund was released in BTC and Ethereum after a successful rebounding on the MA from the 2nd of July to the 4th. It then stated that last Tuesday, a correction took place and the fund collectively decided to sell most of their digital assets and standby for any potential and promising future investor introductions.
Due to selling the majority of their digital assets, the fund failed to ride the hype-train following the recent upwards trend in the crypto-market which saw Bitcoin soar to a $7.4K mark from its previous drop to $6100 on Friday. As the continuous plummet of the cryptocurrency market held strong for quite some time, it comes as no surprise that its long-lasting bearish attitude would go on. Rivemont has made no official statements or announcements regarding repurchasing any digital currencies prior to the surge.
Martin Lalonde, the leading executive said that the RCF was on standby until a sudden reversal in the crypto-market occurs as he believes that the markets are still quite bearish.
Rivemont is not predicted to make any large-quantity purchases in the near future do its 30-day average’s analysis. Founded during the end of 2017, just before Bitcoin reached its all-time high of $20k. As of this year, Bitcoin has dropped immensely and settled between $5K and $8K, struggling to breach its resistance level.
RCF President Lalonde is optimistic towards digital currencies despite all the events, highs and lows of the last half of 2018. He warns that anyone believing that crypto will not continue on for much longer should pay attention as he believes the exact opposite will happen and crypto will continue to spread and develop.
Several industrial leaders with immense funding have been interested in cryptocurrencies and Bitcoin since its spike. Digital asset hedge funds have also been surging in launches despite the Bitcoin plummet.