The price of bitcoin (BTC-USD) slipped Thursday as some of the world’s leading hedge funds seek to get involved in the cryptocurrency market.
The world’s largest cryptocurrency fell more than 3% to $ 33,480 ($ 24,287) the day after a key level of $ 36,600 was rejected on Tuesday.
Despite the coin recovering in late June, with prices rising from nearly $ 30,000 on weekends to over $ 35,000 on Wednesday, it had its worst quarter since the bear market of 2018 and its third worst. quarter since 2014., in terms of performance in US dollars.
It comes as Steve Cohen’s Point72 Asset Management is looking to hire a cryptocurrency manager and George Soros’ family office is now trading Bitcoin, Bloomberg first reported, citing sources familiar with the matter.
Point72’s rival, Millennium Management, is already active in crypto-related futures and exchange-traded funds, while Brevan Howard Asset Management and macro-trader Paul Tudor Jones have also started investing in crypto.
âWe are exploring the opportunities around blockchain technology and its transformative and disruptive capabilities,â Point72 said in a May letter to investors seen by Bloomberg. “We would be remiss to ignore a now $ 2 billion cryptocurrency market.”
These moves mark the latest sign of entry by established players after a wave of institutional support in recent months.
Besides Tesla (TSLA), several organizations including MicroStrategy (MSTR) have invested billions of dollars in cryptocurrencies and traditional financial firms like PayPal (PYPL) and Goldman Sachs (GS) have started to manage the asset for the customer account.
Watch: What is bitcoin?
However, cryptocurrencies received a heavy blow this week after the UK’s Financial Conduct Authority (FCA) banned Binance, one of the world’s largest crypto exchanges, from carrying out any regulated activity in Britain.
The company has now made it clear on its website, social media platforms and all other communications that it is no longer licensed to operate in the UK and that it is not to carry on any regulated activity in Britain without prior consent.
âBinance Markets Limited is not authorized to undertake any regulated activity in the UK,â the FCA said last weekend, adding that âno other entity in the Binance group holds any form of authorization, d UK registration or license to conduct a regulated activity in the UK. â.
It comes just days after the Japanese financial regulator issued a consumer warning against Binance. This was the second time the country’s Financial Services Agency (FSA) has warned Binance after issuing an identical notice in 2018.
US and German regulators have also raised concerns about the company’s activities in the past.
Watch: What are the risks of investing in cryptocurrency?