- Billionaire Simon Nixon has decided to increase allocation to cryptocurrencies in his family office, Seek Capital.
- The firm views the new asset class as an essential part of the future.
- A Goldman Sachs survey found that nearly 50% of family offices are looking to invest in digital assets.
Seek Capital, the family office of billionaire Simon Nixon is seeking to increase its exposure to cryptocurrencies as it believes that the new asset class is an important aspect for the future.
Seek Capital invests in ‘category killers’
Seek Capital’s managing director Adam Proctor told Bloomberg that the firm is planning to increase its allocation to digital assets and is looking to recruit an analyst dedicated to the cryptocurrency market.
Cryptocurrencies have seen accelerated interest from family offices, as a recent Goldman Sachs survey found that almost 50% of family offices would like to add cryptocurrencies into their portfolio. The firms hold the view that the new asset class could act as a possible hedge against inflation and prolonged low interest rates.
15% of the firms surveyed by the banking giant have already invested in cryptocurrencies.
Simon Nixon, who co-founded the Moneysupermarket.com site, manages over $1 billion in personal assets in the technology industry. His family office believes in investing in “category killers,” which brought excitement to the crypto industry when the plan to invest in digital assets was revealed.
Bitcoin price has made considerable gains recently, along with altcoins including Ethereum, Cardano and Dogecoin. However, the leading cryptocurrency continues to consolidate following its rally.
Bitcoin price vulnerable to prolonged consolidation
Bitcoin price has been able to challenge previous highs over the past few weeks. However, BTC appears to be consolidating and a recent break below a critical support level could suggest the sideways price action could continue.
Bitcoin price sliced below the crucial diagonal line of defense on August 26, as the buyers struggled to lift prices higher. Currently, BTC is sitting around the 50% Fibonacci extension level at $46,711 as support.
While the bulls catch their breath following the rally, Bitcoin price may slump lower as it retraces toward the 50 twelve-hour Simple Moving Average (SMA) at $45,335, which will act as support for the leading cryptocurrency. However, a break below this level could see the bulls struggle and BTC could potentially see a prolonged consolidation.
BTC/USDT 12-hour chart
Although lower levels are not expected for Bitcoin price at the moment, BTC may discover additional support at the August 19 low at $43,999.
For Bitcoin price to be able to resume its uptrend, BTC must break above the aforementioned diagonal trend line, coinciding with the next resistance level at $48,212.
Bigger aspirations would require a surge in buying pressure, propelling Bitcoin price toward reaching its swing high at $50,435. Should the bulls continue to take control, BTC could aim for the 61.8% Fibonacci extension level at $50,938.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.