Autor: dot-traders

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Is Filecoin bull run over after a surge of more than 69% in a week?

  • Filecoin’s FIL is up 69% in the last week

  • Strong fundamentals are likely the cause of the recent FOMO on FIL

  • FIL could retrace, but the price will remain elevated

Filecoin FIL/USD was trading at $9.41 as of press time. Data by Coinmarketcap shows that the total gains in the week stand at 69.35%. The percentage surge would, of course, be greater, at the weakly high of above $11. As with most bull runs, corrections are bound to happen. We believe Filecoin could correct, but investors should be keen on the token. 

Filecoin gains do not come as a surprise. The token witnessed increased social media mentions and was the center of investor buys at $6. Holon Global, a venture capital firm, previously said it had launched three crypto funds. One fund was for Filecoin’s FIL. That may have increased investor interest amid improved crypto sentiment. 

Another potential driver of Filecoin token gains was a network update. The update showed that over 1,475 projects were entering Filecoin. More than 405 organizations were also building on the network, with about 17.9 EiB total storage power. The developments could have attracted FOMO to FIL, leading to the latest gains. 

Filecoin retreats after the weekly bullish momentum

Source – TradingView

Filecoin is retracing after the latest gains. The RSI pointed to a reading of 83, indicating overbought conditions as the price surged. A series of profit-taking and dying FOMO could lead to an accelerated price correction. The next level to watch for potential buy trades is $8.0. 

Concluding thoughts

Strong fundamentals have been driving Filecoin’s surge for the past week. A potential retracement is likely as investors take profits. Focus on buying on a retracement at $8.0 if the crypto sentiment remains.

The post Is Filecoin bull run over after a surge of more than 69% in a week? appeared first on CoinJournal.

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Billionaire Steve Cohen exits investment in crypto startup Radkl: report

Steve Cohen, a hedge fund billionaire whose move to invest in crypto startup Radkl made headlines across Wall Street, has reportedly ditched the investment, according to Bloomberg.

Cohen invested in the crypto company in September last year.

Radkl still ‘well capitalised’

A Radkl spokesperson confirmed the report, the publication noted, noting that despite the exit of the founder of hedge fund firm Point 72 Asset Management, the startup remains in a good position capital-wise.

The source also claimed the quantitative trading platform, which launched its services in 2021, is still ‘well-capitalised’ and has major support from existing investors. The startup is also seeing significant growth, the report quoted the spokesperson as saying.

Radkl is a firm that sprouted off GTS, the New York Stock Exchange market maker and offers new prop trading functionality for digital assets. The platform experienced massive growth amid last year’s bull run, but like the larger crypto market, hit some lull amid the crypto winter.

Part of its growing pains include the exit of its pioneer managing director Jim Greco and three others. Jason Bell, Allan Erskine, and Beatrice O’Carroll have all exited over the past seven months.

As well as Radkl, Cohen’s other crypto investments include NFT project Recur and participation in a funding round for blockchain analytics provider Messari

The post Billionaire Steve Cohen exits investment in crypto startup Radkl: report appeared first on CoinJournal.