RATE Group | Bitcoin Maximalist Shutting Down Hedge Fund After Recent BTC Price Plunge: Report
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Bitcoin Maximalist Shutting Down Hedge Fund After Recent BTC Price Plunge: Report

21 Mar Bitcoin Maximalist Shutting Down Hedge Fund After Recent BTC Price Plunge: Report

Posted at 10:02h in Cryptocurrency News by

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Bitcoin’s ongoing wild and volatile ride amidst the coronavirus outbreak has reportedly forced crypto hedge fund Adaptive Capital to close its doors. According to The Block, the firm, run by Bitcoin maximalist Murad Mahmudov, cites Bitcoin’s price movements on March 12th-13th, along with poor exchange infrastructure, as key culprits.

Bitcoin plunged to around $4,000 on March 13th, inflicting massive losses on investors after a solid performance during the earlier part of 2020 when the leading cryptocurrency clocked a yearly high of $10,457. BTC is now back up 64% at $6,577 after its rapid descent inflicted carnage across the cryptosphere, in step with the ailing equities markets.

Adaptive Capital reportedly “took a big hit”. A company letter to investors confirms the closure and its plans for an exit strategy.

According to the letter,

“Adaptive has made the decision to close operations and return the remaining funds to investors. We are…

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