RATE Group | Major Cryptocurrency Investors Are Shorting Ethereum: Here’s Why
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Major Cryptocurrency Investors Are Shorting Ethereum: Here’s Why

27 Jul Major Cryptocurrency Investors Are Shorting Ethereum: Here’s Why

Posted at 17:29h in Ethereum News by

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According to Forbes, many major cryptocurrency investors are betting against Ethereum. While the entire cryptocurrency industry has experienced a bearish market over the last several months, Ether, Ethereum’s token, has fallen by 36 percent in 2018 alone.

Ethereum Lacks Crucial Characteristics to be a Store of Value

Tetras Capital, a New York-based cryptocurrency hedge fund with $30 million in assets under management, has decided to short Ether and bet against the Ethereum currency. In fact, the company has been shorting Ether since May 2018, when Ether was valued at around $572 to $659.

Ether is currently worth approximately $464.67 as of July 27, 2018.

The hedge fund recently released a 41-page report explaining their reasons for shorting Ether. As a company known for their in-depth cryptocurrency price analysis, the summary of the paper received a lot of praise from the cryptocurrency community, gaining over 1,000 claps on Medium.

Tetras Capital argued that despite uncertainty…

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