10T Holdings, an asset management company owned by top venture capitalist Dan Tapiero, have announced raising $760m in its latest funding round. Alan Howard (a UK billionaire) was among the top venture capitalists in this round.
Top Venture Capitalists Participated In 10T Holdings Fundraising
The company further announced that it had invested the funds already. Howard, who co-owns the Brevan Howard asset management company, is expanding from its core hedge fund management business towards cryptocurrency asset management. Howard had previously assisted one river (a volatility-focused asset management firm) to exceed managing over $1B worth of digital assets.
Dan Tapiero’s firm started fundraising efforts last year and has held various fundraising series since that time. The company’s main focus is having a foothold in top virtual asset firms.
Tapiero was the former CEO of DTAP capital advisors before launching his asset management firm late last year. 10T holdings also hold strong positions in crypto-related firms such as Bitfury, Kraken, and Huobi.
Tapiero Predicts That Bitcoin Will Hit $500K
Yesterday, the entire crypto space was shocked when bears took the market by storm and caused Bitcoin to drop by 18% and close yesterday’s session at about $43K despite starting the day at over $51K. The king coin price declined even though the market sentiment was positive following El Salvador’s official adoption of Bitcoin as a legal tender.
The market mood switched to negative following the liquidation of $2.7B long positions. However, the 10T holdings founder doesn’t doubt that Bitcoin will still trade for half a million dollars, but he admitted that there would be some volatility along the way.
Tapiero used the combustion engine as an analogy to explain Bitcoin’s invention, saying, “the invention of blockchain technology in our time is similar to the launch of the combustion engine back in the day. Blockchain and Bitcoin will transform our world in ways greater than that of the combustion engine when it was launched.”
Aside from Tapiero, various analysts, including the cryptoanalysts from Standard chartered bank, have forecasted that Bitcoin would trade at $100K by early next year. Meanwhile, Bitcoin enthusiast Mike Novogratz has condemned the over-excitement of investors about the king coin.
While being interviewed by Bloomberg, Novogratz said Bitcoin investors’ over-excitement in taking profits from BTC’s 8-week bullish run was partly responsible for its crash yesterday. However, the billionaire businessman opined that Bitcoin still remains the best long-term store of value.
Bitcoin Bounces Above Support
Despite yesterday’s loss, BTC’s 24-hour chart indicates that the BTC price hasn’t fallen below support levels. The 50-day moving average and the 0.618 Fibonacci retracement signal indicate that this price range will provide strong support for BTC and prevent it from further decline.
Bitcoin might remain within this range till it embarks on its next strong rally. It can resume its rally once the candlestick closes over the $51K resistance range. But if it declines below the current support range, its next support level would be found at the $36K range.
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