Bitcoin prices were mostly unchanged on Tuesday, stuck in a tight range below $3,500.
In early trading, a single bitcoin
was fetching $3,449.31, up 0.1% since Monday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency has spent the past 48 hours trading inside $3,410 – $3,460.
What are analysts saying
As the crypto bear market rolls on, it has become apparent that many projects are struggling to meet fundraising targets, according to Anthony Pompliano, founder of Morgan Creek Digital, which he described as the “worst secret in crypto.”
“We have seen fund managers, both experienced and inexperienced, fall short of fundraising targets, while also having to drastically shift strategies in an attempt to attract capital. Majority of the funds that have successfully raised capital to date have relied on individuals and family offices for the bulk of the capital,” he wrote.
Pompliano added that on top of the significant drawdown in crypto prices, investors have become gun-shy because of headline risk. “It is scary to many of them to allocate capital to an industry where daily headlines include words like ‘hack,’ ‘scam,’ or ‘money laundering,’” he added.
Altcoins and futures
Altcoins, or smaller coins other than bitcoin, were showing small losses on Tuesday. Ether
fell 0.4% at $106.20, Litecoin
was off 0.2% to $33.86, Bitcoin Cash
is off 0.3% at $117.20 and XRP,
was down 0.9% at 29 cents.
Bitcoin futures were marginally higher early on Tuesday. The Cboe Global Markets February contract
rose 0.2% to $3,410, while the CME Group February contract
was up 0.1% at $3,400
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