Cryptocurrency hedge funds top 100 for first time

LONDON: Hedge funds that trade cryptocurrencies reached over 100 for the first time, according to new data from fintech research house Autonomous NEXT.

More than three-quarters of the hedge funds had launched in 2017.

A rise from 55 funds on August 29 to 110 funds on October 18 comes as investors pile into the high-performing cryptocurrency market, which has seen a tenfold increase in its value so far this year. 

Bidding with bitcoin, a world first at Italian auction

Bitcoin is not generally recognised as a proper currency although its real world use is constantly increasing

A booming Bitcoin rallied to record highs above $5,000 in recent days.

Of the 110 funds, 84 were launched in 2017, 11 in 2016 and the remainder previously, according to the data.

Assets across the 110 funds rose to $2.2 billion.