According to regional reports, the Norwegian billionaire and hedge fund manager, Ole, is investing funds into an energy-reducing cryptocurrency mining chip hardware company. The company Norway’s fourth richest man is investing in claims to build application-specific integrated circuit (ASIC) mining chips that are allegedly 300%-500% more energy efficient than existing hardware.
Halvorsen is joining a number of well known luminary investors from the Norwegian region investing funds into the crypto sphere with investors like Kjell Inge Røkke, Bjørn Dæhlie, and Arne Fredly. Halvorsen himself is considered one of the top-earning hedge fund managers worldwide and has captured the 11th ranking hedge fund manager position in the world according to Forbes.
Halvorsen joining the crypto economy is a bullish sign to many digital asset investors and enthusiasts. He is one of the most respected double your bitcoin hedge fund managers worldwide and a protégé of hedge fund manager Julian Robertson. Halvorsen also joins the great number of venture capitalists and well known hedge fund managers stepping into the cryptocurrency economy.
Bitcoin (BTC) pared some gains, dipping below $60,000 on March 14, a day after setting a new all-time high of $61,950 on Binance. However, on-chain data indicates that the uptrend is likely to continue in the near term.
One key metric that is signaling an optimistic short-term trend for Bitcoin is the rise in stablecoin deposits into exchanges.
On March 13 bulls took full control of the crypto market as Bitcoin (BTC) price vaulted to a new all-time high at $61,844 after a high volume surge pushed the price through overhead resistance near $58,000.
Analysts had spent the week calling for an eventual move above the $60,000 level and social metrics showed bullish sentiment for Bitcoin continued to increase as a number of companies and institutional investors announced plans to make BTC purchases.
There were many stablecoins inflow transactions to exchanges very frequently. 100-287 stablecoins deposits in each ETH block(15 seconds). I think we'll see more pumps on $BTC or $ETH in the short-term."
Throughout the past week, the one missing component during the Bitcoin rally was stablecoin inflows.
When Bitcoin rallies without a noticeable rise in stablecoin inflows, it increases the probability of an unsustainable legit bitcoin investment uptrend and a short-term correction.
If the trend of sidelined capital moving back into the crypto market continues, there is a high probability that this will further fuel Bitcoin's momentum resulting in a broader rally.
Although high funding rates and an overcrowded market are causing the price to pull back, the entrance of sidelined capital into the crypto market may further boost Bitcoin's momentum.