Bitcoin Rises After a Terrible Month, But Don’t Call It a Bottom. That's the
assessment of Kenetic Capital's Jehan Chu after the largest digital token
rallied on Wednesday, climbing as much as 15 percent to $4,339. It closed at
$6,302 in October. Gains in Ether, Litecoin, Zcash and XRP helped propel the
Bloomberg Galaxy Crypto Index to a 16 percent increase, paring this month's
rout to 30 percent."What we are seeing is not yet a bottom but a short-term
buying opportunity," said Chu, managing partner at Kenetic Capital, a
blockchain investment and advisory company. "Until we have broader adoption of
decentralized applications, it will be hard to find a firm floor."One
technical indicator had suggested Bitcoin was due a short-term bounce. The
cryptocurrency's relative strength index dropped to a record this month,
according to Bitstamp prices that incorporate weekend trading, signaling it
may have fallen too fast. Bitcoin is headed for the biggest gain since April,
providing some welcome relief to battered cryptocurrency investors -- but it
may be too soon to call a bottom. A consortium of investors withdrew due to
“the uncertainty around current macroeconomic conditions and the potential
near-term volatility across markets”. The company has challenged Viceroy to
declare any trading positions they may have had in NEPI Rockcastle at the time
the report was issued. The group says it will be better placed as part of a
stronger, enlarged and diversified group due to liquidity constraints and
required investment. The poultry group has raised its total dividend for the
year by 165%, including a special dividend due to its healthy cash position.