Bitcoin and other digital currencies rose in price on Thursday, even as cryptocurrency hedge funds reported huge losses in the first quarter of 2018.

By 16:00 Moscow time, Bitcoin had fallen in price by 1.77% and was trading at $8250.5 on the Bitfinex exchange.

Despite the rise in price, Bitcoin is still far from its all-time high of $20,000, reached in December. Hedge funds that enriched themselves during the surge in popularity of cryptocurrencies reported huge losses due to the decline in prices of virtual currencies and their popularity.

Analytics firm Hedge Fund Research said its digital currency investment index recorded a double-digit decline in the first quarter of this year.

The HFR Blockchain Composite Index fell 46% and the HFR Cryptocurrency Index fell 45.34%. The BarclayHedgefell Cryptocurrency Traders Index fell 43.1%.

“Everyone has an opinion, but no one really knows if it’s a bubble or a correction”, Saul Waxman, founder and president of BarclayHedge, wrote in a press release.

In other news, Citigroup (NYSE:C) is hiring for cryptocurrency experts. According to a job posting on LinkedIn (NYSE:LNKD), the financial services giant is hiring for the positions of vice president and senior vice president in a division to assess the risks associated with money laundering through Bitcoin and other cryptocurrencies.

Previously, Citigroup prohibited its clients from using the bank’s credit cards to purchase cryptocurrencies. Bitcoin and other virtual currencies are often associated with money laundering due to the anonymity of cryptocurrency market players.

Prices for other cryptocurrencies are also rising. The second largest cryptocurrency by capitalization, Ethereum, rose by 4.89% to $543.36 on the Bitfinex exchange. The third largest digital currency by capitalization, Ripple, rose in price by 4.62% and was trading at $0.72219. At the time of writing, the Litecoin rate was up 2.87% to $141.24.