Yesterday, we talked about how Morgan Stanley was quietly preparing to introduce Bitcoin/cryptocurrency products for its clients here. Do you want some more good news? Mike Novogratz, creator and CEO of Galaxy Digital Capital Management, said that crypto currency prices have found a bottom in a tweet yesterday, September 13.
Novogratz also pointed to the Bloomberg Galaxy Crypto Index (BGCI), which is used as an index to measure the performance of the largest cryptocurrencies traded in US Dollars, “re-touched the highs of late last year and the point of acceleration that led to this massive rally/bubble.”
While speaking at the Beyond Blocks summit in South Korea in July of this year, Novogratz predicted that many institutions will delve into the crypto-currency industry “in the next two to three years”. Despite the optimism, he remarked that the mass adoption of crypto and blockchain technology will take around five years, chiefly due to the increasing “cost of technical talent” in this industry. We’ve discussed how jobs in this industry are skyrocketing, read more here
After that month, Galaxy Digital published its first quarter report for 2018. Galaxy Digital posted $134 million dollars in losses, with $85.5 million as an unrealized loss on digital assets. AS of March 31st, 2018, Galaxy Digital had $281.7 million in assets, of which $225.8 million were digital assets and investments.
Right now, the market has rebounded, with total marketcap having surged more than $13 billion dollars yesterday. The top-20 crypto currencies by market-cap were in the green yesterday, based on CoinMarketCap, whilst some saw double-digit gains. Ethereum (ETH) had risen 15% yesterday, but as of writing, is now trading at $208.05, but is still today’s only green coin in the top 10. At the time this is being written, Bitcoin (BTC), while up yesterday at $6490.00, is currently trading at $6479.00, representing a -.41% different from yesterday.
Please consider following us on Facebook.
