íàçâàíèå

Billionaire Investor Novogratz: Bitcoin Bear Market is Over, Rally Expected

On Sep 20, former Goldman Sachs executive and Fund Manager at Fortress Investment Group Michael Novogratz said the Bitcoin market achieved a “bottom” and ready for an upswing. This is not the first time Michael has expressed his optimism towards the market. At the All Markets Summit, he said the crypto market is at seller fatigue in the aftermath of last year’s “classic speculative global mania”.

At current prices, the market capitalization of cryptocurrencies exceeds $215 billion according to statistics from various market data providers. Trading at over $6,700 a piece, BTC is the most valuable coin in the space. The inverse relationship between BTC and cryptocurrencies draw demand for Bitcoin as investors shield themselves from crypto fluctuations.

Mike Novogratz BGCI Index

In Q2 2018, Galaxy Digital Capital Management in collaboration with Bloomberg, launched the Bloomberg Galaxy Crypto Index (BGCI). Mike Novogratz is the founder of Galaxy Digital Capital Management.

Like most traditional indices, BCGI tracks the performance of the top 10 liquid coins from diverse crypto niches. Constituents include those acting as currenciesBitcoin and Bitcoin Cash, in the smart contract space as Ethereum and EOS and advocating privacy like ZCash and Monero.

BGCI is well calibrated. The index is weighted according to the corresponding market capitalization of coins making up the fund. This means BTC which is the most dominant coin in the space should have a simple majority. But this is not the case. Ethereum and BTC make up 60 percent of the fund split in between. Regardless, the crypto index remains a useful tracking tool for investors and even if the market is on an uptrend, external factors stand on their way.

SEC Influence on Bitcoin

It should be noted that the SEC has been firm on their regulatory position. Encouragingly, the SEC consider Bitcoin a utility. However, that goes without saying that they have shot down nine lobbyist attempts drumming for Bitcoin ETFs approval. That is besides suspending two exchange traded products, Bitcoin One Tracker and Ethereum One Tracker.

The post Billionaire Investor Novogratz: Bitcoin Bear Market is Over, Rally Expected appeared first on NewsBTC.

21.09.2018 / 04:25 60
Mike Novogratz Says the Cryptocurrency Market Has Found a Bottom Mike Novogratz Says the Cryptocurrency
For the past nine months, the cryptocurrency market has seen steady declines, forcing most altcoin prices down 80 percent or more from their all-time
‘Crypto Markets to Reach $20 Trillion Value,’ says Billionaire Investor Mike Novogratz ‘Crypto Markets to Reach $20 Trillion
In an interview with Bloomberg, Billionaire Investor Mike Novogratz made a bold statement about the direction of the cryptocurrency markets.
Cryptocurrency Will Become a $20 Trillion Market: Billionaire Bull Mike Novogratz Cryptocurrency Will Become a $20
Mike Novogratz, a billionaire investor and former Goldman Sachs and Fortress trader, told Erik Schatzker at the Bloomberg Invest Summit in New York
‘Almost Irresponsible’ to Not Invest in Bitcoin: Billionaire Mike Novogratz ‘Almost Irresponsible’ to Not Invest in
Billionaire bitcoin bull Michael Novogratz, founder and CEO of Galaxy Digital Capital Management, says every investor should have 1% to 2% of their
Mike Novogratz Hires Goldman Sachs Exec for Crypto Merchant Bank Mike Novogratz Hires Goldman Sachs Exec
Famous cryptocurrency investor and trader Mike Novogratz has hired a Goldman Sachs executive for his cryptocurrency merchant bank.  $40K Bitcoin by
‘Sell It Here’: Mike Novogratz Bearish After Litecoin Price Surge ‘Sell It Here’: Mike Novogratz Bearish
Legendary trader and prominent bitcoin bull Mike Novogratz said that he does not believe that the litecoin price will sustain its dramatic early-week
Comments (0)
Add a comment
Comment on