The founder andchief executive officer ‘Michael Novogratz’of cryptoinvestment company, ’Galaxy Digital Capital Management,’ recently mentioned that the digital currencies prices have seen its bottom for this year.
According to a recent twitter post, ‘Michael’additionallystatedthat the Bloomberg Galaxy Crypto Index ‘BGCI’,thatis intendedto estimate the performance ofseveraldigital currencieslistedin the U.S. dollars, are now in stable zone now, after the last year’s massive bubble they created.
At the ‘Beyonds Blocks conference’held in South Korea earlier in the month of July this year, Michael already predicted that severalinstitutionswouldenter the cryptobusiness in the upcoming years. Rather than this, he also said that the global adoption of digital currencies and the blockchain technology would be seen increasingly rapidly in the upcoming years, naming this increase as the cost of technical talent as one of the major parameter.
Later that month, Galaxy Digitalrevealedits first quarter report for this year, revealing around $134 Mln losses with more than $85 Mln asanunsuccessfulloss on digital assets. According to a previous report released on 31st March, Galaxy Digital had around $281.7 Mln losses in assets with more than $225 Mln in crypto assets and investments.
Meanwhile, the market has rebounded, with total market cap having surged byover$13 Bln as for today. However, even the toptwentydigital currencies by market cap are also seem to be recovering from the previous downfall. Bitcoin is presently trading at a price of $6,460 USD today which is 0.12% higher than yesterday while Ethereum being currently trading at a price of $205.77 USD which is 7.33% higher than yesterday.