The founder and chief executive officer ‘Michael Novogratz’ of crypto investment 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’ additionally stated that the Bloomberg Galaxy Crypto Index ‘BGCI’, that is intended to estimate the performance of several digital currencies listed in 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 several institutions would enter the crypto business 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 Digital revealed its first quarter report for this year, revealing around $134 Mln losses with more than $85 Mln as an unsuccessful loss 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 by over $13 Bln as for today. However, even the top twenty digital 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.