Bitcoin Demonstrates Stability – Galaxy Digital CEO
Mike Novogratz, CEO at Galaxy Digital, stated that crypto markets faced the so-called "Seller Fatigue" and repeated that bitcoin's price reached its minimum, Reuters reports.
This spring, Galaxy Digital, together with Bloomberg, introduced a crypto index to track the activity of 10 tokens. Novogratz stressed that this indicator reached the "classical bottom" on the crypto market, losing over 85% of its maximum value.
During the 2nd annual Yahoo Finance "All Markets Summit", Novogratz emphasized that bitcoin demonstrates a new stable level after a long descending trend in 2018.
"Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value," Novogratz stated.
He also added that financial institutions may start investing in the crypto industry.
According to CoinMarketCap on September 21, the price of bitcoin and other major cryptocurrencies has grown after relatively stable indicators within the last week. The BTC price reached $6,700, and ether increased by 11% per day, reaching $230 for the first time since September 6.
As previously reported, the shares of Galaxy Digital LP were placed for trading on the Canadian exchange, where the starting price of one share was $2.49.