The crypto markets could have bounced back after a stormy eight-month period that has left Bitcoin (BTC) with severe bruises of almost 60%. The other major cryptocurrencies like Ethereum, Litecoin, Bitcoin Cash, EOS, Monero, and Ripple have also sustained significant declines.
Michael Novagratz’s Views
Michael Novogratz, the founder of virtual property management company Galaxy digital, restated his belief that digital currencies have reached the bottom of their pits, but a comeback is imminent.
The Galaxy Digital employs a cryptocurrency index to track the performance of ten digital currencies. The index currently shows that the ten major cryptocurrencies have deteriorated by more than 85% in value from their peak in January 2018.
Current Price of Bitcoin
For the better part of this month, BTC has been valued at $6500, down from an appetizing near of $20,000 in December 2017. The 2017 market bull ran left BTC and the other major cryptocurrencies with exponential gains as investors pumped their assets into the crypto space.
“Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as s store of value. I think institutions are moving towards investing. It’s shocking how much has happened.” These are the words of Novagratz speaking to Reuters.
In the whole of 2017 and the better part of 2018, many of the world’s largest financial institutions, not forgetting Golden Sachs, have hinted at venturing into the crypto world. Some have already put into practice the initial essential strategies ahead of international moderators placing out their plans for fostering or bringing down cryptocurrency businesses.
SEC’s Impacts on Cryptocurrencies
In the meantime, the value of almost all major digital currencies has strived to be stable after the US Security and Exchange Commission (SEC) declined a closely-watched bitcoin exchange-traded fund (ETF) offer on 20th September.
The board pointed out on the need of gathering public views concerning the ETF proposal from VanEck and SolidX on the likely market handling and shadowing.