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Category: Mike Novogratz

Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off

The crypto market has been subjected to major sell-offs since assets began to crash across the board. September which has been a historically bloody month for the market has stayed true to nature as various cryptocurrencies suffered crashes that dragged the market down. Due to this, over $1 billion longs have been liquidated in the market since Monday. Billionaire Mike Novogratz was on CNBC to talk about the current market trends. But unlike most investors in the market, Novogratz does not seem at all worried about the numerous price dips rocking the market. Mike Novogratz is the CEO of Galaxy Digital, a hedge fund that manages assets ranging from traditional assets to cryptocurrencies. Nothing To Worry About Talking about the sell-off in the market, Novogratz explained that tensions were high in the space due to the current regulations talks by the SEC. He pointed to the developing Evergrande crisis, which Tether had been linked to, as also contributing to the sell-offs, which had put investors on edge. The CEO also pointed to long positions that were a little too optimistic, saying, “I think the market got itself a little too long. Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations Novogratz sees the current market dips as a buy-the-dip opportunity. Simply stating, “I’m not nervous” in response to the bleeding market. In addition, the billionaire sees the Treasury introducing stablecoins which are going to be backed by Fed banks. “That’s going to be something we watch over the next week to three months.” Crypto Market Holding At Critical Levels Noting the crash, the CEO pointed out that the top two coins in the market had held at their critical positions. Spelling good news for the market. Following the Monday crash, bitcoin had held above $40,000 and Ethereum held up above $2,800 and Novogratz said, “As long as those hold, I think the market is in good shape.” Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion Both these assets had recorded massive losses following Monday’s opening. And bitcoin alone had seen over $800 million long positions liquidated in response to this. Ethereum had not fared any better in the market as the bloodbath had spilled over into altcoins. But despite this, the billionaire remains bullish on the market. Another important factor for the billionaire was the amount of both public and private capital that was pouring into the space. At the beginning of the interview, Novogratz had mentioned that the crypto market had moved on from the story of bitcoin but has moved on to Web3. And investors, in a bid to not miss out on what could very well be the next internet, have funneled more and more money into the space. Crypto total market cap falls back to $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com Featured image from Investopedia, chart from TradingView.com
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Galaxy Digital Will Introduce Cryptocurrency Indexes In Partnership With Alerian

Galaxy Digital has announced the launch of passive cryptocurrency indexes with Alerian. These passive crypto indexes are eight in number; they will be weighted equally and re-balanced monthly. Galaxy Digital Holdings has partnered with S-Network Global indexes and Alerian to launch eight blockchain indexes focused on crypto. Galaxy Digital Holdings Ltd is a financial services and investment management company that offers cryptocurrency and digital assets services. The Company also provides services in blockchain technology with business lines, including Principal investments, trading, advisory services, and asset management. Related Reading | Kraken To Re-Enter The European Market By Applying For A New License According to an announcement made on August 24th, the duo developed two families of the crypto index. They are referred to as the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes and Alerian Galaxy Global Blockchain Indexes. The eight offerings have their listing under Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes. The passive indexes enable access to few selected investment vehicles and public companies. The companies and selected vehicles should be actively involved in the blockchain and crypto sectors like cryptocurrency miners. Related Reading | Number Of Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The Price Other good examples are companies with crypto on their balance sheets, blockchains researchers, and infrastructure tech developers. The indexes are equally weighted and rebalanced monthly. Comments From Galaxy Digital Head of Asset Management Steve Kurz, Partner and Head of Asset Management at Galaxy Digital, said: ” We have a goal to keep on empowering investors with institutional, seamless, and innovative access points. We intend to channel it to the upcoming digital assets ecosystem”. The Alerian Galaxy Global Cryptocurrency-Focused Blockchain CRYPTE Index is one of the eight latest products. It tracks crypto companies like Argo Blockchain, Square Inc., Voyager Digital, Coinbase, and Marathon Digital holdings, etc. Although, the Alerian Galaxy Global Blockchain Index (BCHAIN) is tracking Facebook, Microsoft, Mastercard, Grayscale’s Bitcoin, and Ethereum Trusts. Other indexes include CRYPTP, BLKCHN, and BLKCNP. Galaxy has increased its offerings early this month by partnering with Bloomberg to create a Defi Index tracking various projects. These projects include Aave (AAVE), Uniswap (UNI), and Compound (COMP). In 2018, Galaxy had a partnership with Bloomberg to launch a Crypto Benchmark Index. The Index aims to track the liquidity of the top 10 cryptos. Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish According to an August 18th report, Galaxy posted a loss of $175.8 million in Q2. The Galaxy CEO and founder Mike Novogratz expressed that he isn’t disturbed by the development. He referred to factors like blue-chip strategic partnerships and increased counterparty trading volume as reasons to be bullish. He added that the goal was simply an adoption. “We believe that the adoption battle will over time be a stickier, hard, and more financially impactful compared to short-term price moves.” – Mike Novogratz At the time of writing, cryptocurrency market is down by 2% | Source: Crypto Total Market Cap on TradingView.com Featured image from The Block, chart from TradingView.com
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Breaking: Galaxy Digital Becomes Latest Firm to File For Bitcoin Futures ETF

Galaxy Digital, one of the top crypto asset management firms led by Mike Novogratz has become the latest firm to file for a Bitcoin Strategy ETF. There has been a significant spike in the number of companies filing for a Bitcoin Strategy ETF that offers exposure to the Futures market to investors.  This is primarily

The post Breaking: Galaxy Digital Becomes Latest Firm to File For Bitcoin Futures ETF appeared first on Coingape.

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Mike Novogratz Says He Holds no Cardano Position Despite Calling its Followers “Passionate”

For those who have been following the events in the blockchain ecosystem, the events around Cardano (ADA) is one of the most talked about at present. Infact, Cardano related topics have trended on Twitter several times this month as the anticipation surrounding the potential debut of the Alonzo Upgrade which will usher in smart contract

The post Mike Novogratz Says He Holds no Cardano Position Despite Calling its Followers “Passionate” appeared first on Coingape.

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As Bitcoin (BTC) Breaks Down Under $33,000, Here Are Key Levels to Watch Out

Thursday, July 8, saw another bloodbath on Satoshi Street with Bitcoin (BTC) and altcoins coming crashing down in the early hours. At press time, Bitcoin is trading 2.57% down at $32,556 levels with a market cap of $608. The world’s largest cryptocurrency has been showing high volatility over the last few weeks but remains range-bound

The post As Bitcoin (BTC) Breaks Down Under $33,000, Here Are Key Levels to Watch Out appeared first on Coingape.

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Dip or No Dip, Mike Novogratz Says He is “Still a Big Buyer of Bitcoin”

Mike Novogratz, the Chief Executive Officer of cryptocurrency assets management firm, Galaxy Digital, has reiterated his trust in the capabilities of Bitcoin (BTC) and cryptocurrencies as a viable asset class. Speaking in an interview on Bloomberg Live, Novogratz said that he views Bitcoin as a form of digital Gold. “I look at #Bitcoin in particular

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Mike Novogratz Bets Big on NFT, Says Iconic Things Will Hold Value Despite the Market Hype

Mike Novogratz, the CEO of the crypto asset management firm Galaxy Digital is bullish on NFT markets and believe despite the hype around the market, iconic thing such as the American National Anthem would eventually be converted into an NFT. Novogratz’s comments came during his recent appearance on CNBC’s Squawk Box. “We are not even

The post Mike Novogratz Bets Big on NFT, Says Iconic Things Will Hold Value Despite the Market Hype appeared first on Coingape.

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Galaxy Digital CEO Calls Market Correction A Result of ‘Tax Day’, Says Bull Run Will Continue

Mike Novogratz, the CEO of crypto custody service provider Galaxy Digital appeared on CNBC to talk about recent market correction and suggested the price fall was nothing extraordinary, and when the markets get ahead of themselves, correction is a natural phenomenon. He even compared the recent correction to “tax day,” saying a lot of people

The post Galaxy Digital CEO Calls Market Correction A Result of ‘Tax Day’, Says Bull Run Will Continue appeared first on Coingape.

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Breaking: Galaxy Digital to Acquire Leading Crypto Custodian BitGo for $1.2 Billion

Galaxy Digital Holdings, the crypto investment firm founded by Wall Street veteran Mike Novogratz is making a bold move in the crypto space. In a recent development, the cryptocurrency financial services provider announced the acquisition of the world’s leading crypto custodian BitGo. As per Galaxy Digital, this acquisition will provide the firm with major mileage

The post Breaking: Galaxy Digital to Acquire Leading Crypto Custodian BitGo for $1.2 Billion appeared first on Coingape.

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