Mike Novogratz's crypto investment bank Galaxy Digital has lost $136 million within the initial 3 quarters of 2018, Bloomberg reports November. 28.
According to Bloomberg, Galaxy Digital’s realized and unrealized losses in Q3 amounted to $41 million, that once combined with the results of previous quarters, amounts to the firm being out $136 million up to now this year. The firm’s share worth conjointly dropped to a record low when tumbling 55 % this month.
Founded earlier this year, the corporate explained that the losses were primarily because of tumbling costs of major cryptocurrencies like Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH).
Galaxy Digital known as the dearth of crypto trading volumes a “headwind” to success, whereas stating that the firm “continue[s] to enhance and strengthen [their] trading business.” additionally to low trading volumes, the firm conjointly attributed its recent losses because of inflated competition for arbitrage opportunities.
Recently, the Novogratz said that he expects cryptocurrency to “flip next year,” additionally admitting that the year of 2018 “has been challenging” for Galaxy Digital. In an interview with financial Times, Novogratz expected that monetary establishments can shift from “investing in cryptocurrency funds to finance in cryptocurrencies correct within the first quarter of next year.”
Earlier in November, Novogratz expected that Bitcoin would surge to as high as “$20,000 or more” in 2019. In an interview with U.K.-based money News, the trade skilled explicit that Bitcoin will finish this year at around $8,900 before “taking out” $6,800.
The Bitcoin worth plunged below the $5,600 threshold for the first time in 2018 on November. 14. Last week, crypto markets declined even additional, with Bitcoin dropping below $4,000.
At press time, Bitcoin is trading at $4,160, up 7.85 % over the past 24 hours during a vital rebound these days. The coin is down over 6 % on the week, according to TopMarketCap.
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