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Mike Novogratz's cryptographic investment bank, Galaxy Digital, has lost $ 136 million in the first three quarters of 2018, Bloomberg announced on November 28.
According to Bloomberg, Galaxy Digital's realized and unrealized losses in the third quarter amounted to $ 41 million, which, combined with the results of previous quarters, equates to a loss of $ 136 million since the beginning of the year. year. The company's share price also dropped to record levels after falling 55% this month.
Founded earlier this year, the company explained that the losses were mainly due to falling prices of important cryptocurrencies such as Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH).
Galaxy Digital has described the lack of encrypted trading volumes as "wind to the contrary," while claiming that the company "continues[s] improve and strengthen [their] trading. In addition to low transaction volumes, the company has also attributed its recent losses to increased competition for arbitrage opportunities.
Recently, Novogratz said it expected cryptocurrency to "rock next year," also admitting that the year of 2018 "was difficult" for Galaxy Digital. In an interview with the Financial Times, Novogratz predicted that financial institutions would pbad "from an investment in cryptocurrency funds to an investment in crypto-currencies proper during the first quarter of the year." next year".
Earlier in November, Novogratz had predicted that bitcoin would reach "$ 20,000 or more" in 2019. In an interview with the British company Financial News, industry expert said that bitcoin could end this year at about $ 8,900 before "going out" $ 6,800.
The bitcoin price fell below $ 5,600 for the first time in 2018, on November 14. Last week, crypto markets fell further, with bitcoin falling below $ 4,000.
At the time of the press, Bitcoin is trading at $ 4,160, up 7.85% over the last 24 hours, representing a significant rebound today. The currency is down more than 6% over the week, according to CoinMarketCap.
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