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Michael Novogratz, a former hedge fund manager who invests heavily in digital currencies, on Thursday called a cryptocurrency fund.
Popular cryptocurrencies such as bitcoin, ethereum and cash bitcoin have fallen sharply this year and are trading well below the peaks seen at the end of last year. In 2018, bitcoin dropped by about 51%, while ether and bitcoin fell by 73% and 82% respectively.
Cyptocurrencies has been under pressure due to increased monitoring of the regulators. Last month, the Securities and Exchange Commission rejected nine proposals for bitcoin ETFs. The SEC has also suspended trade in two products related to bitcoin and ether, citing confusion over materials qualifying them as ETFs.
Nevertheless, Novogratz believes that digital currencies will rebound. "Markets like to trace the break," he said. "We have traced the entire bubble."
Bitcoin has increased about 2% in the last 24 hours, according to Coinbase.
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