Crypto Captain Michael Novogratz References Bitcoin ‘Seller Fatigue’ Indicating Market Bottom
Mike Novogratz, Galaxy Digital CEO, said that the cryptocurrency market has bottomed since they have hit ‘seller fatigue.’ He said that during Yahoo Finance’s second annual ‘All Markets Summit.’ Moreover, he explained that Bitcoin’s drops during 2018 demonstrates that the famous virtual currency is stable.
He said that Bitcoin resisted close to $6,000 dollars several times and it established itself as a store of value. Furthermore, he mention that institutions are moving towards investing in the market.
In Friday, most of the virtual currencies in the market are experiencing positive sentiment. And indeed, Bitcoin (BTC) grew 5% in the last 24 hours XRP 50% and Stellar (XLM) 20%. There are only two altcoins that are registering losses in the top 100, Aurora (AOA) and Chainlink (LINK).
At the same time, Ethereum (ETH) is registering an increase of 17% reaching levels not seen since the beginning of September and after falling under $200 dollars. Currently Ethereum is being traded around $245 dollars.
Novogratz has always been very positive towards virtual currencies and Bitcoin. He has also argued with JP Morgan’s CEO Jamie Dimon when he attacked Bitcoin at the end of 2017.
He has also talked about traditional financial markets and how cannabis stocks grew exponentially in the last days. Novogratz compared them to how virtual currencies reached all time highs between December 2017 and January 2018.
“The prices of cannabis stocks today feel like bitcoin and ethereum did in December of last year,” he said.
On September 20, the U.S. Securities and Exchange Commission (SEC) decided to postpone its decision to accept a proposal for a Bitcoin exchange traded fund (ETF) for the next year.