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Cryptocurrency prices bottom out, Bitcoin to bounce back
- Friday | 21st September, 2018
NEW YORK (Reuters) – Michael Novogratz, former macro hedge fund manager and founder of cryptocurrency asset management firm Galaxy Digital Capital Management, on Thursday said that the bottom in cryptocurrency prices has been reached and Bitcoin is due to bounce back. It’s shocking how much has happened.”Asked about the meteoric rise of cannabis stocks, such as Tilray, Novogratz said the prices right now feel like where Bitcoin was last year. Bitcoin was last valued at $6,419.03, less than a third of its peak near $20,000 in December 2017. Cryptocurrencies, of which bitcoin is the most valuable, are pieces of computer code that are not backed by any central bank or hard asset. There is a lot of institutional money ready to spend on cryptocurrencies, particularly at venture funds, said Novogratz of a move that would boost prices.
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