Crypto markets are seeing a fifth day of rebound, with Bitcoin (BTC) breaking the $4,000 threshold for the first time since it plunged below the price point on Dec. 3, Mike Novogratz's Galaxy Digital told its clients that crypto markets could gain even more momentum.
In a note entitled “Why this rally could end up lasting longer than you think,” Galaxy Digital concluded that the recent “short” crypto rebound “has more legs” than people realize, citing the upcoming involvement in the industry by institutional players. The note reads:
“Short rallies are exactly what happens before a real rally ensues. This could set up a more sustained ‘Buy the Dip’ market as we look to the upcoming Institutional launches to give this legs.”
Specifically, the note cited two significant upcoming events in the crypto industry — the forthcoming launches of Fidelity’s crypto custodial and trading service and digital assets platform Bakkt.
The United States-based investment firm Fidelity announced the launch of a trading service targeting institutional investors in October 2018. Bakkt digital assets platform, founded by the Intercontinental Exchange (ICE), which is operating 23 leading global exchanges including the NYSE, has recently confirmed its plans to launch in late January 2019.
Galaxy Digital founder Mike Novogratz recently expressed optimism about the leading cryptocurrency Bitcoin, saying that he did not expect the price to continue falling much further.
Previously, Cointelegraph reported that Galaxy Digital lost $136 million in the first three quarters of 2018, following a significant decline in crypto markets this year, with Bitcoin having dropped by as much as 80 percent, following the all-time high of $20,000 in December 2017.