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Bitcoin Bounce Back? The former manager of Hedge Fund makes a massive forecast

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The Bitcoin logo is seen on a mobile phone. (Photo by Omar Marques / SOPA / LightRocket images via Getty Images)

Bitcoin and other major cryptocurrencies may having turned a corner after a bruise nine months that saw bitcoin lose about 60% of its value, while the likes of ethereum, ripple, bitcoin cash, EOS and litecoin have seen even larger drops. [19659003] This is the opinion of the former macro hedge fund manager Michael Novogratz, who said that the bitcoin price sell-off reached its minimum and that many of the major cryptocurrencies are going to

Speaking at the second Annual All Markets Summit of Yahoo Finance in New York yesterday Novogratz referred to the cryptocurrency index of Galaxy Digital that records the performance of 10 virtual coins and has said that now shows a "classic background" in the bitcoin price. & nbsp; [1 9459016]

Bloomberg produced the cryptocurrency index & nbsp; shows those 10 digital tokens that lost about 85% of their value from their peak at the start of the year.

The price of bitcoin has drastically decreased this year, dragging other large cryptocurrencies ripple, ethereum and EOS with it. CoinDesk

Bitcoin is currently trading at around $ 6,500, down from an eye close to $ 20,000 at the end of last year. A series of bulls throughout the year saw bitcoin, as well as ethereum, ripple, stellar and litecoin, all gaining huge gains as investors from around the world pile up in cryptocurrencies.

"Bitcoin held $ 6,000." Yes, it is not at the height, but it has established itself as a store of value, " Novogratz was reported by Reuters as saying . & Nbsp; "I think the institutions are moving towards investment, it's shocking what happened."

In the course of the last year and until 2018 many of the world's largest banks, including the likes of Goldman Sachs have ruminated on bitcoin and cryptocurrency. Some have made the first attempts at space, but are wary of global regulators exposing their plans to encourage or suppress the thriving bitcoin and crypto sector.

Meanwhile, the prices of bitcoin and other cryptocurrencies managed to hold firm after the US Security and Exchange Commission (SEC) again rejected its decision on a proposal for very carefully traded funds (ETFs) last night.

The SEC said wants to gather further public opinion on the deposit of the ETF by VanEck and SolidX on the potential manipulation of the market and on surveillance. & nbsp; The SEC has already received 1400 comments on the proposal.

The price of the major cryptocurrencies occurred after further delays by the SEC last night on a proposed bitcoin ETF CoinMarketCap.com

SEC Secretary Brent Fields & nbsp; stated:

The establishment of such proceedings is appropriate at this time n view of the legal and political issues raised by the proposed rule change. The establishment of the procedure does not indicate that the Commission has reached conclusions on any of the issues in question. Rather, as described below, the Commission seeks and encourages those interested to provide feedback on the proposed rule change.

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The Bitcoin logo is seen on a cell phone. (Photo by Omar Marques / SOPA Images / LightRocket via Getty Images)

Bitcoin and other great cryptocurrencies may have turned a corner after a nine-month bruise which saw the bitcoin lose about 60% of its value, while others like ethereum, ripple, bitcoin cash, EOS and litecoin have seen even larger decreases.

This is the opinion of the former manager Macro hedge fund Michael Novogratz, who said that the bitcoin prices sell-off reached low and that many of the major cryptocurrencies are about to recover [19659003] Speaking at the second annual All Markets Summit of Yahoo Finance at New York Novogratz referred to the Galaxy Digital cryptocurrency index that tracks the performance of 10 virtual coins and said it now shows a "classic" below "in the bitcoin price.

The cryptocurrency index produced by Bloomberg shows that 10 digital tokens lost about 85% of their value from their peak at the beginning of the year.

The price of bitcoin has decreased considerably this year, dragging other large cryptocurrencies, ethereum and EOS with it. CoinDesk

Bitcoin is currently trading at around $ 6,500, down from an eye close to $ 20,000 at the end of last year. A series of bulls throughout the year saw bitcoin, as well as ethereum, ripple, stellar and litecoin, all gaining huge gains as investors from around the world pile up in cryptocurrencies.

"Bitcoin held $ 6,000, but it has established itself as a store of value," Reuters said, "institutions are moving towards investments, it's shocking how much has happened."

Over the last year and until 2018 many of the largest banks, including Goldman Sachs, have mulled over bitcoin and cryptocurrency. Some have made the first attempts at space, but are wary of global regulators exposing their plans to encourage or suppress the thriving bitcoin and crypto sector.

Meanwhile, the prices of bitcoin and other cryptocurrencies have managed to keep steady after the US Security and Exchange Commission (SEC) again rejected its decision on a proposal for funds exchanged with funds (ETFs) last night.

SEC said it wanted to raise further public opinion on the ETF dossier from VanEck and SolidX on potential market manipulation and surveillance. The SEC has already received around 1,400 comments on the proposal.

The price of the major cryptocurrencies occurred after further delays by the SEC last night on a proposed bitcoin ETF. CoinMarketCap.com

SEC Secretary of Brent Fields said:

The establishment of such proceedings is appropriate at this time in view of the legal and political issues raised by the proposed rule change. The establishment of the procedure does not indicate that the Commission has reached conclusions on any of the issues in question. Rather, as described below, the Commission seeks and encourages those interested to provide feedback on the proposed rule change.

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