On September 20, former Goldman Sachs executive and fund manager at Fortress Investment Group Michael Novogratz, said the Bitcoin market reached a "fund" and ready for a recovery. This is not the first time that Michael has expressed his optimism towards the market. At the All Markets Summit, he said the cryptography market is "worn out by the seller" in the aftermath of the "classic global speculation mania" of last year.
Highlight: Mike Investment CEO of Galaxy Investment @novogratz cryptocurrency boom at the end of 2017 "the first ever global speculation craze … As with any mania, [things] became crazy." https://t.co/eKXLsOTUP9 #YahooAMS #bitcoin $ btc $ xrp $ eth #blockchain pic.twitter.com/BKHz7SW5Yn  – Yahoo Finance (@YahooFinance) 20 September 2018
At current prices, the market capitalization of cryptocurrencies exceeds $ 215 billion according to the statistics of various market data providers. Trading at over $ 6,700 a piece, BTC is the most precious coin in space. The inverse relationship between BTC and cryptocurrency attracts the demand for Bitcoin while investors protect themselves from crypto-fluctuations.
Mike Novogratz BGCI Index
In 2Q 2018, Galaxy Digital Capital Management in collaboration with Bloomberg, launched the Bloomberg Galaxy Crypto Index (BGCI). Mike Novogratz is the founder of Galaxy Digital Capital Management.
Like most traditional indexes, BCGI tracks the performance of the top 10 liquid currencies from different cryptographic niches. The constituents include those that act as currencies: Bitcoin and Bitcoin Cash, in the intelligent contract space like Ethereum and EOS and that promote privacy like ZCash and Monero.
BGCI is well calibrated. The index is weighted according to the corresponding market capitalization of the currencies that make up the fund. This means that BTC, which is the most dominant currency in space, should have a simple majority. But this is not the case. Ethereum and BTC make up 60% of the fund's division. Regardless of this, the cryptographic index remains a useful monitoring tool for investors and even if the market is rising, external factors are coming.
SEC Influence on Bitcoin
It should be noted that the SEC has been firm on their encouraging normative position, the SEC considers Bitcoin a 'utility'. However, it is obvious that they have knocked down nine attempts by lobbyists to approve Bitcoin's ETF. In addition to suspending two products traded on the stock exchange, Bitcoin One Tracker and Ethereum One Tracker.