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In another encryption, the Galaxy Digital encrypted bank said in a note to customers on December 20 that short rallies like the current one are what happens "before a real rally occurs".
The Crypto markets see a fifth day of rebound, with Bitcoin (BTC) breaking the $ 4,000 threshold for the first time since it plummeted below the price point on December 3, Mike Novogratz's Galaxy Digital told his customers that crypto markets could gain even more momentum.
In a note entitled "Why this rally could end up longer than you think," Galaxy Digital concluded that the recent "short" rebound crypto "has more legs" than you think, citing the upcoming involvement in the industry by institutional actors. The note reads:
"Short rallies are exactly what happens before a real rally occurs, which could create a more sustained" Buy the Dip "market as we look at the upcoming institutional launches to give these legs."
Specifically, the note cited two important upcoming events in the cryptography industry: the upcoming launches of the cryptographic platform for deposit and trading services and Fidelity's Bakkt digital assets.
The investment company Fidelity, based in the United States, has announced the launch of a trading service aimed at institutional investors in October 2018. The Bakkt digital asset platform, founded by the Intercontinental Exchange (ICE), operating 23 major global exchanges including the NYSE, recently confirmed its plans for launching at the end of January 2019.
The founder of Galaxy Digital, Mike Novogratz, recently expressed optimism regarding the leading cryptocurrency Bitcoin, saying that he did not expect the price to continue to fall further.
Previously, Cointelegraph reported that Galaxy Digital lost $ 136 million in the first three quarters of 2018, after a significant decline in cryptographic markets this year, with Bitcoin falling by 80%, after the historical record of $ 20,000 to December 2017.
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