On Sep 20, former Goldman Sachs executive and Fund Manager at Fortress Investment Group Michael Novogratz said the Bitcoin market achieved a “bottom” and ready for an upswing. This is not the first time Michael has expressed his optimism towards the market. At the All Markets Summit, he said the crypto market is at “seller fatigue” in the aftermath of last year’s “classic speculative global mania”.
Highlight: Galaxy Investment Partners CEO Mike @novogratz calls the cryptocurrency boom in late 2017 “the first global speculative mania ever. … Like with any mania, [things] got crazy.” https://t.co/eKXLsOTUP9 #YahooAMS #bitcoin $btc $xrp $eth #blockchain pic.twitter.com/BKHz7SW5Yn
— Yahoo Finance (@YahooFinance) September 20, 2018
At current prices, the market capitalization of cryptocurrencies exceeds $215 billion according to statistics from various market data providers. Trading at over $6,700 a piece, BTC is the most valuable coin in the space. The inverse relationship between BTC and cryptocurrencies draw demand for Bitcoin as investors shield themselves from crypto fluctuations.
Mike Novogratz BGCI Index
In Q2 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 indices, BCGI tracks the performance of the top 10 liquid coins from diverse crypto niches. Constituents include those acting as currencies—Bitcoin and Bitcoin Cash, in the smart contract space as Ethereum and EOS and advocating privacy like ZCash and Monero.
BGCI is well calibrated. The index is weighted according to the corresponding market capitalization of coins making up the fund. This means BTC which is the most dominant coin in the space should have a simple majority. But this is not the case. Ethereum and BTC make up 60 percent of the fund split in between. Regardless, the crypto index remains a useful tracking tool for investors and even if the market is on an uptrend, external factors stand on their way.
SEC Influence on Bitcoin
It should be noted that the SEC has been firm on their regulatory position. Encouragingly, the SEC consider Bitcoin a utility. However, that goes without saying that they have shot down nine lobbyist attempts drumming for Bitcoin ETFs approval. That is besides suspending two exchange traded products, Bitcoin One Tracker and Ethereum One Tracker.
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