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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Billionaire Investor Novogratz: Bitcoin Bear Market is Over, Rally Expected

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read

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Created by industry experts and meticulously reviewed
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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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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

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His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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