Crypto Market Update: Galaxy Digital lost $33 million in Q4 2019, Mike Novorgatz still bets on Bitcoin growth

  • Cryptocurrency market hibernates in tight ranges.
  • Mike Novogratz sees strong growth by the end of the year.

Galaxy Digital lost $33 million in Q4, but the founder of the Fund, Mike Novogratz stays optimistic and believes that Bitcoin's price will increase to the end of the year. 

According to the official press release, for the three months ended December 31, 2019, the company registered a net comprehensive loss of  $32.7 million, which is an improvement when compared to $97.0 million of losses for the three months ended December 31, 2018. The company explained that the losses had been caused by operating expenses and trading operations.

Commenting on the results, the CEO of the fund Mike Novogratz, said:

"Galaxy Digital entered 2020 with significant operational momentum in our three operating businesses of Trading, Asset Management and Advisory Services, and I am proud of how our dedicated team is now navigating the unprecedented global economic dislocation driven by Covid-19. The digital asset and cryptocurrency market has seen significant volatility and de-risking in the past several weeks, similar to other growth and safe-haven asset classes, as investors prioritized liquidity above all. In this market environment, we continue to focus on the safety of our people, trading nimbly, and sharing differentiated insights with our institutional clients and counterparties."

Top-3 coins overview

BTC/USD is changing hands marginally above $7,300. The first digital coin has stayed mostly unchanged both since the beginning of the day and on a day-to-day basis. A failure to move above $7,500 may create short-term bearish trend and push BTC towards critical  $7,000.

ETH/USD has lost 1.5% since the beginning of the day to trade at $171.00 at the time of writing. The coin retains short-term bearish bias amid low volatility; however, in the long-run, ETH is still on recovery track as long as it stays above $150.00

XRP/USD is hovering below the psychological barrier of $0.2000. The coin mamanged to recovery from Wednesday's low of $0.1916, but the upside is limited. The key local resistance is created by the upper line of a triangle pattern at $0.2020.

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