Amidst the another going crypto rebound following this weekend, crypto investment bank Galaxy Digital stated in a note to clients recently that short rallies just alike the current one are what happens “before a true rally ensues.”
Crypto markets are seeing a ‘fifth day of rebound‘, with Bitcoin [BTC] finally breaking the ‘$4,000 USD‘ threshold barrier, Mike Novogratz’s Galaxy Digital told its clients that crypto markets might gain even additional momentum.
In a note entitled “Why this rally might last longer than you’re thinking,” Galaxy Digital stated that the recent “short” crypto rebound “has additional legs” than individuals can notice, citing the forthcoming involvement within the business by institutional players.
Explaining further, the note reads:
“Short rallies are specifically what happens before a true rally ensues. This might set up an additional sustained ‘Buy the Dip’ market as we glance to the forthcoming Institutional launches to administer this legs.”
Specifically, the note cited 2 vital forthcoming events within the crypto business — the forthcoming launches of Fidelity’s crypto custodial and commercialism service and digital assets platform named ‘Bakkt’.
The United States-based investment trust Fidelity proclaimed the launch of a commercialism service targeting institutional investors in oct. 2018. Bakkt digital assets platform, founded by the Exchange [ICE], that is presently operating twenty three leading world exchanges and the NYSE, which it has recently confirmed as per its plans to launch, later in Jan. 2019.
Mike Novogratz – The founder of Galaxy Digital recently expressed optimism about the leading cryptocurrency Bitcoin [BTC], stating that he failed to expect the price to continue falling this further.
As reported earlier, that Galaxy Digital lost around $136 Mln within the first three quarters of 2018, following a big decline in crypto markets this year, with Bitcoin [BTC] dropping to a price near 80%, following the incomparable high of $20,000 USD earlier in December 2017.