A crypto investment bank led by Mike Novogratz’s, Galaxy Digital has reportedly lost $136 million in the first 3 quarters of the year, reports Bloomberg on Wednesday.
As indicated by Bloomberg, Galaxy Digital’s both realized as well as unrealized losses in the third quarter amounted to $41 million, that when coupled with the results of previous quarters, amounts to the bank is out $136 million by far this year. The share prices of crypto investment bank also dropped to a record low after plunging 55% this month.
Established earlier this year, this bank revealed that the losses were because of the falling prices of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
The crypto investment bank called the lack of crypto trading volumes an obstacle to the success while explaining that the bank “continues to improve and strengthen the trading business.” In addition to low trading volumes, the bank also connected its recent losses owing to the enhanced competition for the arbitrage opportunities.
The Novogratz, recently, stated that he expects the digital currency to flip in 2019 while admitting that this year has been challenging for the crypto investment bank. Novogratz, in an interview with Financial Times, predicted that there’s hardly any time left for financial institutions to shift from investing in cryptocurrency funds to investing in cryptocurrencies digital currencies proper int he first quarter of the next year.
He also predicted, in early November, that Bitcoin would surge to more than $20,000 in 2019. The industry expert, in an interview with UK-based Financial News, stated that Bitcoin could end this year at around $8,900 before prior to taking out $6,800.
The Bitcoin price declined below the $5,600 threshold for on November 14, 2018, for the first time. Last week, crypto markets plunged even further, with bitcoin dropping below $4,000.
Bitcoin is trading at $4,160, up 7.85% over the past 24 hours in a rebound today. The cryptocurrency is down over 6% on the week, as indicated by CoinMarketCap.