Galaxy Digital: Current Crypto Markets Rally Could Trigger Something Bigger

Flowing days of resurgence in the crypto markets, digital asset investment company Galaxy digital announced to its clients that short rebounds like the one currently been experienced are what happens “before a real rally ensues.”

Crypto markets are enjoying a week of significant rebound with the leading cryptocurrency Bitcoin rallying above the psychological price of $4,000 for the first time since its price plunged below that level on Dec. 3. With this, Mike Novogratz's Galaxy Digital announced to its clients that the crypto markets could witness even more momentum in the coming days.

In a keynote address titled “Why this rally could end up lasting longer than you think,” crypto investment company, Galaxy Digital concluded that the recent rebound in the crypto markets “has more legs” than people realize. According to the note, “Short rallies are exactly what happens before a real rally ensues. This could set up a more sustained ‘Buy the Dip’ market as we look to the upcoming Institutional launches to give this legs.”

Notably, the keynote address cited two upcoming events- Fidelity’s crypto custodial and trading service and digital assets platform Bakkt as the two main events that are expected to boost the crypto markets.

It would be recalled that investment firm, Fidelity announced in October this year that it would be launching its crypto trading services. Elsewhere, Bakkt digital exchange that was founded by the Intercontinental Exchange (ICE) is also set to commence operations in January 2019. This two upcoming events for many would be the game-changer in the crypto space for the remainder of this year and next.

Also, Mike Novogratz, the founder of Galaxy Digital recently expressed optimism that he doesn’t expect the price of the leading crypto asset, bitcoin to keep declining.

Again it is important to note that Galaxy Digital has lost over $136 million in the first quarter of 2018. This was as a result of the significant sell-off experienced this year with Bitcoin dropping more than 80% of its price having rallied to its all-time high of $20,000 last year.