Mike Novogratz and Galaxy Digital have always been there to support Bitcoin. There is no doubt about this, but has Bitcoin been able to support them? Follow the latest company news In the second quarter reporting, Bitcoin appears to be giving up both numbers.
Mike Novogratz feels the burn
Galaxy Digital reported that it lost more than half a billion in the second quarter of 2022, nearly tripling its losses for the same period in 2021. The company — which has become very much associated with bitcoin — eventually saw its crypto portfolio suffer dramatically. Big on the crypto winter we’ve seen over the past nine months.
Bitcoin initially traded at more than $68,000 per unit in November of last year, for example. Unfortunately, the asset has lost more than 60 percent of its total value and the coin is now struggling to maintain a position between $23,000 and $24,000. It’s an ugly sight, and the cryptocurrency arena has lost nearly $2 trillion in overall valuation.
Despite the recorded losses, Novogratz – a well-known crypto bull – is confident that the market will return. He also says that Galaxy Digital is still in a strong financial position, claiming in a recent interview:
I am proud of Galaxy’s outperformance during a challenging market and macroeconomic environment. Prudent risk management, combined with our adherence to strict credit standards, has allowed us to maintain more than $1.5 billion in liquidity, including more than $1 billion in cash.
The suffering of the cryptocurrency market has caused many bitcoin and cryptocurrency speculators to take drastic measures to rescue the companies they are closely associated with in the world’s most famous crypto asset. For example, Elon Musk, who bought more than $1 billion in bitcoin in early 2021, has sold more than 90 percent of his total inventory in the wake of the price drop.
Additionally, Michael Saylor — CEO of MicroStrategy, the software giant who has since become one of the biggest institutional backers of bitcoin — has relinquished his role at the company due to the poor crypto-related decisions he’s made in recent years, although he’s not walking away. Fully and will continue to hold the position of CEO of the Corporation.
He always has things to say
Not long ago, Mike Novogratz told traders that he was confident that Bitcoin had hit bottom. There seems to be some truth in his words delivered in mid-June of this year, Bitcoin has suffered so badly that it has temporarily dropped to the mid-$17,000 range. Since then, the coin has added nearly $7 thousand to its price.
But he also warned that a recession was coming, and that the country could not handle such high levels of inflation. Novogratz has also been criticized for potentially linking bitcoin to the recent Supreme Court reversal in the Roe v. Wade.
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