High-profile ex-hedge fund manager Michael Novogratz has once again reiterated his belief that the bottom is in for the cryptocurrency market.
Novogratz solidified his bullish stance at the second annual All Markets Summit in New York on Thursday, where he cited Galaxy Digital’s cryptocurrency index as evidence. He said, as reported by Reuters:
Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value.
Galaxy Investment Partners is a cryptocurrency investment firm of which Novogratz is the CEO, and its index follows the performance of 10 cryptocurrencies.
VanEck SolidX Bitcoin ETF Delayed
Novogratz’s comments coincide with news that the U.S. Securities and Exchange Commission has once again delayed its decision on the VanEck SolidX Bitcoin exchange-traded fund (ETF).
As noted by Forbes, the SEC is looking to gather more public opinion on the much-watched ETF filing, as concerns regarding market manipulation and illicit activity still exist. The independent regulatory agency has reportedly already received more than 1,400 comments.
As reproduced by the American family-controlled business magazine, SEC secretary Brent Fields stated:
Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
Bitcoin Turns Bullish
The price of Bitcoin has surprisingly turned bullish following this news and is currently trading at $6650 by the time of this writing.
Though Novogratz has claimed that the bottom is in for the cryptocurrency market and Bitcoin is currently increasing in price, investors are urged to remember that we are still very much in a bear market. Rallies have repeatedly been sold off and a new high hasn’t been seen since 2017.
Do you think the bottom is in for the cryptocurrency market? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.