Michael Novogratz: sellers in the cryptocurrency market are already depleted

"There is a cycle of depletion of sellers in the market of cryptocurrencies," said General Manager of Galaxy Digital and former hedge fund manager Mike Novogratz

Last week, he said on social networks that the cryptocurrency market had bottomed out, comparing the Bloomberg Galaxy Crypto (BGCI) indices at the moment with last year's indications, from which the market began an upward movement. This time, he argued his opinion on the pricing of Bitcoin, which for the first time since the beginning of 2018 shows stability.

"Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value," - quotes his words Reuters. "It seems to me that large financial institutions will soon begin to invest in it."

Most of the crypto currency is currently in the green zone. Particularly strong is Ripple, which grew by more than 40% due to a statement by Sagara Sarbhaya representative about the possible launch of the xRapid payment product in October.

On September 20, the SEC (US Securities and Exchange Commission) began consideration of the application for the launch of Bitcoin ETF from VanEck and SolidX. The Commission also asked for additional public comments on the new instrument. The launch of this procedure is related to the Commission's desire to get the community's opinion on 18 key issues.