Galaxy Digital Trading: Current Rally Could Be Leading to Something Bigger
Amidst another crypto, crypto investment Galaxy Digital said in a note to clients on Dec. 20 that short rallies like the current one are what happens “before a real rally ensues.”
Crypto markets are seeing a fifth day of rebound, with Bitcoin () breaking the $4,000 threshold for the first time since it plunged below the price point on , ‘s Galaxy Digital told its clients that crypto markets could gain even more momentum.
In a note entitled “Why this rally could end up lasting longer than you think,” Galaxy Digital concluded that the recent “short” crypto rebound “has more legs” than people realize, citing the upcoming involvement in the industry by institutional players. The note reads:
“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.”
Specifically, the note cited two significant upcoming events in the crypto industry — the forthcoming launches of Fidelity’s crypto custodial and trading service and digital assets platform Bakkt.
The-based investment firm Fidelity the launch of a trading service targeting institutional investors in October 2018. Bakkt digital assets platform, by the Intercontinental Exchange (ICE), which is operating 23 leading global exchanges including the , has recently its plans to launch in late January 2019.
Galaxy Digital founder Mike Novogratz recentlyabout the leading cryptocurrency Bitcoin, saying that he did not expect the price to continue falling much further.
Previously, Cointelegraphthat Galaxy Digital lost $136 million in the first three quarters of 2018, following a significant decline in crypto markets this year, with Bitcoin having dropped by as much as 80 percent, following the all-time high of in December 2017.