Founder and CEO of the crypto investment company Galaxy Digital Capital Management, Mike Novogratz, said on Twitter that the cryptocurrency market has reached its local minimum.

He also drew attention to the fact that the Bloomberg Galaxy Crypto (BGCI) index, designed to track the behavior of the largest cryptocurrency against the US dollar, “retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble”

This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj — Michael Novogratz (@novogratz) September 13, 2018

Speaking at the Beyond Blocks conference in South Korea in July, Novogratz said that many financial institutions will enter the cryptocurrency area “in the next 2-3 years.” At the same time, he noted that the massive distribution of cryptocurrency and blockchain will occur not earlier than in 5 years, as the main deterrent, calling “the growing value of technical talents”.

In the same month, Galaxy Digital presented a report for the first quarter of 2018, which showed that the company’s loss for this period was $ 134 million, of which $ 85.5 million is unrealized losses from investments in digital assets. As of March 31, Galaxy Digital had $ 281.7 million in assets, of which $ 225.8 accounted for digital assets and investments.

Meanwhile, the cryptocurrency market continues to recover from the recent wave of sales, rising by $ 11 billion over the past 24 hours. All of the top twenty cryptocurrencies remain in the “green zone”, while Ethereum, who suffered the most in the previous segment, gained 16% and traded near the level of $ 220. The bitcoin rate is again above $ 6,500, the dominance index is 55.5%.