Michael Novogratz calls a bottom in cryptocurrencies

"I think we put in a low yesterday," Michael Novogratz says in a tweet, noting the Bloomberg Galaxy Crypto index "retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble."
Cryptocurrencies are down sharply this year. Bitcoin is down 51 percent in 2018, and ethereum and bitcoin cash have dropped 73 percent and 82 percent, respectively.

"I think we put in a low yesterday," Novogratz said in a tweet. He also noted the Bloomberg Galaxy Crypto index, which measures the performance of the largest digital currencies traded in dollars, "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) 13 september 2018

Popular cryptocurrencies such as bitcoin, ethereum and bitcoin cash have fallen sharply this year and are trading well below the highs seen late last year. In 2018, bitcoin has dropped about 51 percent, while ethereum and bitcoin cash are down 73 percent and 82 percent, respectively.

Cyptocurrencies have been under pressure amid increased scrutiny from regulators. Last month, the Securities and Exchange Commission rejected nine proposals for bitcoin ETFs. The SEC also suspended trading in two bitcoin and ethereum-related products, citing confusion over materials characterizing them as ETFs.

Still, Novogratz thinks digital currencies will bounce back. "Markets like to retrace to the breakout," he said. "We retraced the whole of the bubble."

Bitcoin was up about 2 percent in the last 24 hours, according to Coinbase.
Adam Jeffery | CNBC
Michael Novogratz, CEO of Galaxy Investment Partners
Michael Novogratz, a former hedge-fund manager who is heavily invested in digital currencies, called a bottom on cryptocurrencies Thursday.

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