Market May Have Bottomed Out

September 15, 2018
The signal-to-noise ratio is pretty low these days. There’s a lot of noise out there that’s pretty irrelevant. It’s drowning out the important news.

And if all that noise is bothering us, we can begin to imagine how much it’s bothering you, our readers. So this week, there will be no chatter about whales crashing the market, crypto cruises, a pirate making its crypto return, crazy bitcoin shorts or Elon Musk smoking weed (OK, that was last week and it has nothing to do with crypto, but you get my point).

Those are just distractions. And they’re not worth our energy. This week, it’s “just the facts, ma’am.

Novogratz Says Market Has Bottomed Out

Mike Novogratz, who left Fortress Investment to found crypto investment firm Galaxy Digital, says the crypto market has hit rock bottom. Novogratz, who is right about most things, made his prediction on Twitter (where else!) with a Bloomberg Galaxy Crypto Index chart to back up his thesis. “Markets like to retrace to the breakout… we retraced the whole of the bubble. #callingabottom,” Novogratz wrote (Twitter).

Winklevoss Twins Launch Stablecoin Pegged to U.S. Dollar

There’s a new stablecoin on the market. And this one has been approved by regulators in New York. Gemini, the New York-based crypto exchange run by the Winklevoss twins, has launched Gemini Dollar. The value of Gemini Dollar is pegged to the U.S. dollar. And for every Gemini Dollar (GD) in existence, there’s a matching U.S. dollar sitting in a bank account. The new GD was blessed by the New York Department of Financial Services (TechCrunch).

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