Michael Novogratz Calls a Bottom in the Crypto Market

(Bloomberg) -- Michael Novogratz, one of the best known investors in digital currencies, just called a bottom in the Great Crypto Crash of 2018.

The money manager’s tweet is a snapshot of the Bloomberg Galaxy Crypto Index, which measures performance of the largest cryptocurrencies traded in U.S. dollars. The index includes cryptocurrencies such as Bitcoin, Ether, Monero, Ripple’s XRP and Zcash. The index was established in May in partnership with Bloomberg LP, the parent company of Bloomberg News.

Most cryptocurrencies are gaining Thursday, with Bitcoin up about 3 percent, Ripple XRP 4.7 percent higher and Ether rallying 13 percent.

Novogratz, a former Goldman Sachs Group Inc. partner and hedge fund manager, is the chief executive officer of Galaxy Investment Partners LLC, an investment firm focused on digital assets.

To contact the reporters on this story: Olga Kharif in Portland at okharif@bloomberg.net;Sarah Ponczek in New York at sponczek2@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Eric J. Weiner

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