您现在的位置是:Galaxy Digital CEO predicts bearish crypto markets in the coming quarters >>正文
Galaxy Digital CEO predicts bearish crypto markets in the coming quarters
上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛69771人已围观
简介Yesterday, Galaxy Digital reported a $111.7 million loss in Q1 due to unrealised losses on crypto ho...
- Yesterday, Galaxy Digital reported a $111.7 million loss in Q1 due to unrealised losses on crypto holdings
- Mike Novogratz expects volatile and testing crypto markets to continue over the next few quarters
Fintech and asset management firm Galaxy Digital on Monday reported that it recorded a loss in the first quarter of the year. The financial services firm explained that the downturn was largely due to the price volatility of crypto markets. Specifically, Galaxy Digital said it saw a net loss of $111.7 million for the quarterly period ended March 31, which overturned the $858.2 million net comprehensive income gain recorded in Q1 last year.
It was not all bad, or rather, it would have been worse were it not for its investment banking and mining operations. Galaxy Digital revealed that it logged a net comprehensive income eight times and five times greater than in the same time last year for these respective strategies. The firm’s mining arm recorded $5 million in net income, and it’s now on track to reach 2,500 petahashes per second this year.
“The decrease was primarily related to unrealised losses on digital assets and on investments in our Trading and Principal Investment businesses, partially offset by profitability in our Investment Banking and Mining businesses and lower operating expenses,” the report read.
The firm’s asset management arm, Galaxy Digital Asset Management (GDAM), booked a total of $2.7 billion in assets under management, a 5% decline over the last quarter. However, the figure also represents more than twofold the value of assets held in Q1 2021 – $1.27 billion.
It will get worse before it gets better
The lead digital asset, Bitcoin, is currently logging prices more than 50% off its all-time peak, a continuation of the trend that defined losses for Galaxy Digital during Q1. During an earnings conference call yesterday, Novogratz insisted that the co-movement of the Nasdaq and crypto markets will have continued effects over the coming quarters before markets regain stability.
“Crypto probably trades correlated to the Nasdaq until we hit a new equilibrium. My instinct is there’s some more damage to be done, and that will trade in a very choppy, volatile, and difficult market for at least the next few quarters before people are getting some sense that we’re at an equilibrium,” he noted.
However, CEO Mike Novogratz remains unfazed by the market movement, citing the long-term potential of this market space. Novogratz insists there’s still more institutional adoption to come, and he promised continued investment in digital finance.
Tags:
转载:欢迎各位朋友分享到网络,但转载请说明文章出处“上海品茶网 - 夜上海最新论坛社区 - 上海千花论坛”。http://www.jz08.com.cn/news/888738.html
相关文章
Bitcoin crosses $13k as PayPal enters the crypto market
Galaxy Digital CEO predicts bearish crypto markets in the coming quartersNews of PayPal entering the cryptocurrency market triggered a rally in the markets, with Bitcoin sur...
阅读更多
Skybridge Bitcoin Fund launches
Galaxy Digital CEO predicts bearish crypto markets in the coming quartersGlobal investment firm Skybridge Capital launched its Bitcoin fund earlier this weekSkybridge Capita...
阅读更多
Why Enjin could be the key to Metavese adoption
Galaxy Digital CEO predicts bearish crypto markets in the coming quartersEnjin opening the way for a truly decentralized Metaverse.Enjin’s Effinity is interoperable an...
阅读更多
热门文章
- Tremendous Crypto Adoption in Africa a Cause of Concern to Regulators
- Cryptocurrency Markets Hit $1trn Valuation
- Ripple CEO Speaks Up On India Reconsidering Ban On Crypto
- Traders eyeing BTC/USD at $11k as Bitcoin dominance jumps to 61%
- BNB/USD hits $32.00 after strong rally driven by DeFi
- Crypto.com sets new highs in January
最新文章
Monero added a fifth to its value: where to buy Monero
OKEx to Integrate Bitcoin Lightning Network
Bancor gaining steadily: best places to buy Bancor
Rapper T.I. Charged by SEC For Promoting Crypto Scheme
Brazil reveals preparation of ipo for digital bank
ADA rises on Grayscale Fund inclusion: where to buy Cardano