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Mike Novogratz’s Galaxy Digital to launch new Bitcoin fund in Canada

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Galaxy Digital, a cryptocurrency merchant bank founded by Mike Novogratz, is expanding its crypto offerings in Canada.

According to a Nov. 16 announcement, Galaxy Digital has partnered with major Canadian investment company CI Global Asset Management to launch a public Bitcoin (BTC) fund in the country.

The CI Galaxy Bitcoin Fund is a “closed-end investment fund” that aims to provide unitholders with exposure to Bitcoin. The fund will invest directly in Bitcoin using the fund’s holdings of the token based on prices of the Bloomberg Galaxy Bitcoin Index, the announcement notes.

As part of the new initiative, CI GAM has filed and acquired a receipt for a preliminary prospectus for the initial public offering of CI Galaxy Bitcoin Fund. The fund will offer units of Class A and Class F units at a price of $10 each. While CI GAM will be responsible for managing the new Bitcoin fund, Galaxy Digital will act as its subadvisor, meaning that it will execute all BTC trading on behalf of the fund.

According to the announcement, the new fund will be offered on a “best-efforts basis in each of the provinces and territories of Canada.”

Apart from the CI Galaxy Bitcoin Fund, Galaxy Digital has launched a number of Bitcoin funds like the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The company also runs several funds based on other cryptos like EOS.

The new Bitcoin fund was introduced shortly after Galaxy Digital reported a large surge in trading volumes in the third quarter of 2020. As reported, the firm saw a 75% year-on-year growth in trading volumes in Q3 2020, reaching $1.4 billion.



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‘No debate’ that Bitcoin will increase 20X says gold industry insider

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Gold Bullion International co-founder Dan Tapiero believes that it’s only a matter of time before Bitcoin’s price surges into the six-figure threshold. 

Speaking to Anthony Pompliano on the Pomp Podcast, Tapiero asserted that in terms of price appreciation Bitcoin is the king, even though he believes investors should own both gold and Bitcoin:

“In the next five years, I can see gold at $4,000, so that’s double. But if gold is at $4,000, Bitcoin is probably somewhere between $300,000 and $500,000, so that’s a 20, 30x.”

He went on to add, “I don’t really think that anyone in the gold world […] they are not going to debate that.”

Tapiero believes that institutional investors and finance whales are likely to invest between five to 15 percent of their portfolios in Bitcoin and noted that sector was currently worth $100 trillion:

“That’s a huge chunk. I mean, 15% of $100 trillion is $15 trillion.”

Bitcoin is a hedge for the fiat system, he explained, and once its market cap is in the trillions of dollars, it will become easier to handle for larger investors, similar to gold.

But gold is a store of value, and that is only one aspect of what Bitcoin is. Bitcoin is an entire network, and that’s why he believes it will be much bigger than gold:

“There is no question that Bitcoin is going to outperform gold.”

Other analysts are similarly bullish about Bitcoin, with Off the Chain Capital chief investment officer Brian Estes telling Reuters today that it “is not a stretch” for BTC to surpass $100,000 in one year, and predicted that it could go as high as $288,000 by the end of 2021.

CNBC host Jim Cramer also believes in the future of Bitcoin, as revealed on another podcast with Pompliano. Cramer, who was a Bitcoin skeptic during the 2017 bull market, recently stated that he had since realized that Bitcoin is a good hedge against inflation and also one that his kids can understand,:

“I think that my kids, when they get my inheritance, won’t feel comfortable with gold, and will feel comfortable with crypto.”



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Bitcoin Continues Plowing Higher as Uptrend Shows Few Signs of Slowing

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  • Bitcoin has been pushing higher throughout the past few days and weeks, with sellers being wholly unable to gain any ground against bulls
  • This comes as BTC pushes past $19,000, which has long been a strong resistance level that has sparked multiple fleeting selloffs
  • Now that it is firmly above this level, it may be well-positioned to see significantly further upwards momentum in the near-term
  • One analyst is noting that its failure to break below any key support levels throughout the course of its uptrend suggests that further upside is imminent

Bitcoin and the entire crypto market are looking strong by the day, with Bitcoin taking full control of the aggregated market’s trend as analysts eye further near-term upside.

The selling pressure seen as of late has all been absorbed, with each dip only lasting for a brief amount of time.

This trend is common in bull markets and could indicate that a move past the cryptocurrency’s all-time highs is imminent in the days and weeks ahead.

One trader observed in a recent tweet that the lack of any support breaks indicates that there is no reason to suspect any imminent downturn just yet.

Bitcoin Continues Plowing Higher as Bulls Take Aim at All-Time Highs

At the time of writing, Bitcoin is trading up just under 6% at its current price of $19,420. This marks the highest price levels seen by the cryptocurrency since the peak of its 2017 uptrend.

It is now just a few hundred dollars away from setting fresh all-time highs. Although there may be some serious resistance at this price level, a break above it could send it into price discovery mode.

Where the market trends in the mid-term will depend largely on whether or not it can continue holding above the key $19,000 price level in the near-term.

BTC Defends Key Support Levels as Uptrend Persists

One trader is noting that Bitcoin has yet to break below any of its key support levels throughout the course of its multi-week uptrend.

This means that there’s a strong chance it will continue pushing higher in the mid-term.

“BTC update: Nothing has changed, we’ve not yet lost any support. The recent consolidation in the last few days is a pretty neat new invalidation now, quite a bit higher than the last one. Switch gears once one fails.”

Image Courtesy of DonAlt. Source: BTCUSD on TradingView.

So long as Bitcoin continues holding above its key support levels, there’s a strong possibility that it will set fresh all-time highs in the near-term.

Featured image from Unsplash.
Charts from TradingView.



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Google Trends shows ‘Bitcoin’ searches at 2020 high as BTC tops $19.4K

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Today Bitcoin (BTC) price extended its rally toward a new all-time high as the price surged to $19,412 in the morning trading session. 

Daily cryptocurrency market performance. Source: Coin360

Determining the actual all-time high for BTC is somewhat debatable as various exchanges have different figures listed. For example, Coinbase has registered $19,892 as Bitcoin’s peak, whereas BitMEX and Binance have $19,891 and $19,799 respectively. Thus, for most traders, $20,000 is likely to be the primary focal point that will solidify BTC reaching a new all-time high.

Pushing through the $19,000 level occurred quicker than many expected, especially after Bitcoin price plummeted to $18,000 in the evening hours on Nov. 23. This drop was nearly in tandem with XRP’s 30% drop at Coinbase after the altcoin pumped to $0.92.

Bitcoin price and sentiment chart (hourly). Source: TheTIE

Data from TheTie, a social analytics data platform, shows that as Bitcoin price lost momentum on Nov. 22 and Nov. 23, trading sentiment took a noticeable hit when traders anticipated a possible retest of lower supports in the sub-$18,000 zone.

Bitcoin price vs daily sentiment score. Source: TheTIE

According to Joshua Frank, the founder at TheTIE:

“The daily sentiment score looks at how positive or negative investors have been over the last 24 hours versus a rolling 20-day window. This metric (daily sentiment) has been positive (above 50) since Nov. 16 when Bitcoin was near $16K. For the daily sentiment score to remain positive, that means that conversations must continually get more and more positive. So if investors are positive over the last 20 days, they must be even more positive over the last 24 hours for the score to stay above 50.”

This suggests that regardless of strong pullbacks to say $18,000 or below, the majority of people investing in or tracking Bitcoin price still feel overwhelmingly bullish about the digital asset’s prospects when compared to historical price and sentiment data.

Google search for Bitcoin reaches a 2020 high. Source: Google Trends

Google Trends data also shows that searches for the term ‘Bitcoin’ also reached a 2020 high today as the price rallied above $19,000 but the figure is nowhere near the high seen in December 2017.

What’s next for Bitcoin price?

BTC/USDT 4-hour chart. Source: TradingView

As shown on the 4-hour chart, Bitcoin’s flushout to $18,000 created a double bottom right at the key support, and bulls stepped in to buy the dip with 3 successive high volume spikes.

At the time of writing the price has already pulled back to restest the lower support at $18,900 and if this level fails to hold then the next support is at $18,650 which is slightly above the 20-MA and a high volume node on the VPVR.

Similar to the move up to $18,000, a period of consolidation and support building is normal and healthy for sustaining momentum in an uptrend.

According to Matt Blom, the head of global sales trading at EQUOS:

“Bitcoin is focusing on claiming a new all-time high and it seems highly unlikely that having come this close, it fails to break the 2017 record. With a dearth of resistance levels overhead, thoughts turn to the next key upside target. Using Fibonnaci retracements levels, we see $29,100 as the goal, with a 1.618 move from $4,644 to $19,447 price points as our basis.”