Has Mike Novogratz called it a top in cryptocurrencies?

Mike Novogratz (personal net worth 1.5 billion USD with approximately 20% of it held in digital assets) announced this month the delayed launch of his cryptocurrency Galaxy fund which was scheduled to be launched December 15, 2017.

“We didn’t like market conditions and we wanted to re-evaluate what we’re doing…
I look pretty smart pressing the pause button right now,” said Mike Novogratz.

“We didn’t like market conditions and we wanted to re-evaluate what we’re doing”

MIKE NOVOGRATZ

Perhaps the likes of bitcoin have gone to the moon and back again. The Bitcoin’s rocketing price rise is the biggest in history. So it looks like Mike Novogratz is calling it a top in cryptocurrencies for now at least.

The Bitcoin exchange for two Pizzas which in today’s Bitcoin exchange value against USD is worth more than 150 million USD illustrates Bitcoins Stella rise.

A few years ago, bitcoins were almost worthless; earlier in December, bitcoin’s valued briefly topped $19,000. Back in 2010, Florida programmer Laszlo Hanyecz talked someone into accepting the 10,000 Bitcoins he’d “mined” on his computer in exchange for two pizzas.

“It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,” Mr. Hanyecz told the New York Times…

Today Mr. Hanyecz can console himself with the fact that he ate the world’s most expensive Pizza.

Bitcoin exchange for two Pizzas worth more than $150 million…

“It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool”

LASZLO HANYECZ

But despite bitcoin’s spectacular price increase the bitcoin billionaire Mike Novogratz (nickname king of cryptos) is not calling it a top in cryptocurrencies.

However, Mike Novogratz has warned of a possible drop of $8,000. Not to worry because the “Bull Market” isn’t over, he reckons.

“Looks to me like a short-term top is in. My hunch is we consolidate between 10-16k for a while. Extreme would be 8k. The bull market isn’t over. Just pausing” – Mike Novogratz

On December 12th, Novogratz said he thinks bitcoin could hit $40,000 in 2-3 months. So why is Mike Novogratz delaying his fund?

“We didn’t like market conditions and we wanted to re-evaluate what we’re doing…I look pretty smart pressing the pause button right now” said Mike Novogratz.

So Mike Novogratz is calling it a short-term top in cryptocurrencies.

“Looks to me like a short-term top is in. My hunch is we consolidate between 10-16k for a while. Extreme would be 8k. The bull market isn’t over. Just pausing,” he tweeted Dec 22

But Mike Novogratz is rattled by insiders selling.

“When insiders sell it always is important. @SatoshiLite,” he said.

TRADING SOFTWARE

Dan Loeb targets Sony. Dan Loeb is an activist investor and founder of Third Point, which oversees about $14.5 billion in assets.

Last year the activist investor viewed Campbell soup as a bargain when Third point reported that the soup maker could fetch a takeover value of $52 to $58 per share.

A year later and the activist investor Dan Loeb targets Sony

Dan Loeb's activist hedge fund Third Point is raising an investment vehicle to generate between $500 million and $1 billion so it can continue to buy Sony shares, according to a recent report in Reuters.