Mike Novogratz’s Company Report Losses Due to Bitcoin Crash

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Last Updated on September 5, 2022 by Bitfinsider

Galaxy Digital reported a loss of more than $500 million in the second quarter of 2022, nearly tripling its losses in the same period in 2021. The company, which has become so inextricably linked to bitcoin, has ultimately seen its crypto portfolio suffer greatly as a result of the nine-month digital currency winter.

In November of last year, for example, Bitcoin was trading at more than $68,000 per unit. Unfortunately, the asset has lost more than 60% of its overall value, and the currency is now struggling to keep its position between $23,000 and $24,000. It’s a depressing sight, and the digital currency market has lost nearly $2 trillion in total valuation.

The suffering of the crypto market has prompted many bitcoin and digital currency bulls to take drastic measures in order to save the companies they have so closely linked to the world’s most renowned crypto assets. Elon Musk, for example, who bought more than $1 billion in bitcoin in early 2021, has reportedly sold more than 90% of his total holdings due to falling prices.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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