Michael Novogratz calls a low point in cryptocurrencies

Michael Novogratz calls a low point in cryptocurrencies

Michael Novogratz, a former hedge fund manager who invests heavily in digital currencies, called a low point in Crypt currencies Thursday.

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Popular cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash have fallen sharply this year and are trading well below their highs last year. Bitcoin dropped 51 percent in 2018, while Ethereum and Bitcoin Cash fell 73 percent and 82 percent, respectively.

Cytocurrencies were put under pressure under increased supervision of regulators. Last month, the Securities and Exchange Commission rejected nine proposals for Bitcoin ETFs. The SEC also discontinued trading in two Bitcoin and Ethereum-related products and pointed to ambiguity about materials that they characterize as ETFs.

Nevertheless, Novogratz believes that the digital currencies will hit back. "The markets like to go back to the outbreak," he said. "We traced the whole bubble."

Bitcoin has increased 2 percent over the past 24 hours, according to Coinbase.

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