Crypto is 'close to the end of the move on the downside,' says Mike Novogratz

In a wide-ranging interview with Bloomberg News, Mike Novogratz — the founder of crypto bank Galaxy Digital — outlined his view on the crypto market moving into 2019. The hedge funder-turned-crypto bull said he thinks the market is "close to the end of the move on the downside." Novogratz, who said bitcoin would hit $40,000 in 2018, is sticking to his guns on the underpinning value of the market. "I sense the institutional world is coming," he said. "I think they still are."

"They've got customers lined up to start," he said referring to Fidelity's crypto custody business and ICE's Bakkt, which are both set to launch in 2019. 

As for bitcoin's price, Novogratz said that bitcoin would be stuck in the $3,000 to $6,000 range in the short-term. 

He said his business is still strong, noting that each week the firm's over-the-counter trading business is doing more trades week-over-week. 

As The Block previously reported, a number of major executives have left the firm as it shifts its focus to larger institutions from small ICOs. As part of the shift, the firm shut down its Vancouver office. 

Watch the full 10-minute Bloomberg interview, here.