Boost

Galaxy

Bitcoin

Rise

<p><a href="https://www.thecoinrepublic.com/2024/04/04/galaxy-digital-to-raise-100m-for-30-new-crypto-startups/" rel="noopener noreferrer nofollow">Galaxy Digital</a>&nbsp;of Mike Novogratz has increased its BTC buy by acquiring 400 more BTC. They have acquired BTC equivalent to $23.40 million. This acquisition occurred while Bitcoin prices have retraced to $58,559, and investors have begun to feel positive once again.</p>
<p>The strategic decision taken by the company shows that the company is increasingly convinced of the future of cryptocurrency even when the market is volatile.</p>
<h2 class="wp-block-heading" id="h-galaxy-digital-boosts-bitcoin-holdings-amid-market-dip"><strong>Galaxy Digital Boosts Bitcoin Holdings Amid Market Dip</strong></h2>
<p>The recent purchase of 3,150 BTC, worth around $184.56 million, has taken Galaxy Digital’s total BTC to 3,150 BTC. This purchase was made through Binance, indicating that the market is employing a buy-the-dip technique since the price of Bitcoin fell below $59,000.</p>
<p>Galaxy Digital might have strategically made this move. To take advantage of the volatility of the market to gain a better position in the crypto market.</p>
<p>Furthermore, this big influx has put more buying pressure on&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;and this is a good sign for investors. This deal is in line with Galaxy Digital’s business plan of expanding its exposure to crypto assets. This has proved to be valuable as the market oscillates.</p>
<p>The firm’s actions signal the company’s commitment to the value of Bitcoin in the future.</p>
<h2 class="wp-block-heading" id="h-bitcoin-prices-may-rise-following-galaxy-acquisition"><strong>Bitcoin Prices May Rise Following Galaxy Acquisition</strong></h2>
<p>The market has given a favorable response to the acquisition by Galaxy Digital Holdings but at the same time exercising caution. Although Bitcoin fell 2.56% in the last 24 hours, the acquisition has led to rumors that the prices of Bitcoin might be set to rise again.</p>
<p>The rising Bitcoin shorts and the mild decline in the futures open interest level suggest bearish sentiment but the market is still on the lookout for opportunities for further upward moves.</p>
<p>Blockchain analyst Ali Martinez insisted that the struggle is still in the initialization stage of the post-halving cycle, so more gains are possible.</p>
<p>Martinez pointed out that Bitcoin has usually hit its market top 530 days after a halving event, so a new all-time high remains possible. With this in mind, and given Galaxy Digital’s recent behavior, the long-term perspective for Bitcoin seems rather favorable.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">It's been 119 days since the 2024 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> halving. In the last two cycles, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> hit a market top around 530 days post-halving. <br><br>If history repeats, we're still in the early stages of this cycle! <a href="https://t.co/Yxxo7DLfsg" rel="noopener noreferrer nofollow">pic.twitter.com/Yxxo7DLfsg</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1825452332709978200?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 19, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-fed-rate-cut-expectations-may-boost-bitcoin-prices"><strong>Fed Rate Cut Expectations May Boost Bitcoin Prices</strong></h2>
<p>Galaxy Digital’s&nbsp;<a href="https://platform.arkhamintelligence.com/explorer/address/12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qo" rel="noopener noreferrer nofollow">acquisition</a>&nbsp;comes amid other market conditions, such as the expected reduction in interest rates by the&nbsp;<a href="https://www.thecoinrepublic.com/2024/08/04/senator-cynthia-lummiss-bitcoin-reserve-bill-gains-2200-letter-endorsements/" rel="noopener noreferrer nofollow">Federal Reserve</a>&nbsp;(Fed).</p>
<p>The CME FedWatch Tool predicts a 71.5% chance of a 25 basis point cut, which is likely to help support digital currencies. The expectation of such a cut and Galaxy Digital’s positive positioning on Bitcoin may cause a boost in buying pressure in the following few weeks.</p>
<p>Also, the average daily turnover of derivatives has increased by 40% to $40.04 billion, indicating the high level of speculative trades in the market. This can only mean that traders are taking positions in preparation for a major price action.</p>
<p>These factors could combine to set the stage for a Bitcoin price rebound, which would buttress the bullish view engendered by Galaxy Digital’s recent acquisition.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/19/mike-novogratzs-galaxy-digital-acquires-400-btc-as-prices-drop/" rel="noopener noreferrer nofollow">Mike Novogratz’s Galaxy Digital Acquires 400 BTC as Prices Drop</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Mike Novogratz’s Galaxy Digital Acquires 400 BTC as Prices Drop

Table of Contents

Thecoinrepublic.com

Other articles published on Aug 19, 2024

Big Bitcoin Buy Incoming? Michael Saylor Playful BTC Tweet

Japanese Yen Gains Strength Against US Dollar

Qubetics Whitelist Might be Closing Soon, Secure Your Spot Now

Dogecoin Millionaire Who Made $10 Million with SHIB and DOGE Says He Is Buying this $0.034 Ethere...

Shibarium Close to Breaking Another Major Milestone: Details

Shortest Bull Run in History or Big Bitcoin Rally? Analyst Debate BTC’s Current State

Join our free newsletter for daily crypto updates!