Today we saw Bitcoin continues drop below $7,600 before climbing over this level again. But this is not as bad if we compare it to the end of June when we saw it fall below $6,000, so the question will it be able to recover after today or will it continue to fall lower if sentiment does not improve. This time last year Bitcoin was only around $2,700.
Crypto-focused merchant bank, Galaxy Digital, which was founded by Mike Novogratz, will start trading on the Canadian stock exchange today. Galaxy Digital reported a $134 million loss in its first quarter, when the value of Bitcoin and other cryptocurrencies started to tumble.
Regulators are keeping a closer eye on the cryptocurrency market these days. So cryptocurrency exchange Coinbase is stepping up its efforts to improve compliance by hiring Jeff Horowitz, who was the global head of compliance for Pershing of the past three years. This is a subsidiary for the Bank of New York Mellon Corp.
Chicago headquartered financial services company Northern Trust continues its blockchain expansion by opening its fund administration services to cryptocurrency hedge funds, while integrating blockchain technology to its private equity business.
Please remember this is news, not investment advice.