Its Over, page-12688

...what happened to all the crypto champions from Cathie Woods to Elon Musk (he is not focussed on crypto now) and now Novogratz.

...Novogratz is the biggest champion for crypto and has now even closed his macro fund. At least he knows when to fold before encountering a miserable end.

..does not bode well for confidence in this asset class. At least for now.
Crypto Billionaire Mike Novogratz Affected by LUNA’s Crash


Uno
May 13, 2022



Former Goldman Sachs banker, and CEO of Galaxy Investment Partners – a crypto-centered investment company – Mike Novogratz, is one of LUNA investors affected by its huge price decline.
This is five months after he had revealed his affinity for the L1 blockchain by revealing his tattoo of the coin.

Novogratz Sees ‘More Damage to Be Done’ After Crypto Rout

• Michael Novogratz

Yueqi Yang
Tue, 10 May 2022, 6:11 am·2-min read



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Novogratz Sees ‘More Damage to Be Done’ After Crypto Rout
In this article:

• Michael Novogratz
  American businessperson (born 1964)

(Bloomberg) -- Michael Novogratz, the billionaire cryptocurrency investor who leads Galaxy Digital Holdings Ltd., said he expects the digital-asset market to be “volatile and difficult” for at least the next few quarters as it remains tied to moves in U.S. equities.

“Crypto probably trades correlated to the Nasdaq until we hit a new equilibrium,” Novogratz said on Galaxy’s first-quarter earnings call on Monday. “My instinct is there’s some more damage to be done, and that will trade in a very choppy, volatile and difficult market for at least the next few quarters before people are getting some sense that we’re at an equilibrium.”

He repeated his call that Bitcoin will hold at the $30,000 range, and Ethereum at the $2,000 level. But if the Nasdaq Composite falls to 11,000, “there’s a shot” that Bitcoin will breach $30,000, he said in an interview with Bloomberg TV.

Bitcoin fell as low as $30,339 on Monday, the least since July 2021. Ether dropped as low as $2,226, while the Nasdaq Composite fell 4.3% to 11,623.

Algorithmic stablecoins, such as TerraUSD, which lost its peg over the weekend, are creating volatility in all crypto, though he expects the stablecoin system to survive. “They are defending it. We will see how it goes. Certainly it’s not good for the overall ecosystem if it doesn’t go well,” said Novogratz, who is an investor in Terraform Labs.


He’s still optimistic about crypto’s long-term prospect given the momentum of institutional adoptions even with Bitcoin down more than 50% from its record high reached in November. The new institutional players are “coming in with a very long term focus,” he said, citing BlackRock Inc, Blackstone Inc., Citadel, and Apollo Global Management Inc. as examples.

Galaxy Digital, which offers businesses ranging from crypto trading and asset management to mining, posted a loss in the first quarter against a backdrop of large digital asset price declines.

The net comprehensive loss was $111.7 million, compared to a gain of $858.2 million in the year-ago period, primarily due to unrealized losses on digital assets and investments in its trading and principal investment businesses. That was partially offset by profitability in investment banking and mining units. The company had warned of a loss of $110 million to $130 million in the first quarter through March 28, citing market volatility.

Galaxy said its asset management unit was managing $2.7 billion as of March 31, a 5% decline from end of last year.


Poor performance forces Fortress to shut $2 billion macro hedge fund
PUBLISHED WED, OCT 14 201512:28 AM EDT

Miles Johnson and Stephen Foley
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Scott Mlyn | CNBC
Fortress Investment Group is shutting down its $2 billion flagship macro fund after a run of poor performance, succumbing to what its manager Mike Novogratz called the “Darwinian” nature of the hedge fund business.

Fortress, which is listed in New York and runs both private equity and hedge fund strategies, decided to wind down Mr Novogratz’s fund after it lost 17.5 per cent this year, people familiar with the situation said.

Mr Novogratz is expected to leave Fortress, according to an investor in the fund, although it has not yet been decided when he will do so. Fortress declined to comment.