Bitcoin
Bitcoin (BTC)
$38,797.00 2.78259
Bitcoin price
Ethereum
Ethereum (ETH)
$2,093.94 2.67288
Ethereum price
BNB
BNB (BNB)
$228.20 0.32185
BNB price
Solana
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$60.42 1.83642
Solana price
XRP
XRP (XRP)
$0.6087780 1.01071
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$0.0000083 1.15524
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Pepe
Pepe (PEPE)
$0.0000011 1.76743
Pepe price
El Hippo
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$0.0000000115380 2.83109
El Hippo price
Bitcoin
Bitcoin (BTC)
$38,797.00 2.78259
Bitcoin price
Ethereum
Ethereum (ETH)
$2,093.94 2.67288
Ethereum price
BNB
BNB (BNB)
$228.20 0.32185
BNB price
Solana
Solana (SOL)
$60.42 1.83642
Solana price
XRP
XRP (XRP)
$0.6087780 1.01071
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000083 1.15524
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000011 1.76743
Pepe price
El Hippo
El Hippo (HIPP)
$0.0000000115380 2.83109
El Hippo price
Bitcoin
Bitcoin (BTC)
$38,797.00 2.78259
Bitcoin price
Ethereum
Ethereum (ETH)
$2,093.94 2.67288
Ethereum price
BNB
BNB (BNB)
$228.20 0.32185
BNB price
Solana
Solana (SOL)
$60.42 1.83642
Solana price
XRP
XRP (XRP)
$0.6087780 1.01071
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000083 1.15524
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000011 1.76743
Pepe price
El Hippo
El Hippo (HIPP)
$0.0000000115380 2.83109
El Hippo price
Bitcoin
Bitcoin (BTC)
$38,797.00 2.78259
Bitcoin price
Ethereum
Ethereum (ETH)
$2,093.94 2.67288
Ethereum price
BNB
BNB (BNB)
$228.20 0.32185
BNB price
Solana
Solana (SOL)
$60.42 1.83642
Solana price
XRP
XRP (XRP)
$0.6087780 1.01071
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000083 1.15524
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000011 1.76743
Pepe price
El Hippo
El Hippo (HIPP)
$0.0000000115380 2.83109
El Hippo price

Galaxy CEO predicts no changes in crypto regulations until the 2024 election

galaxy-ceo-predicts-no-changes-in-crypto-regulations-until-the-2024-election
Edited by
News
Galaxy CEO predicts no changes in crypto regulations until the 2024 election

Galaxy Digital’s CEO foresees a delay in U.S. crypto regulation until post-2024 elections amid the firm’s report of increased Q3 losses.

Galaxy Digital Holdings CEO Michael Novogratz voiced skepticism regarding the advancement of cryptocurrency regulations in the U.S. prior to the upcoming 2024 presidential elections. His comments came amid market speculation surrounding the imminent approval of the first U.S.-based Bitcoin exchange-traded fund (ETF) by the SEC.

During the company’s earnings call for the third quarter, Novogratz remarked that any new regulatory decisions are unlikely with the election on the horizon, but post-election could see a significant drive in progress, given the cadre of knowledgeable individuals in Washington. 

Novogratz further opined that a pivot in the Federal Reserve’s interest rate policy might occur in the upcoming year, potentially in the first quarter. This shift, coupled with the expected regulatory clarity, could catalyze the crypto sector’s expansion over the subsequent 18-month span. Analysts from Bloomberg Intelligence suggest the SEC may greenlight a spot Bitcoin ETF by Jan. 10, although there is speculation the approval could occur even earlier.

Galaxy’s financial performance and prospects

Galaxy’s financial disclosures revealed a significant third-quarter net loss of $94 million, escalating from the prior year’s $68 million. The increase in losses was attributed to the downturn in token valuations and an unprecedented dip in market volatility. The firm had anticipated the losses to plateau, following a $46 million loss in Q2, with forecasts predicting a steady $44 million loss for Q3.

Despite a 70% surge in trading volumes, Galaxy’s trading revenue dipped to $14 million in the quarter, a $6 million fall from Q2 figures. The company’s lending ventures, however, experienced growth, with the average loan book size inflating to $553 million.

October painted a brighter financial picture for Galaxy, with a remarkable $124 million in pretax income and $24 million in trading revenue. This uptick was largely due to strategic market positioning and a resurgence in cryptocurrency prices, highlighted by Bitcoin’s impressive 35% price increase within the month.

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