Hey ninjas, how’s the trading going? On the day, the majority of the top 20 cryptocurrencies are reporting losses. Top cryptocurrencies such as EOS, BNB, LTC are reporting losses of 2.29%, 3.48%, and 2.06% respectively at press time. Meanwhile the largest cryptocurrency Bitcoin is trading at $8,109 and reporting losses of 1.18% at press time.
Galaxy Digital (crypto merchant bank) will reportedly be launching two new Bitcoin funds. The CEO of Galaxy Digital Michael Novogratz’s revealed his plans in an interview with Bloomberg on the 19th of November.
The funds target people between the ages of 50 and 80 and aim to bring people who do not participate in crypto investing into the crypto market. Per the report, the new funds will reportedly offer third-party custody from Bakkt and Fidelity Digital Assets.
Galaxy Digital’s new Bitcoin funds Galaxy Bitcoin Fund and Galaxy Institutional Bitcoin Fund have reportedly been created using the company’s own money with some existing investors participating.
$25,000 is the minimum investment required for Galaxy Bitcoin Fund, and its investors will be able to withdraw their funds on a quarterly basis while Galaxy Institutional Bitcoin Fund's minimum requirement will be much higher and has weekly liquidity. The report notes that both funds will charge lower fees than other major Bitcoin funds.