Galaxy Digital, one of the earliest and largest cryptocurrency merchant banks in the space,
founded by billionaire Mike Novogratz, posted first quarter earnings.
Published accounts suggest the firm has lost $134 million due to a combination of
an extended bear market and the usual course of starting a large company.
Many analysts wonder aloud what this means for the fate of institutional investment in crypto.
In bear markets the merchants will definitely suffer, I think this will level out in the long term but definitely a struggle right now
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