Former hedge fund manager Novogratz's crypto bank drops in stock market debut

collected by :Haron Adler

as declared in Cryptocurrency-focused merchant bank Galaxy Digital started trading on a Canadian stock exchange on Wednesday despite cooling investor interest and falling prices this year. Shares had fallen 20 percent in the first half hour of trading, and were trading at CA $1.98 as of 1:48 p.m. Former Goldman Sachs macro trader Michael Novogratz launched the company in November, a month before bitcoin hit its all-time high near $20,000. The firm took a $134 million hit in the first quarter, according to its first-ever financial disclosure released in Canada last week. He guessed ethereum, which was trading near $434 this week, could hit roughly $1,500.

The stock market is undergoing a shift not seen since the financial crisis — and 3 ignored areas suddenly look like great bets

Reuters / Brendan McDermidDon't look now, but a much-maligned area of the stock market appears to be mounting quite the comeback. We're referring to so-called value stocks , or equities characterized by their bargain pricing, relative to the rest of the market. Put simply, value is having a resurgence not seen since the aftermath of the financial crisis. So what does it mean if the value resurgence is here to stay? It appears, for the time being at least, that as historically stretched tech stocks lose their luster , traders are content to rotate into unloved areas, rather than completely exit the stock market.

A favorite Warren Buffett stock market metric is at all-time high

referring to Here's what the Buffett Indicator is, and why it may be signaling that the stock market is a bit overheated. To be clear, no stock market metrics are 100% reliable at predicting corrections, crashes, rallies, or stagnant stock markets. In a nutshell, the Buffett indicator can tell you the valuation of the stock market in a historical context right now. Total U.S. stock market value, or capitalization, exceeds total U.S. GDP by more than 48% (where total GDP = the 100.00% line). For example, if you look at the stock market during a high-interest period and a low-interest period, examining stock valuations isn't exactly an apples-to-apples comparison.

This 'prophet of doom' predicts stock market will plunge more than 50%

That last bit may be the one investors care about on Monday as the stock market shows signs of unraveling on the back of the tech sector's stumble. Hussman's claim to fame includes forecasting the market collapses of 2000 and 2007-2008. Since then, however, he's also become known as a permabear for his repeated calls for sharp stock market declines and his oft-repeated mantra of "overbought, overvalued, overbullish" as the bull market continues into its ninth year by some measures. And he warns that the stock market won't be able to escape this "danger zone" until it shifts to a less dangerous combination of valuations, internals and overextended conditions. Year to date, however, the S&P 500 is up 5%, the Dow is up more than 2% and the Nasdaq rallied 11%.

GOLDMAN SACHS: The stock market is hurtling toward disaster, and only one thing can save it

"From a fundamental perspective, narrow market leadership typically reflects narrow earnings strength, which is often a symptom of a weakening operating environment," David Kostin, the firm's chief US equity strategist, wrote in a client note. It all boils down to today's earnings landscape, which Goldman identifies as a saving grace of sorts for the market. While market returns are highly concentrated into a handful of stocks, Goldman finds that the earnings environment is surprisingly broad-based. Going forward, it will be up to investors to continue assessing the relationship between market breadth and its earnings-specific counterpart. It's when earnings breadth starts dipping that investors should start to worry, so keep your eyes peeled.