The billionaire investor and CEO of Galaxy Digital, Mike Novogratz, says the bitcoin market is in fine condition, noting that he sees “so much capital coming into the space.” He additionally commented on the dwindling affect China has over the crypto market.
Billionaire Investor Says the Market Is ‘in Good Shape’ — ‘I’m Not Nervous’
Galaxy Digital CEO Mike Novogratz commented on the crypto market and the newest information of China’s crackdown on cryptocurrencies Friday.
He defined that the crypto market was down for 3 causes. The first is China reiterating its anti-crypto and anti-freedom stance. The second is the U.S. Federal Reserve “putting taper in motion,” and the third is the large overhead resistance degree for bitcoin and ether. Novogratz famous that he believes BTC and ETH will consolidate.
At the time of writing, the value of bitcoin stands at $43,695 and the value of ether stands at $3,090 primarily based on knowledge from Bitcoin.com Markets.
Furthermore, the billionaire CEO believes that the bitcoin market is in fine condition. In an interview with CNBC final week, he defined that the $40,000 degree for bitcoin and $2,800 for ethereum “are very important levels for people to watch,” noting:
As lengthy as these maintain, I feel the market is in fine condition.
Novogratz additional shared: “I’ve seen nothing but engagement activity from our investing clients and our corporate clients. The level of inquiry, the level of business hasn’t been higher.” He continued:
We see a lot capital coming into the area, in non-public methods and public methods. I’m not nervous.
Commenting on China’s affect over the costs of cryptocurrencies, significantly BTC and ETH, Novogratz mentioned: “It was a lot more important five months ago before China basically said we’re banning crypto so miners have moved out of China.”
He continued: “China was never a big source of innovation in the space but it was a big source of trading and I think there’s still plenty of trading in China … The Chinese are smart, they know how to use VPNs, but it’s harder and harder and so I think it’s less and less important.”
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