Galaxy Digital CEO, fund manager and investor Mike Novogratz told CNBC the current market conditions and cryptocurrency evaluated the market.
“The Continuation of the Decline in the Cryptocurrency Market”
Novogratz said that he expects another bottom in the NASDAQ and that this drop will most likely affect the crypto market as well.
In addition to saying that he expects another bottom in the financial markets, Novogratz claimed that the decline will not be a “soft landing” because the market has not yet seen a 50 basis point increase in interest rates and a big exit from risky assets such as stocks.
However, in the cryptocurrency market bitcoin It has lost more than 10% since yesterday and melted away all the price increase after the rate hike.
In addition, investors have suffered huge losses in the digital assets market, and $400 million long and even short positions have become liquid due to the high volatility period in the market.
Novogratz Makes Conflicting Predictions
Drawing attention with his pro-Bitcoin statements, Novogratz made a more positive statement in his statement at the end of March, saying that he would not be surprised if cryptocurrencies rally until the end of this year.
However, despite his long-term bullish outlook, Novogratz is understood to have doubts about the performance of the crypto market in the coming weeks and months. Stocks and other risky assets in the USA entered a downward trend with the rate hike.
Novogratz believes that the rally by the end of the year will begin thanks to the crypto adaptation.
*Not investment advice.