CEO of Galaxy Digital Mike Novogratzin his speech at a recent conference, attracted attention by using a rather cautious and optimistic tone about the current state of the cryptocurrency market, despite the recent sales.
Cryptocurrency boss, largest altcoin EthereumHe is also very optimistic and confident that the coin can hold the $1000 level.
As the negative mood continues to blow in the markets, early this morning, Ethereum price dropped to $1075 on the Bitstamp exchange, the lowest level seen since January 2021. The largest altcoin has recently shown signs of a recovery, but has lost close to 40% in just one week.
At the time of writing, Ethereum price was trading at $1222. If we take into account that lower prices have been seen recently, we can suggest that there was a ‘help rally’ in cryptocurrencies, but this rally was a little late, so its effect was not as desired.
bitcoin Speaking about the same, Novogratz believes that the flagship cryptocurrency is close to the bottom after falling as low as $ 20,816 on the Bitstamp exchange earlier today.
The total value of the cryptocurrency market is currently well below $1 trillion as a result of the latest price drop.
Bitcoin and Ethereum fell 66.88% and 75.10%, respectively, from their all-time highs, according to data from CoinGecko.
CryptoQuant analyst Ki-Young Ju claims that it is unlikely that Bitcoin will drop below the $20,000 level due to institutional money.
The latest major drops have caused leading lending platform Celsius to suspend withdrawals for all of its users, fueling speculation about the company’s bankruptcy.
Sales worsened as US stocks officially entered a bear market. The S&P 500, one of three benchmark indices, lost as much as 4% on Monday.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.