Galaxy Digital CEO and billionaire Mike Novogratzexplained that he does not think that the crypto markets will recover anytime soon.
Speaking at the 2022 Galaxy Digital Q1 investor call, the CEO added that he does not expect bullishness over the next few quarters, although the increased adoption from traditional financial firms has kept him optimistic about the crypto space in general.
“crypto markets It will likely remain associated with the NASDAQ until it finds a new balance. In my estimation we have more damage ahead and that means a very volatile and volatile market for the next few quarters before people start making money. Still, feel there is a balance and stay optimistic like me.”
Galaxy Digital this week posted a net comprehensive loss of $111.7 million in the first quarter due to declines in major digital asset prices. The firm had earned $858.2 million in the prior year period.
Novogratz thinks Galaxy Digital remains strong despite the turbulence.
“Galaxy Digital had a strong quarter even amid digital asset price declines and I am proud to see the resilience and sustained profitability of our operational lines of business, including record contributions from the Investment Banking and Mining segments.”
Novogratz, the strongest crypto asset by market cap Bitcoin (BTC) He predicts that the price will stop around $30,000 and the leading smart contract platform Ethereum (ETH) will hold the $2,000 level.
Bitcoin was trading at $30,888 at the time of writing and Ethereum was currently at $2,348.
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.