CEO of Galaxy Digital Mike NovogratzIn a new statement to the CNBC channel, he shared a prediction that crypto money prices could fall even more. The CEO, who is also known as one of the “bosses” of the cryptocurrency world, said, “We will go sideways… Can we go lower? Of course we can go.” He shared his current opinion on the markets.
Stating that we may continue the “lateral movement” for a while until the Federal Reserve’s “hawkish attitude” is reversed and regains itself, Novogratz added that we may be in the middle of a “correction” due to the excessive leverage of transactions.
Novogratz, Celsius, BlockFi and Three Arrows Capital He also reminded that centralized crypto money companies such as
The three companies named are among the biggest losers of the ongoing market crash so far. The disruptions experienced by these companies were widespread enough to injure all markets.
Novogratz thinks that the leverage reduction process is not yet fully completed. “I feel like we’re about 90% complete on this leverage reduction path,” he added.
The problem, of course, is that cryptocurrencies lack a bullish sentiment that could drive prices higher by attracting new capital. The “inflation hedge” narrative doesn’t work very well anymore, bitcoin needs another believable story to lure new buyers.
Novogratz, tech-heavy in late 2021 Nasdaq 100 He correctly predicted that Bitcoin would underperform in the first quarter due to the high correlation with In January, he also issued a warning that the largest cryptocurrency is “very vulnerable.”
Bitcoin managed to climb above the $21,000 average level earlier today, but bulls remain cautious about prospects for a potential rebound.
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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.