Crypto billionaire Michael Novogratz claims that crypto is moving towards higher values as multiple factors greatly benefit the crypto ecosystem. So what makes Novogratz a crypto super bull amid heightened regulatory pressures?
Novogratz predicts crypto will gain strength
According to Michael Novogratz, founder of Galaxy Digital Holdings Ltd., a financial services company in the crypto industry, the crypto markets seem to be displaying extraordinary strength this year. Novogratz attributes this to sellers feeling tired after the mass sales witnessed in the past few months and the relaxation of regulatory restrictions in China. He also states that Hong Kong is becoming more open to the digital asset sector.
In a conference call for the company’s quarterly earnings on Tuesday, Galaxy Digital CEO said that the financial banking crisis in the United States was an ‘adrenaline burst’ for the Bitcoin price. He also stated that it provides the crypto community with ‘incredible resilience’ against the broader crypto industry. While talking about the significant rise of cryptocurrencies this year, Novogratz says it will be for two main reasons. The first is the fatigue of the vendors. According to Novogratz, this fatigue reduces the selling pressure and the increasing number of activities from Asian countries. According to him, China’s move to remove the regulatory shackles on tech businesses has greatly benefited the crypto industry.
Will the cryptocurrency market get bigger?
cryptocoin.comAs you follow, despite the fact that cryptocurrency trading has been made illegal in mainland China, the city of Hong Kong introduced a strategy late last year to position itself as a hub for digital assets and Web3 startups. In this regard, Chinese banks have been reaching out directly to crypto businesses for the past few months, and regulators in Hong Kong are about to hold a meeting to help crypto businesses with their banking. The 58-year-old Michael Novogratz looks pretty optimistic in the overall crypto space. As the source of this optimism, he makes the following statement:
It wouldn’t surprise me that three months, six months, nine months from now, we’re significantly higher.
Novogratz previously predicted that the BTC price could rise to $30,000 again by the end of March. Currently, the price of Bitcoin is currently changing hands at $27,232, which represents a 0.48% gain in the last 24 hours. On the other hand, it should be noted that BTC is 60% below its all-time high of approximately $69,000, which it reached in November 2021.
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