Mike Novogratz Talks About Bitcoin and Crypto Markets!

Founder and CEO of Galaxy Digital company Mike Novogratzgave an interview on the state of world markets on Bloomberg today.

CEO, next to the general market cryptocurrencies He also spoke about Novogratz thinks that crypto markets are holding firmer than stocks right now:

“Even though there has been a recovery since the beginning of the month, the situation in stocks is still critical. However, the sales momentum in cryptocurrencies has slowed down. This is due to the decrease in volume in the crypto market. Bad news affects cryptos less now as there are fewer sellers.”

Novogratz claimed that, unlike the spot market, hedge funds will be in a very difficult situation towards the end of the year. Many crypto hedge funds may cease operations by the end of the year.

“The State of Cryptocurrencies Depends on the FED”

The US Federal Reserve (FED) changed its monetary policy due to rising inflation. The FED reduced the dollar liquidity provided to the market to reduce inflation, began to narrow the balance sheet and increase interest rates.

Galaxy Digital CEO believes that the Fed’s monetary policies are now closely related to cryptocurrencies.

“FED’s policies also affect cryptocurrencies. As long as the interest policy does not change, I prefer to remain “neutral” for the short term.”

Novogratz expects new upward movements in cryptocurrencies to begin when the Fed’s interest policy changes.

“As soon as interest rates change, the crypto market will come alive again. Regardless of all this, Bitcoin could hit $500,000 by 2027 if a nightmare doesn’t happen.”

Leading cryptocurrency $BTC, It is currently trying to surpass the $20,000 level.