Mike Novogratz, a wealthy investor and CEO of Galaxy Digital, says the bitcoin market is healthy, noting that “so much capital is moving into the industry.” He also commented on China’s diminishing influence over the cryptocurrency sector.
The Market Is ‘in Good Shape,’ According to a Billionaire Investor – ‘I Am Not Nervous’ Mike Novogratz, CEO of Galaxy Digital, remarked Friday on the crypto market and the newest news regarding China’s crackdown on cryptocurrency.
He indicated that the cryptocurrency sector was experiencing a bear market for three reasons. China’s reiteration of its anti-crypto and anti-freedom attitude is the first. The second is the Federal Reserve of the United States “initiating tapering,” and the third is bitcoin and ether’s major overhead resistance level. Novogratz stated his belief in the consolidation of BTC and ETH.
Mike Novogratz, Billionaire, Says the Cryptocurrency Market Is ‘in Good Shape’ — China’s Cryptocurrency Influence Is ‘Declining’ At the time of writing, bitcoin is trading at $43,695 and ether is trading at $3,090, according to statistics from Bitcoin.com Markets.
Additionally, the billionaire CEO believes the bitcoin market is healthy. In a recent interview with CNBC, he stated that the $40,000 level for bitcoin and the $2,800 level for ethereum are “critical levels for people to monitor,” noting: As long as those conditions continue to hold, I believe the market is in a good position.
Novogratz continued, “All I’ve seen is engagement activity from our investing and corporate clients.” The degree of inquiry and business has never been greater.” He went on to say: We see a tremendous amount of capital entering the industry, both privately and publicly. I am not frightened.
Regarding China’s influence on cryptocurrency pricing, particularly BTC and ETH, Novogratz stated: “It was a lot more relevant five months ago when China basically announced we’re going to prohibit crypto, so miners have fled China.”
“China was never a significant source of the invention in the sector, but it was a significant source of commerce, and I believe there is still plenty of trading in China,” he continued. The Chinese are intelligent; they understand how to utilize VPNs, but it’s becoming increasingly difficult, and so I believe it’s becoming less and less important.”
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