Mike Novogratz, the billionaire investor and CEO of Galaxy Digital, believes the bitcoin market is in good shape, noting that “so much capital is coming into the space.” He also commented on China’s diminishing influence over the cryptocurrency market.
Mike Novogratz, CEO of Galaxy Digital, commented on the crypto market and the latest information about China’s crackdown on cryptocurrencies on Friday.
He stated that the crypto market was down for three reasons :
- The first is China reiterating its anti-crypto and anti-freedom stance
- The second is the U.S. Federal Reserve “putting taper in motion,”
- The third is the large overhead resistance degree for bitcoin and ether.
Furthermore, the billionaire CEO believes the bitcoin market is in good shape. In a recent interview with CNBC, he stated that the $40,000 level for bitcoin and $2,800 level for ethereum are “very important levels for people to watch,” noting
“As lengthy as these maintain, I feel the market is in fine condition.,” He said.
Novogratz went on to say, “I’ve seen nothing but engagement activity from our investing and corporate clients.” The level of inquiry and business has never been higher.” He went on to say:
“We see a lot of capital coming into the area, in non-public methods and public methods. I’m not nervous.”
Commenting on China’s impact on cryptocurrency prices, particularly BTC and ETH, Novogratz stated: “It was a lot more important five months ago before China basically said we’re banning crypto so miners have moved out of China.”
“China was never a big source of innovation in the space but it was a big source of trading and I think there’s still plenty of trading in China. The Chinese are smart, they know how to use VPNs, but it’s harder and harder and so I think it’s less and less important.” He stated.