Mike Novogratz - Crypto Trading Will Change Dramatically If This Happens?!

Mike Novogratz - Crypto Trading Will Change Dramatically If This Happens?!

In an interview with CNBC, CEO of Galaxy Digital Mike Novogratz gave his take on the most common question being asked nowadays, ‘are we near the bottom?’. Many analysts and thought-leaders have provided their opinion on the bottom, with some believing Bitcoin hit bottom when Bitcoin hit the $17,700 range on June 18th, while others believe we have more damage to go. Although Novogratz understands we can always go lower, his belief is that most of the damage has been done, but it’s not all upside from here. The more likely scenario, according to Novogratz, is sideways action until the narrative changes. Besides most coins being 50% to 80% off their all-time highs, the crypto industry has been in the headlines for all the wrong reasons, creating a fear contagion in the market. Crypto companies have been forced to liquidate leveraged bets and have been unable to pay back loans, while others have received bailouts from FTX’s Sam Bankman-Fried. All of this plays into why Novogratz believes that crypto will be choppy for the foreseeable future.