The billionaire investor and CEO of Galaxy Digital, Mike Novogratz, maintains stance that the bitcoin market is in good shape. Furthermore, He notes that he sees “so much capital coming into the space.”
Additionally, He makes comments on the declining influence China has over the crypto market.
Mike Novogratz Is Not Perturbed
After China’s crackdown Friday announcement, the Galaxy Digital CEO Mike Novogratz releases comments on the crypto market.
Mike Novogratz explains why crypto market is down after the crackdown announcement.
Firstly, China reiterating its anti-crypto and anti-freedom stance. Secondly, U.S. Federal Reserve “putting taper in motion,” Thirdly, the huge overhead resistance level for bitcoin and ether. Mike Novogratz believes that BTC and ETH will consolidate.
The price of bitcoin sits around $44,000 and ether is at $3,110 according to data from Bitcoin.com Markets.
Going Further, Mike Novogratz believes that the bitcoin market is in good shape. He explains during an interview with CNBC last week, saying the $40,000 level for bitcoin and $2,800 for ethereum “are very important levels for people to watch,”
“As long as those hold, I think the market is in good shape.”
Mike Novogratz goes on to explain
“I’ve seen nothing but engagement activity from our investing clients and our corporate clients.”
“The level of inquiry, the level of business hasn’t been higher.”
“We see so much capital coming into the space, in private ways and public ways. I am not nervous.”
Also, Commenting on China’s influence over the prices of cryptocurrencies, particularly BTC and ETH
“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.”