Though the world’s largest cryptocurrency by market cap, Bitcoin was facing a bearish trend, the crypto space was still expecting the price to reclaim $40,000. However, the flagship currency has yet again declined and the price has hit below $36,000.
Bitcoin is one of the assets that respond to Nasdaq stocks, not that Bitcoin is linked to Nasdaq, but because it falls under the same category as stocks, and also monetary policies leave a huge impact on Bitcoin as well.
Meanwhile, in a recent CNBC report, Mike Novogratz, Galaxy Investment Partners CEO and also a trader, put forth his opinion saying that he is looking forward to another dip on NASDAQ which in turn will also affect the cryptocurrency market.
Along with predicting another financial market dump, Galaxy investment CEO expects a harsh wind for the market as the Fed is yet to make a 50 bp rake hike along with huge fund outflow from assets like stocks.
Also read : Bitcoin 3-Day Death Cross! BTC Price To Plunge More In Coming Days
When looking at the crypto market, the cryptocurrencies are all on a red note which is completely the opposite of previous gains. And this has happened moments after the rate hike announcement.
Back in March, Mike Novogratz had an opposite stance as he had claimed that it would not be a surprise for him if the cryptocurrencies rallied by the end of 2022 would bring them in higher trading volume.
But today, that bullish stance has been replaced by Mike’s doubt on the performance of the crypto market during the coming weeks or even months as the stocks and other high-risk assets remain under selling pressure.
Mike Novogratz is one of the famous cryptocurrency proponents who firmly believes that crypto adoption will drive the next rally and this is likely to begin at the end of this year, 2022
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Source: https://coinpedia.org/news/crypto-market-is-set-to-perform-in-the-coming-weeks/