Crypto Market Nearer To Bottom Than Stocks.
According to a Bloomberg report, the founder and CEO of Galaxy Digital Holdings Ltd., Mike Novogratz, suggested that cryptocurrencies are nearer to a bottom than the U.S. equities market.
It follows the investment manager’s prediction that the equities and crypto markets would have a difficult road ahead, but he is confident that crypto acceptance and its use in the real world will continue to grow in the future.
Bitcoin, the most valuable digital asset, sank as much as 17 percent to a price of $22,603, while Ether, an alternative cryptocurrency, plunged as much as 21 percent to a price of $1,165. Since reaching all-time highs at the beginning of November, they have fallen 67 and 74 percent, respectively, since that time.
Speaking at the Morgan Stanley Financials Conference, Novogratz predicted that Ethereum’s price will remain around $1,000; nevertheless, it is now trading at $1,200. According to him, we are a lot closer to a bottom in crypto than in the equities market. He added that he believes stocks are going to have another 15 percent to 20 percent collapse.
“Ethereum should hold around $1,000 and it’s $1,200 right now. Bitcoin is around $20,000, $21,000 and it is $23,000, so you are much closer to the bottom in crypto than you are where I think, stocks, are going to have another 15% to 20%”
Novogratz has previously said that he does not anticipate a V-shaped rebound in the cryptocurrency and equities markets. Instead, he forecasts that there will be a mix of market bottoms, ups-and-downs, and moving sideways until a new narrative arises about the macro-economic situation and interest rates.
According to him, the fact that the Federal Reserve of the United States is raising interest rates in an effort to reduce inflation is producing hitches and uncertainty in economic models. He went on to say that he is preparing himself for what may be a rather drawn-out struggle.
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Source: https://thecryptobasic.com/2022/06/14/galaxy-digital-ceo-mike-novogratz-crypto-market-nearer-to-bottom-than-stocks/?utm_source=rss&utm_medium=rss&utm_campaign=galaxy-digital-ceo-mike-novogratz-crypto-market-nearer-to-bottom-than-stocks