Crypto news

Mike Novogratz is confident that bitcoin will not fall below $20,000

CEO and founder of cryptocurrency bank Galaxy Digital Mike Novogratz is convinced that the two largest cryptocurrencies by capitalization are already close to the “bottom,” unlike the assets of the traditional U.S. financial market.

“Ethereum needs to hold near the $1,000 mark, it’s worth $1,200 right now. Bitcoin is around $20,000-$21,000, now it’s at $23,000. So you’re much closer to the bottom of the cryptocurrency market now than, say, stocks. They’re going to fall another 15-20%,” Novogratz shared during a conference hosted by Morgan Stanley.

The barometer of the U.S. economy,” the S&P 500 Index, is down 22% from its peak in early January. Bitcoin and Ethereum prices are down 67.6% and 74.9% from their all-time highs, respectively.

“Until I see the Fed pulling back […], intending to stop raising rates and even thinking about lowering them, I’m not sure it’s really time to invest heavily,” the Galaxy Digital head stressed.

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