The current energy in the crypto market falls behind the one in the equity or bond markets, Novogratz opined.
Mike Novogratz – Founder and Chief Executive Officer of Galaxy Digital – thinks cryptocurrencies have been more resilient in the past month because many forced sellers left the industry.
In addition, he spoke about Do Kwon and his problems with numerous law authorities. Novogratz hopes the South Korean could cope with the issues, describing him as a highly intelligent individual.for Bloomberg, the American billionaire and prominent crypto supporter – Mike Novogratz – opined that the dynamic of the digital asset sector has decreased in the past few weeks.
“We’re in this weird equilibrium where there are a few buyers, there are a few sellers, and there’s not that energy in the market like you’re seeing in the equity market or the bond market where you have to sell, right?”Novogratz believes the crypto market will take off once the Federal Reserve ceases its monetary tightening policies. A week ago, the central bank of the USAits benchmark interest rate by another 75 basis points in an attempt to battle the galloping inflation in the country.
In addition, Galaxy Digital’s boss revealed that his firm will slow down future hirings due to the current macroeconomic condition. He predicted that numerous crypto hedge funds won’t survive the turbulence and will halt operations before the year’s end.Novogratz was among the keenest proponents of Terra’s native token – LUNA. Earlier this year, he evenof the asset, though, made him rethink his stance.
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