Billionaire investor and Galaxy Digital CEO Mike Novogratz says the bitcoin market is doing well, noting that he’s seeing “a lot of capital coming into the space.” He also commented on the waning influence of China on the cryptocurrency market.
Billionaire investor says market is ‘in good shape’ – ‘I’m not nervous’
Galaxy Digital CEO Mike Novogratz commented on the cryptocurrency market and the latest news of China’s crackdown on cryptocurrency on Friday.
He explained that the cryptocurrency market fell for three reasons. The first is that China reiterates its stance against cryptocurrency and freedom. The second is that the US Federal Reserve is “putting a limit on the move,” and the third is the large upper resistance level for bitcoin and ether. Novogratz indicated that he believes that BTC and ETH will merge.
At the time of writing, Bitcoin is at $43,695 and Ether is at $3,090 based on data from Bitcoin.com Markets.
Moreover, the billionaire CEO believes that the Bitcoin market is doing well. In an interview with CNBC last week, he explained that the $40,000 for Bitcoin and $2,800 for Ethereum are “very important levels that people should watch,” noting:
As long as these remain, I think the market is in good shape.
Novogratz also shared: “I have seen nothing but interaction activity from our investment clients and our corporate clients. The level of inquiry and the level of business have not been higher.” He completed:
We see a lot of capital coming into the space, in both private and public ways. I’m not nervous.
Commenting on China’s impact on the price of cryptocurrencies, particularly BTC and ETH, Novogratz said, “It was even more important five months ago before China basically said we were banning cryptocurrencies until miners moved out of China.”
He continued, “China has never been a huge source of innovation in the space but it has been a huge source of trade and I think there is still a lot of trade in China… The Chinese are smart, they know how to use VPNs, but it’s more and more difficult and so I think it’s less important. “.
Do you agree with Mike Novogratz? Let us know in the comments section below.
photo credits: Shutterstock, Pixabay, Wikicommons
disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.