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Billionaire Mike Novogratz warns the bitcoin and crypto carnage is far from over

Galaxy Digital CEO and billionaire Mike Novogratz says he doesn’t think crypto markets will recover any time soon.
In the 2022 Galaxy Digital Q1 investor call, the CEO of the investment management firm says he’s not optimistic about the next few quarters, although increasing adoption by traditional financial firms has made him optimistic about the crypto space at large.

“Crypto is likely to trade correlated with the NASDAQ until we reach a new equilibrium… My instinct is that more damage still needs to be done and that will be trading in a very choppy, volatile and difficult market for at least the next few quarters before the People get a sense that we are in balance. I’m actually quite optimistic about that.”

This week, Galaxy Digital announced an overall net loss of $111.7 million in the first quarter due to sharp falls in digital asset prices. The company earned $858.2 million in the same period last year.

Novogratz says Galaxy Digital remains strong despite the turmoil.

“Galaxy delivered another strong quarter against the backdrop of declining digital asset prices and I am proud to see the resilience and sustained profitability of our operating businesses, including record contributions from our Investment Banking and Mining segments.”

Novogratz predicts that Bitcoin (BTC) to market capitalization will hold the top crypto asset of around $30,000 while being the leading smart contract platform Ethereum (ETH) will hold the $2,000 mark. Bitcoin is trading at $30,888.27 at the time of writing and Ethereum is currently trading at $2,348.21.
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Source: Crypto News Deutsch

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