Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off
September 24 2021 - 12:00PM
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The crypto market has been subjected to major sell-offs since
assets began to crash across the board. September which has been a
historically bloody month for the market has stayed true to nature
as various cryptocurrencies suffered crashes that dragged the
market down. Due to this, over $1 billion longs have been
liquidated in the market since Monday. Billionaire Mike Novogratz
was on CNBC to talk about the current market trends. But unlike
most investors in the market, Novogratz does not seem at all
worried about the numerous price dips rocking the market. Mike
Novogratz is the CEO of Galaxy Digital, a hedge fund that manages
assets ranging from traditional assets to cryptocurrencies. Nothing
To Worry About Talking about the sell-off in the market, Novogratz
explained that tensions were high in the space due to the current
regulations talks by the SEC. He pointed to the developing
Evergrande crisis, which Tether had been linked to, as also
contributing to the sell-offs, which had put investors on edge. The
CEO also pointed to long positions that were a little too
optimistic, saying, “I think the market got itself a little too
long. Related Reading | September Leaves Behind Trail Of
Blood, Bitcoin Long Liquidations Novogratz sees the current market
dips as a buy-the-dip opportunity. Simply stating, “I’m not
nervous” in response to the bleeding market. In addition, the
billionaire sees the Treasury introducing stablecoins which are
going to be backed by Fed banks. “That’s going to be something we
watch over the next week to three months.” Crypto Market Holding At
Critical Levels Noting the crash, the CEO pointed out that the top
two coins in the market had held at their critical positions.
Spelling good news for the market. Following the Monday crash,
bitcoin had held above $40,000 and Ethereum held up above $2,800
and Novogratz said, “As long as those hold, I think the market is
in good shape.” Related Reading | Bears Lose Hold On Market As
Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion Both
these assets had recorded massive losses following Monday’s
opening. And bitcoin alone had seen over $800 million long
positions liquidated in response to this. Ethereum had not fared
any better in the market as the bloodbath had spilled over into
altcoins. But despite this, the billionaire remains bullish on the
market. Another important factor for the billionaire was the amount
of both public and private capital that was pouring into the space.
At the beginning of the interview, Novogratz had mentioned that the
crypto market had moved on from the story of bitcoin but has moved
on to Web3. And investors, in a bid to not miss out on what could
very well be the next internet, have funneled more and more money
into the space. Crypto total market cap falls back to $1.8 trillion
| Source: Crypto Total Market Cap on TradingView.com Featured image
from Investopedia, chart from TradingView.com
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