According to a wealthy ex-hedge fund manager, there will be more hardship’ for Bitcoin in the future
The CEO of Galaxy Investment Partners, Mike Novogratz, has projected that cryptocurrencies would continue to be linked to the Nasdaq for the foreseeable future.
According to Novogratz, the cryptocurrency market is now facing a pessimistic feeling, which is why he spoke with CNBC’s Squawk Box. The investor predicted that Bitcoin will continue to be linked to the Nasdaq stock market index when questioned about the future of the cryptocurrency.
Foreseeing the future state of Bitcoin and assessing whether this may be one of the greatest purchasing opportunities of all time, or if it’s best to hold on to your money for a few more years.
It is my personal belief that the Nasdaq-Crypto link will weaken over time. The breakdown has previously been tested. The Nasdaq index drops 3%, while the cryptocurrency market drops 9%. There is, however, more agony to come,” he says.
He went on to say: It’s possible that Nasdaq stocks might reach a peak of 12,000 before bouncing down to as low as 10,500 within a few weeks.
The crypto market needs big news to have an effect
This time, unlike with Covid, there isn’t a big injection of capital to get the v-shaped comeback going. Meanwhile, he said, “we’re going to grind until there’s a fresh story that turns up, and then we’re going to take back off.” According to the CEO of Galaxy, a bitcoin investing firm, “My gut tells me there’s more harm to be done.”
Michael Santoli said the following in another place: People who own Bitcoin also own technology and are in the front of disruption. “- What counts today to the markets and financial stress is what you own, as well as who else owns it and what they own.
CoinMarketCap reports that the price of Bitcoin has fallen by 4.84 percent over the past 24 hours and by 15.94 percent over the previous week, putting it at $32,810.