Galaxy Digital CEO Mike Novogratz is updating his outlook on the future of the current bear market and the crypto markets as a whole.<\/p>\n
Novogratz says in a Yahoo Finance interview that Bitcoin (BTC) and other crypto assets are likely to rally once the Federal Reserve pauses its monetary tightening measures.<\/p>\n
According to the Galaxy Digital CEO, the crypto market selloff was caused by the Federal Reserve hiking interest rates.<\/p>\n
Since the Fed has decided to try to smash inflation by raising rates aggressively, the most aggressive rate-raising in our lifetime, Bitcoin sold off with other assets. Its actually done better than most.<\/p>\n
I think if you finally get the pause, you will start seeing Bitcoin pick back up. Bitcoin and all cryptocurrencies.<\/p>\n
Are we going to get the pause? At one point, yes.<\/p>\n
On when the crypto downturn could end, Novogratz says that the prevailing bear market could last up to six more months.<\/p>\n
You know the bear case is weve got two to six months left of this pain. The bull case is the market starts breaking. And were seeing a lot of breakage. Not necessarily in crypto but in the rest of the world.<\/p>\n
According to the Galaxy Digital CEO, sellers in the crypto market are largely exhausted.<\/p>\n
Cryptos interesting in that three months ago, after the big selloff and the deleveraging, most people that needed to sell sold.<\/p>\n
And so youve seen price is much more muted. Things take off when theres a good story and they sell right back off when the story goes away.<\/p>\n
And so a lot less activity in crypto, a lot less for sellers. But also a lot less new buyers.<\/p>\n
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\nBillionaire Mike Novogratz Forecasts How Long the Bitcoin and Crypto Bear Market Will Last - The Daily Hodl<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"