Bitcoin will “lead” a new rally in the cryptocurrency market when the US Federal Reserve (Fed) stops raising the key interest rate. This was stated by the head of Galaxy Digital Mike Novogratz in an interview. CNBC.
“Bitcoin will lead the markets when the Fed backs off. As soon as the regulator falters, quotes will respond with an explosive growth, ”Novogratz said.
As a result of the meeting on June 14-15, the Fed increased the key rate range by 75 basis points – to the level of 1.5-1.75%. The head of the Fed, Jerome Powell, also said that in July the bar could be raised by another 0.5% -0.75%.
Bitcoin quotes reacted with a short-term growth, but the price corrected the next day. At the time of writing, the first cryptocurrency is trading near $21,217.
According to Novogratz, the Fed’s decision raised some concerns about an impending recession, but investors will not rush to invest in high-risk assets like bitcoin.
“A lot of the guys I’ve talked to assume they’re going to take action when they feel the Fed is about to pause. As long as the regulator remains belligerent, it’s hard for any risky asset to do really well,” he added.
The head of Galaxy Digital also acknowledged that despite the diversification of the portfolio, the current crisis in the cryptocurrency market turned out to be “more painful” compared to previous bearish cycles. In his opinion, this is due to the increased cost of digital assets.
Novogratz-led Galaxy Digital became one of the investors in Terraform Labs, which develops the Terra ecosystem. And the top manager himself ranked himself among the so-called “LUNAtics”, reinforcing this tattoo on his left arm.
After the collapse of TerraUSD and Luna, he called the project “a big idea that failed.”
In June 2022, Novogratz said that Bitcoin would not fail the $20,000 level, and Ethereum quotes would stay above $1,000.
Recall that in April Novogratz already expressed the thesis about the resumption of the rally of the first cryptocurrency after the easing of the Fed’s monetary policy.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
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Bitcoin will “lead” a new rally in the cryptocurrency market when the US Federal Reserve (Fed) stops raising the key interest rate. This was stated by the head of Galaxy Digital Mike Novogratz in an interview. CNBC.
“Bitcoin will lead the markets when the Fed backs off. As soon as the regulator falters, quotes will respond with an explosive growth, ”Novogratz said.
As a result of the meeting on June 14-15, the Fed increased the key rate range by 75 basis points – to the level of 1.5-1.75%. The head of the Fed, Jerome Powell, also said that in July the bar could be raised by another 0.5% -0.75%.
Bitcoin quotes reacted with a short-term growth, but the price corrected the next day. At the time of writing, the first cryptocurrency is trading near $21,217.
According to Novogratz, the Fed’s decision raised some concerns about an impending recession, but investors will not rush to invest in high-risk assets like bitcoin.
“A lot of the guys I’ve talked to assume they’re going to take action when they feel the Fed is about to pause. As long as the regulator remains belligerent, it’s hard for any risky asset to do really well,” he added.
The head of Galaxy Digital also acknowledged that despite the diversification of the portfolio, the current crisis in the cryptocurrency market turned out to be “more painful” compared to previous bearish cycles. In his opinion, this is due to the increased cost of digital assets.
Novogratz-led Galaxy Digital became one of the investors in Terraform Labs, which develops the Terra ecosystem. And the top manager himself ranked himself among the so-called “LUNAtics”, reinforcing this tattoo on his left arm.
After the collapse of TerraUSD and Luna, he called the project “a big idea that failed.”
In June 2022, Novogratz said that Bitcoin would not fail the $20,000 level, and Ethereum quotes would stay above $1,000.
Recall that in April Novogratz already expressed the thesis about the resumption of the rally of the first cryptocurrency after the easing of the Fed’s monetary policy.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
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