Bitcoin (BTC) on Friday, July 9, is trading in the region of $ 33,000. Almost all altcoins are also losing today. Cryptocurrencies are retreating amid strong pressure from the Chinese authorities.
In the middle of this week, the People’s Bank of China once again called BTC and other coins speculative instruments that need to be fought. Mike Novogratz, CEO of Galaxy Digital, commented on the market situation.
He said that we are currently at the stage of consolidation. Most likely, Bitcoin will trade in the range of $ 30,000 to $ 35,000.
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Novogratz stressed: “Asia sells bitcoin, and the US buys it back. China, meanwhile, has declared war on cryptocurrencies, and this is part of the global cold war that we are entering, and I think we are still adapting.”
Some investors have switched from the crypto sphere to the energy market as hydrocarbon prices are trading at their highs. But the change in tactics does not mean that BTC will lose capital in the long run.
We are seeing the formation of a new base for investors, and very soon we will see the results of a positive trend, predicts Novogratz.