Despite strong sell-offs in the stock market last Thursday, bitcoin was able to stay above $19,000. On Friday, September 30, the largest digital currency is trading at $19,551.
Galaxy Digital CEO Mike Novogratz believes that BTC held steady in September because the majority of investors left the crypto market, who react negatively to the aggravation of volatility. They sold all their reserves and left the cryptosphere, as a result, the situation stabilized.
Over the past few weeks, Bitcoin has been trading in a narrow range of $18,000 to $20,000. According to Novogratz, there is no such turbulence in the cryptosphere that is observed in the stock markets.
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The billionaire does not rule out a resumption of the BTC rally after the Federal Reserve stops tightening monetary policy.
He also reaffirmed his point, made earlier, that most hedge funds will go bankrupt as a result of the collapse of digital currencies in 2022.
In addition, Galaxy Digital will review its personnel policy and refuse to hire additional managers.