Mike Novogratz Expects More Volatility in the Crypto Market

by in Cryptocurrency News

Mike Novogratz crypto

Galaxy Digital CEO Mike Novogratz finds crypto prices will remain volatile at least for the coming quarters. In the company's earnings call on May 9, he said that more damage is expected to be done and the BTC price could fall below $30,000. Galaxy Digital, a financial services firm focused on cryptocurrencies, reported over $111 M net comprehensive loss in the first quarter of 2022. A year ago the company reported a gain of $858.2 M.

Related: Advisor at Allianz Said What Can Cause BTC Price Grow

Novogratz said crypto probably correlated to Nasdaq until it reached a new equilibrium. However, he is optimistic about Bitcoin’s long-term price. He stressed that new institutional investors including BlackRock, Citadel, and others are joining with a long term perspective. Not only crypto but tech stocks and financial markets, in general, react to the Fed's monetary policy to deal with inflation, and global economic difficulties.

On May 4, the Chair of the Central Bank announced increasing interest rates by a half percentage point.

The Bitcoin price currently stands at around $31,100, 18% down in seven days.