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Fund Manager Mike Novogratz Believes NASDAQ Selloff Is Not Over, Crypto Remains Red

Fri, 05/06/2022 - 14:07
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Arman Shirinyan
Billionaire does not believe that market is going to bounce right away, leaving possibility for further plunge down
Fund Manager Mike Novogratz Believes NASDAQ Selloff Is Not Over, Crypto Remains Red
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Galaxy Investment Partners CEO, fund manager and trader Mike Novogratz, shared his opinion on the current market conditions, telling CNBC reporters that he expects another dip on NASDAQ that will most likely affect the cryptocurrency market.

In addition to betting on another plunge on financial markets, Novogratz does not expect a "soft landing" since the market is yet to experience a 50 bp rate hike and massive outflow of funds from risky assets like stocks.

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As for the cryptocurrency market, Bitcoin is losing over 10% since yesterday, which neglects the price increase we saw previously, moments after the rate hike announcement.

Additionally, traders on the digital assets market experienced a massive loss, with $400 million in long and even short orders that were liquidated in a period of a high volatility on the crypto market.

Novogratz's contradictory predictions

Back at the end of March, the fund manager made a more positive statement by saying that he would not be surprised if cryptocurrencies rallied by the end of the year, which will put them in significantly higher trading ranges than we see now.

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But despite being bullish in the long term, Novogratz still has doubts about the crypto market's performance in the upcoming weeks or even months as stocks and other high-risk assets remain under firm pressure following the rate hike.

Novogratz is a famous crypto adoption fan and firmly believes that it will become a key for the next rally, the beginning of which is expected at the end of the year.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.