I Don't Think Bitcoin Will Go Back Below $55K-$50K: Mike Novogratz
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Founder and chief executive of Galaxy Digital hedge fund Mike Novogratz has spoken to CNBC during their recent Squawk Box episode, answering questions about Bitcoin, whether he expects a major correction now that a new all-time high has been established.
Looks like, Novogratz does not believe that Bitcoin can rebound much from the current high.
Yuri Molchan"I don't think we'll go back below $50,000, $55,000"
Mike Novogratz told CNBC that as it has happened previously, the world’s flagship cryptocurrency, Bitcoin, may stage a correction. Even if it happens, he believes it will not push BTC below $55,000 or $50,000 – “things are frothy, funding rates high,” Novogratz said.
However, he believes that the main catalyst of the Bitcoin price now is the scale at which spot ETFs are sucking up BTC from the market. If that high rate persists, he said, Bitcoin is likely to continue rallying. Once ETFs weaken their accumulation, Bitcoin may begin to correct from the current price highs. He added that traders now are making trading decisions watching the data of spot Bitcoin ETFs acquiring BTC.
Approximately six hours ago, the primary cryptocurrency established a new historic peak, reaching $73,637, according to the data provided by CoinMarketCap. Cryptocurrency blogger and journalist Colin Wu has reported that on March 12, spot Bitcoin ETFs saw a staggering $1.05 billion inflows. That was a new record amount seen by them within a single day since February 28. Compared to $673 million of inflows back then, on March 12 that was a rise of 56%. BlackRock currently holds the lead here, surpassing the rest of the ETFs by Bitcoin inflows.
Elon Musk shares tweet about scam coins and USD
Owner of the X social media app, Elon Musk, has shared a screenshot of a tweet that describes scam cryptocurrencies.
The tweet describes one of such coins – it has 27 trillion coins in circulation, 25% of it has been minted during the past half a year and 30% of the supply is owned by 1% of wallets. The user commented that this reminds him of nothing but US dollar. Many cryptocurrency holders in Musk’s comment thread responded with positive comments, agreeing to that vision. Musk himself, by posting this, seems to support this comparison.
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