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Mike Novogratz on Bitcoin: “I Think $40K Should Hold”

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Tue, 05/18/2021 - 19:05
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Alex Dovbnya
Mike Novogratz believes that Bitcoin will bottom out around $40,000
Mike Novogratz on Bitcoin: “I Think $40K Should Hold”
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Galaxy Digital CEO Mike Novogratz expects Bitcoin, the largest cryptocurrency, to hold the $40,000 level and then have another leg up after a period of consolidation, according to his recent interview with CNBC's "Squawk Box":   

I think $40,000 should hold ... we'll consolidate then we'll have another leg up.

Novogratz claims that he sees more institutions moving into Bitcoin, adding that he’s no longer “the lone Wall Street guy” who’s screaming about it.

As reported by U.Today, Novogratz revealed that he had roughly 85 percent of his entire net worth in crypto.

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Mike Novogratz Defends His Criticism of XRP: "I Did Not Bring a Lawsuit Against Ripple"

Bitcoin’s dominance slips below 40 percent

According to CoinMarketCap data, Bitcoin’s dominance is now sitting at a multi-year low of 39.3 percent.

The top cryptocurrency is struggling to pick up steam after the Elon Musk debacle, while multiple altcoins of the likes of Polygon (MATIC) Synthetix (SNX) are posting stellar gains.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.