Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a recent tweet, Galaxy Digital CEO Mike Novogratz believes that Bitcoin, the flagship cryptocurrency, will lead the next cryptocurrency rally.
The cryptocurrency billionaire stopped short of predicting when such a rally would take place. He believes that prices will be able to recover as soon as the U.S. Federal Reserve ditches its hawkish monetary policy and stops hiking rates.
The market is in the process of adjusting to the popping of an asset bubble, which he claims was caused by the Federal Reserve.
Novogratz also explained that cryptocurrencies are greatly underperforming equities due to the fact that there’s no buybacks and giant pension rebalancing that are causing the squeeze in equities.
The world’s largest cryptocurrency, dipped to $28,253 earlier today on the Bitstamp exchange.
In sharp contrast to that, the S&P 500 is up 2.24%. It has added nearly 6% that week. Meanwhile, the Nasdaq-100 is up 3.18%, adding nearly 7% in a day
Bitcoin, for comparison, is down 1.86% over the last seven days, and it is on track to secure a record-breaking ninth week in the red unless it manages to recover during the upcoming weekend.
As reported by U.Today, Novogratz predicted that the market would not be heading straight up after the collapse of the Terra project in early May.
In the most recent tweet, the Galaxy Digital boss says that building revolutionary tech isn’t supposed to be easy.
Valeria Blokhina
Vladislav Sopov
