Seeking Alpha 2022-01-06 14:52:32

Bitcoin should bottom around $38K-$40K as crypto adjusts to Fed - Galaxy Digital's Michael Novogratz

Closely watched cryptocurrency investor Michael Novogratz said Thursday that $38K-$40K feels like the level where Bitcoin (BTC-USD) "should bottom" following the Federal Reserve-inspired sell-off that has taken place this week. Speaking to CNBC, the founder and CEO of Galaxy Digital (OTCPK:BRPHF) explained that indications that the Fed would become "more responsible" in fighting inflation limited the need for people to hold Bitcoin (BTC-USD) as an inflation hedge. At the same time, he noted that Bitcoin (BTC-USD) still operates as a risk asset, the type of holding that was hardest hit in a sell-off Wednesday that included a 3% slide in the Nasdaq. Following the recent decline in Bitcoin (BTC-USD) and other cryptocurrencies, Novogratz sees institutional buyers looking to grab the assets at attractive prices. "I know big institutions who are going through their process of putting positions on," he said. "I think they're going to see that as attractive levels

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.
Helpful Resources: AWDSportsCars.com | GardenGay.com | MoviesNTVSeries.com | MuzicFanatic.com