Alex Dovbnya
Mike Novogratz believes the cryptocurrency market can resume its rally
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In a recent job On the social network X (formerly Twitter), Galaxy Digital CEO Mike Novogratz called the recent market correction “risky fish.”
The cryptocurrency mogul is confident that Bitcoin, the largest cryptocurrency, can resume its upward trend.
As noted by Bloomberg, this is Bitcoin’s biggest drop in a single session since the collapse of Silicon Valley Bank (SVB).
The drop is due to tensions in the Middle East, with Iran recently targeting Israel with a major missile and drone attack.
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The attack, which involved hundreds of drones and missiles, was believed to be retaliation after Israeli military planes bombed the Iranian consulate in Damascus, Syria, earlier this month.
It is not yet clear whether the Iranian response will lead to further escalation in the region.
“I pray that composure prevails and that this is not the start of a major regional conflict. There are so many good things happening in the Middle East, it’s just tragic that we are here,” he said. said Novogratz.
Earlier, Novogratz predicted that the price of Bitcoin could surpass $100,000 in 2024. He cited the “unbridled momentum” of Bitcoin exchange-traded funds as the main reason for his highly optimistic prediction.
Additionally, the cryptocurrency billionaire recently tweeted that microfinancial conditions would be favorable for the cryptocurrency market this year as he predicted that the US Federal Reserve would cut interest rates.
However, continued inflation concerns, coupled with tensions in the Middle East, could delay the rate cut. Earlier this week, the price of the leading cryptocurrency saw a sharp decline after the Consumer Price Index (CPI) showed higher growth than expected.
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Alex Dovbnya
