Galaxy Digital CEO Mike Novogratz said crypto doesn’t have much further to fall, but it could remain in choppy sideways trading before new capital enters the space. Cryptocurrency prices have been tumbling all year with other risk assets as the Federal Reserve began raising interest rates to fight persistently high inflation. The price of bitcoin , the largest crypto asset by market cap, is about 70% off its November all-time high. Further, fear of contagion is high as strained crypto companies have been forced to liquidate leveraged bets on cryptocurrencies. They have also been unable to fulfill loan repayment terms , while others have received bailouts from FTX’s Sam Bankman-Fried . “It feels like we’re 90% through that deleveraging,” Novogratz said on CNBC’s ” Squawk Box ” Thursday. “The problem is, to go much higher you need the narrative to pick up and you need new capital to come in.” “My instinct is it’s going to be choppy sideways for a while until either the Fed flinches...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...