The cryptocurrency market has lost over $200 billion in the last few days, with the market cap now below $1 trillion.
Mike Novogratz, the founder and chief executive officer of Galaxy Digital Holdings Ltd., believes that the cryptocurrency market is closer to the bottom than stocks. He made this statement during a recent interview with Bloomberg.
Cryptocurrencies and stocks have been underperforming since the start of the year. Most cryptocurrencies have erased the gains they accumulated in 2021 and are trading at their 2020 levels.
Bitcoin is trading around $22k after losing more than 22% of its value in the last 24 hours. If the bearish trend continues, Bitcoin could trade around the $20k mark for the first time in more than a year.
Ether dropped as much as 21% to $1,165 on Monday. Bitcoin has lost 67% of its value while Ether is down by 74% since hitting record highs in early November.
However, Novogratz said cryptocurrencies are closer to the bottom than stocks. He said;
“...
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