The crypto market has been the victim of big sales as assets have begun to crash across the board. September which was historically a bloody month for the market remained true to nature as various cryptocurrencies crashed which dragged the market. Because of this, the market has been liquidated by more than 1 1 billion since Monday.
Billionaire Mike Novograts was on CNBC to talk about current market trends. But unlike most investors in the market, Novogratz doesn’t seem at all concerned about the myriad price increases that are swaying the market. Mike Novogratz is the chief executive of Galaxy Digital, a hedge fund that manages assets ranging from traditional cryptocurrencies to cryptocurrencies.
Something to worry about
Talking about sales in the market, Novogretz explained that there was tension in space due to the current rules of the SEC. He pointed to the growing Evergrand crisis, with which Teether was associated and also contributed to the sell-off, which put investors on edge. The CEO also pointed to the long position which was a little more optimistic, he said, “I think the market has gone a little too long.
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Novogratz sees the current market dips as a buy-the-dip opportunity. Simply put, “I’m not nervous” in response to the blood market. In addition, the Treasury Treasury shows a stable currency that is going to be supported by the Fed Bank. “It’s going to be something we’ll see in three months from next week.”
Crypto market holding at critical level
Noting the crash, the CEO noted that the top two currencies in the market were in their critical position. Make good news for the market. After Monday’s crash, Bitcoin was above 40 40,000 and Etherium was above $ 2,800, and Novogretz said, “As long as there is, I think the market is in good shape.”
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Both properties have suffered extensive damage since opening on Monday. And Bitcoin alone has seen more than $ 800 million in long positions that have been liquidated in response. Ethereum could no longer produce good results on the market because blood pressure had spread to altcoins. But despite that, the billionaire market remains bullish.
Another important factor for a millionaire was the amount of public and private capital invested in space. At the beginning of the interview, Novogratz mentioned that the crypto market has moved beyond the story of Bitcoin but has moved to Web3. And investors, not to miss what the next internet could be, have made more money in space.
Crypto total market cap falls back to $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Investopedia, chart from TradingView.com