A Billionaire Investor Has Just Called The Bitcoin Bottom After A $1 Trillion Crypto Price Crash Tanked Ethereum, BNB, Solana, Cardano And XRP

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Bitcoin and cryptocurrency prices have fallen sharply over the past week, with the combined crypto market now down nearly $1 trillion from November’s peak (even as Wall Street giant Goldman Sachs released a huge bitcoin price forecast. has done).

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The price of bitcoin is down almost 10% since the beginning of 2022, from a high of nearly $70,000 late last year to a low of $40,000. Meanwhile, other major cryptocurrencies Ethereum, Binance’s BNB, Solana, Cardano and XRP have also crashed back, all losing double-digit percentages in the past week.

Now, as traders look for signs that the sell-off has ended, bitcoin and crypto billionaire Mike Novogratz said he doesn’t expect bitcoin to fall further – driving the price below bitcoin’s low of $40,680 this week. .

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“On the charts, $38,000, $40,000 looks like where we should go down,” said Novogratz, chief executive officer of crypto investment management company Galaxy Digital. CNBC, alluding to “the tremendous amount of individual institutional demand”.

Wall Street veteran Novogratz said, “I know large institutions that are going through their process to build their positions and so I think they would see them as attractive levels to buy from.” At Keele and Goldman Sachs.

Wall Street stalwarts and institutional investors have been flooding the cryptocurrency markets since 2020 as the digital asset captures the attention of traders. The price of bitcoin has increased by almost 400% over the past two years, with smaller cryptocurrencies such as Ethereum and Solana gaining even more.

However, bitcoin and cryptocurrencies remain highly volatile, with many large investors speculating that bitcoin will win market share over gold as a store of value over the next few years.

The price of bitcoin fell sharply this week after the Federal Reserve released minutes of its December meeting, in which officials first and sharply hike interest rates to rein in rising inflation and shrink the Fed’s vast balance sheet. discussed the possibility of

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The price of bitcoin fell below $40,000 per bitcoin this week before the rally and is now above $42,000. The price of Ethereum has also jumped from its lows this week, giving rise to the price of its smaller rivals Binance’s BNB, Solana and Cardano. Ripple’s XRP also went up.

Novogratz said, “We have the philosophy that the Fed is going to keep rates low forever and even now, they’re going to slowly raise rates to 2% over two years and continue to buy Treasuries for a while.” ” “So we’re in this liquidity bubble.”

Novogratz also warned that if the Fed fails to control inflation, the situation could spiral out of control.

“If inflation doesn’t come down as the Fed thinks it is, all bets are off,” he said.

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