MikeNovogratz
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Galaxy Digital CEO Mike Novogratz Says It’s Time To Invest In Bitcoin Amid Economic Instability
The US economy is facing a potential credit crunch and is heading towards a recession, according to Mike Novogratz, CEO of Galaxy Digital. Novogratz warns that this is the time to invest in bitcoin and gold.
He believes that this is precisely the reason why cryptocurrencies were created, as governments tend to print too much money during tough times, which leads to economic instability.
“If there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that,” he told CNBC Wednesday.
Recently, regulators shut down Silicon Valley Bank and Signature Bank, while Silvergate Bank announced that it would wind down its operations and liquidate its business. Moody’s, the ratings agency, also slashed its outlook on the US banking system. Novogratz believes that the commodity market is indicating that the US is heading towards a recession, and this will lead to a credit crunch.
Novogratz also believes that the Federal Reserve will cut interest rates sooner than anticipated, as the banking crisis has changed the public’s “psychology.” He notes that there is contagion and that people are learning from the SVB crisis. He predicts that Americans may start to rely on just four or five depository institutions.
While stocks may decrease in the short-term, Novogratz anticipates that they will bounce back with the Fed’s shifting policy. He believes that central bankers will pause at the March meeting, as it has become apparent that something broke in the economy this week. Novogratz warns that a dovish hike for credibility’s sake would be a significant policy error.
The value of bitcoin surged to a nine-month high on Tuesday, hovering around $24,337 on Wednesday, and has rallied approximately 46% year-to-date. Gold rallied 1.37% on Wednesday to about $1,937.50, and Brent crude oil, the international oil benchmark, fell by 5.6% to trade around $73 a barrel.
Novogratz’s warning that the US is heading towards a credit crunch and potential recession should not be taken lightly. This highlights the importance of diversifying investments, and investing in assets like gold and bitcoin, which have shown resilience during economic downturns. The upcoming months will be critical, and investors should keep a close eye on developments in the US economy.
#bitcoin #btc #gold #MikeNovogratz #investment
This article was republished from azcoinnews.com
He believes that this is precisely the reason why cryptocurrencies were created, as governments tend to print too much money during tough times, which leads to economic instability.
“If there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that,” he told CNBC Wednesday.
Recently, regulators shut down Silicon Valley Bank and Signature Bank, while Silvergate Bank announced that it would wind down its operations and liquidate its business. Moody’s, the ratings agency, also slashed its outlook on the US banking system. Novogratz believes that the commodity market is indicating that the US is heading towards a recession, and this will lead to a credit crunch.
Novogratz also believes that the Federal Reserve will cut interest rates sooner than anticipated, as the banking crisis has changed the public’s “psychology.” He notes that there is contagion and that people are learning from the SVB crisis. He predicts that Americans may start to rely on just four or five depository institutions.
While stocks may decrease in the short-term, Novogratz anticipates that they will bounce back with the Fed’s shifting policy. He believes that central bankers will pause at the March meeting, as it has become apparent that something broke in the economy this week. Novogratz warns that a dovish hike for credibility’s sake would be a significant policy error.
The value of bitcoin surged to a nine-month high on Tuesday, hovering around $24,337 on Wednesday, and has rallied approximately 46% year-to-date. Gold rallied 1.37% on Wednesday to about $1,937.50, and Brent crude oil, the international oil benchmark, fell by 5.6% to trade around $73 a barrel.
Novogratz’s warning that the US is heading towards a credit crunch and potential recession should not be taken lightly. This highlights the importance of diversifying investments, and investing in assets like gold and bitcoin, which have shown resilience during economic downturns. The upcoming months will be critical, and investors should keep a close eye on developments in the US economy.
#bitcoin #btc #gold #MikeNovogratz #investment
This article was republished from azcoinnews.com
💬 Bitcoin ETFs will drive institutional adoption in 2024 - Galaxy Digital’s Mike Novogratz
Galaxy Digital founder and CEO Mike Novogratz says approving a Bitcoin spot ETF is not “a matter of if but when,” which will drive institutional investment in the secto$BTC #etf #BTC #MikeNovogratz
Galaxy Digital founder and CEO Mike Novogratz says approving a Bitcoin spot ETF is not “a matter of if but when,” which will drive institutional investment in the secto$BTC #etf #BTC #MikeNovogratz
🚨🚨🚨 Urgent Update About US Election, Suggestion to President Biden ⚠️‼️🚨🚨🚨
🇺🇸 Mike Novogratz Tips President Biden To Drop From Election Race In 72 Hours ⚖️
Galaxy Digital CEO Mike Novogratz has predicted that President Joe Biden may drop out of the coming electoral race in 72 hours
🔔 Stay informed with Kaleem's Crypto Mehfil !
KCM: Connecting Crypto Minds, Har Roz! 🔗
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Let's keep the conversation going! 💬
#KaleemsCryptoMehfilKCM #MikeNovogratz #uselections #donaldtrump #Biden
🇺🇸 Mike Novogratz Tips President Biden To Drop From Election Race In 72 Hours ⚖️
Galaxy Digital CEO Mike Novogratz has predicted that President Joe Biden may drop out of the coming electoral race in 72 hours
🔔 Stay informed with Kaleem's Crypto Mehfil !
KCM: Connecting Crypto Minds, Har Roz! 🔗
Need Your Support:
✅ Like 👍 | Comment 💬 | Retweet 🔁 |
Follow me for more updates! 👉
@Kaleem Crypto Mehfil KCM
Let's keep the conversation going! 💬
#KaleemsCryptoMehfilKCM #MikeNovogratz #uselections #donaldtrump #Biden
🚨 Shift in Power: US Voters Rejecting Old Politicians, Says Mike Novogratz 🔄💼
In a recent interview, billionaire investor Mike Novogratz shared his insights on the changing political landscape in the United States 🇺🇸. According to Novogratz, US voters are increasingly rejecting traditional politicians, seeking fresh faces and new ideas 🔄.
Novogratz, a prominent figure in the cryptocurrency space, believes that the old guard of politicians is no longer resonating with voters 🗳️. He cites the rise of outsider candidates and the growing popularity of anti-establishment movements as evidence of this shift 🚀.
The billionaire investor argues that voters are seeking authenticity and transparency in their leaders, qualities that are often lacking in traditional politicians 🤝. Novogratz also notes that the current political system is ripe for disruption, much like the financial system was before the rise of cryptocurrencies 💸.
Novogratz's comments come as the US political landscape is experiencing a significant transformation 🔄. With the 2024 elections on the horizon, it remains to be seen whether voters will continue to reject traditional politicians in favor of new blood 🗳️.
#MikeNovogratz #KaleemsCryptoMehfilKCM #Write2Earn! #July_NonFarmPayrolls_Shock #Babylon_Mainnet_Launch
In a recent interview, billionaire investor Mike Novogratz shared his insights on the changing political landscape in the United States 🇺🇸. According to Novogratz, US voters are increasingly rejecting traditional politicians, seeking fresh faces and new ideas 🔄.
Novogratz, a prominent figure in the cryptocurrency space, believes that the old guard of politicians is no longer resonating with voters 🗳️. He cites the rise of outsider candidates and the growing popularity of anti-establishment movements as evidence of this shift 🚀.
The billionaire investor argues that voters are seeking authenticity and transparency in their leaders, qualities that are often lacking in traditional politicians 🤝. Novogratz also notes that the current political system is ripe for disruption, much like the financial system was before the rise of cryptocurrencies 💸.
Novogratz's comments come as the US political landscape is experiencing a significant transformation 🔄. With the 2024 elections on the horizon, it remains to be seen whether voters will continue to reject traditional politicians in favor of new blood 🗳️.
#MikeNovogratz #KaleemsCryptoMehfilKCM #Write2Earn! #July_NonFarmPayrolls_Shock #Babylon_Mainnet_Launch
😱🔥Mike Novogratz's comment on Fed, Bitcoin and Gold: There is no reason, but they will
While the issue of when the Fed will start cutting rates continues to be discussed, Mike Novogratz stated that, contrary to the general opinion, the institution does not need to take such a step. "They will do it anyway, and that will be good for assets like Bitcoin, gold, copper," Novogratz said.
#MikeNovogratz CEO of digital asset management company Galaxy Digital, commented on the expected Fed rate hikes on X. Stating that the institution does not actually need to go to such an increase, Novogartz said:
"You can call me crazy, but I don't agree that the Fed needs to cut rates. They're going to do it anyway. This will also be good for #BTC , gold, silver and copper. But when you look at it, it will not be good for the United States. We need a president who will seriously cut spending. We are hearing the sound of silence in the capital about this issue.”
Discounts are registered for June
As it is known, the monetary tightening policy that has been going on in the US for about 2 years is expected to end this year. March May, however, where there were expectations for interest rate cuts a few months ago, today it is stated that there will be no cuts even in May. Experts are commenting that the Fed will start reducing in June at the earliest.
Interest rate cuts, especially in the stock markets, precious metals and cryptocurrencies, are expected to bring serious rises, but the fact that Bitcoin, along with the S&P 500, Nasdaq and Dow Jones in the US, have set consecutive records clearly shows that the markets are not expecting these reductions.
#BullorBear #binance
While the issue of when the Fed will start cutting rates continues to be discussed, Mike Novogratz stated that, contrary to the general opinion, the institution does not need to take such a step. "They will do it anyway, and that will be good for assets like Bitcoin, gold, copper," Novogratz said.
#MikeNovogratz CEO of digital asset management company Galaxy Digital, commented on the expected Fed rate hikes on X. Stating that the institution does not actually need to go to such an increase, Novogartz said:
"You can call me crazy, but I don't agree that the Fed needs to cut rates. They're going to do it anyway. This will also be good for #BTC , gold, silver and copper. But when you look at it, it will not be good for the United States. We need a president who will seriously cut spending. We are hearing the sound of silence in the capital about this issue.”
Discounts are registered for June
As it is known, the monetary tightening policy that has been going on in the US for about 2 years is expected to end this year. March May, however, where there were expectations for interest rate cuts a few months ago, today it is stated that there will be no cuts even in May. Experts are commenting that the Fed will start reducing in June at the earliest.
Interest rate cuts, especially in the stock markets, precious metals and cryptocurrencies, are expected to bring serious rises, but the fact that Bitcoin, along with the S&P 500, Nasdaq and Dow Jones in the US, have set consecutive records clearly shows that the markets are not expecting these reductions.
#BullorBear #binance
Mike Novogratz Anticipates Bitcoin Stability, Yet Futures Indicate Potential $70k+ Rally
- Bitcoin has been fluctuating between $55,000 and $75,000 since mid-March, showing no definitive trend.
- Mike Novogratz anticipates this consolidation to persist for another month, with potential for an upswing in the second quarter.
- There is a noticeable decrease in Bitcoin ETF inflows, hinting at reduced institutional interest.
- Despite this, open interest is high and funding rates remain positive, reflecting a bullish outlook in the futures market.
- A breakout above $67,000 might lead to a rally up to $75,000, but a drop to $57,000 could also occur.
Bitcoin is currently navigating one of its most uncertain phases, marked by a consolidation period that has persisted since mid-March. The cryptocurrency fluctuates between its all-time high of $73,800 and the $55,000 zone, trending lower each week.
Insights from analysts offer a deeper understanding of the flagship cryptocurrency's current state.
Bitcoin's Prolonged Range
Mike Novogratz, CEO of Galaxy Digital, mentioned during the company's first-quarter earnings call that Bitcoin is likely to oscillate between $55,000 and $75,000 for the next month. Novogratz anticipates a potential upward movement as the second quarter of the year (April to June) concludes. He highlighted that the crypto market, including major players like Bitcoin, Ethereum, and Solana, is experiencing consolidation and stabilization, possibly awaiting the next catalyst for a bullish surge.
Cooling Investor Interest in Bitcoin ETFs
Data from Farside reveals a steady decline in investor interest in spot Bitcoin ETFs. Initially, these ETFs witnessed a remarkable $13.9 billion in volume during the first week, but this has now decreased to around $11.8 billion, indicating waning institutional interest.
Futures Market Shows Optimism
Despite Bitcoin's 3% drop on May 14, retesting the $61,000 level, futures market indicators remain positive. Open interest in Bitcoin futures, although down from its mid-March peak, is still about 70% higher than February 2024 levels, according to Coinglass data. The weighted funding rate has stayed in the green for approximately three weeks, currently at 0.018%, recovering from a low of -0.0074 in early May.
Technical Analysis Predicts Potential Upswing
Analyst Cryptotoad notes that the support around $60,000 is holding longer than usual, suggesting the possibility of a bullish comeback. However, for this to materialize, Bitcoin needs to break and close above the $67,000 zone decisively. Should this happen, the cryptocurrency could move upwards, potentially reaching the $75,000 range high. Nevertheless, caution is advised as the threat of a dip to $57,000 remains.
Conclusion
While there are signs of a potential rebound for Bitcoin, the market remains volatile and unpredictable. Investors should stay informed and make financial decisions based on thorough research. Cryptocurrencies are highly volatile financial assets, and the information provided aims to be accurate and up-to-date, but it is crucial to conduct your own analysis.
#MikeNovogratz #bitcoin #BTC🔥🔥🔥🔥🔥 #cryptocurrency #Crypto2024
$BTC
- Mike Novogratz anticipates this consolidation to persist for another month, with potential for an upswing in the second quarter.
- There is a noticeable decrease in Bitcoin ETF inflows, hinting at reduced institutional interest.
- Despite this, open interest is high and funding rates remain positive, reflecting a bullish outlook in the futures market.
- A breakout above $67,000 might lead to a rally up to $75,000, but a drop to $57,000 could also occur.
Bitcoin is currently navigating one of its most uncertain phases, marked by a consolidation period that has persisted since mid-March. The cryptocurrency fluctuates between its all-time high of $73,800 and the $55,000 zone, trending lower each week.
Insights from analysts offer a deeper understanding of the flagship cryptocurrency's current state.
Bitcoin's Prolonged Range
Mike Novogratz, CEO of Galaxy Digital, mentioned during the company's first-quarter earnings call that Bitcoin is likely to oscillate between $55,000 and $75,000 for the next month. Novogratz anticipates a potential upward movement as the second quarter of the year (April to June) concludes. He highlighted that the crypto market, including major players like Bitcoin, Ethereum, and Solana, is experiencing consolidation and stabilization, possibly awaiting the next catalyst for a bullish surge.
Cooling Investor Interest in Bitcoin ETFs
Data from Farside reveals a steady decline in investor interest in spot Bitcoin ETFs. Initially, these ETFs witnessed a remarkable $13.9 billion in volume during the first week, but this has now decreased to around $11.8 billion, indicating waning institutional interest.
Futures Market Shows Optimism
Despite Bitcoin's 3% drop on May 14, retesting the $61,000 level, futures market indicators remain positive. Open interest in Bitcoin futures, although down from its mid-March peak, is still about 70% higher than February 2024 levels, according to Coinglass data. The weighted funding rate has stayed in the green for approximately three weeks, currently at 0.018%, recovering from a low of -0.0074 in early May.
Technical Analysis Predicts Potential Upswing
Analyst Cryptotoad notes that the support around $60,000 is holding longer than usual, suggesting the possibility of a bullish comeback. However, for this to materialize, Bitcoin needs to break and close above the $67,000 zone decisively. Should this happen, the cryptocurrency could move upwards, potentially reaching the $75,000 range high. Nevertheless, caution is advised as the threat of a dip to $57,000 remains.
Conclusion
While there are signs of a potential rebound for Bitcoin, the market remains volatile and unpredictable. Investors should stay informed and make financial decisions based on thorough research. Cryptocurrencies are highly volatile financial assets, and the information provided aims to be accurate and up-to-date, but it is crucial to conduct your own analysis.
#MikeNovogratz #bitcoin #BTC🔥🔥🔥🔥🔥 #cryptocurrency #Crypto2024
$BTC
Galaxy Digital Makes a Bold Move in the Crypto Market!
Mike Novogratz's Galaxy Digital has just made a significant investment in Bitcoin, purchasing 400 BTC worth $23.4 million ¹. This move comes despite Bitcoin's recent dip below $59K, showcasing Galaxy Digital's confidence in the cryptocurrency's potential.
A Strategic Acquisition:
Galaxy Digital's wallet now holds an impressive 3,150 BTC, valued at $184.56 million ¹. This acquisition not only demonstrates the company's commitment to cryptocurrency but also sends a positive signal to investors.
Market Impact:
This bold move by Galaxy Digital is expected to intensify investor optimism, potentially leading to increased adoption and investment in Bitcoin ¹. The cryptocurrency market is closely watching Galaxy Digital's strategies, and this acquisition reinforces their position as a key player.
A Vote of Confidence:
Mike Novogratz, CEO of Galaxy Digital, has long been a vocal advocate for cryptocurrency ². This acquisition solidifies his confidence in Bitcoin's potential, encouraging others to explore the opportunities in the crypto market.
Stay Ahead in the Crypto Game!
As the crypto landscape evolves, Galaxy Digital's strategic moves provide valuable insights for investors and enthusiasts alike. Keep a close eye on their developments to stay ahead in the game!
#MikeNovogratz #GalaxyDigital #Bitcoininvestment #GalaxyDigitalHoldings #bitcoinbullrun2024
A Strategic Acquisition:
Galaxy Digital's wallet now holds an impressive 3,150 BTC, valued at $184.56 million ¹. This acquisition not only demonstrates the company's commitment to cryptocurrency but also sends a positive signal to investors.
Market Impact:
This bold move by Galaxy Digital is expected to intensify investor optimism, potentially leading to increased adoption and investment in Bitcoin ¹. The cryptocurrency market is closely watching Galaxy Digital's strategies, and this acquisition reinforces their position as a key player.
A Vote of Confidence:
Mike Novogratz, CEO of Galaxy Digital, has long been a vocal advocate for cryptocurrency ². This acquisition solidifies his confidence in Bitcoin's potential, encouraging others to explore the opportunities in the crypto market.
Stay Ahead in the Crypto Game!
As the crypto landscape evolves, Galaxy Digital's strategic moves provide valuable insights for investors and enthusiasts alike. Keep a close eye on their developments to stay ahead in the game!
#MikeNovogratz #GalaxyDigital #Bitcoininvestment #GalaxyDigitalHoldings #bitcoinbullrun2024
Bitcoin's Potential Surge to $70,000: Mike Novogratz's Projections. 🚀🪙
Renowned investor Mike Novogratz, founder of Galaxy Digital, has shared his optimistic outlook on Bitcoin's future, projecting a climb to $70,000 contingent upon the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs).
In a Bloomberg interview, Novogratz highlighted the potential market impact and psychological shift if the SEC approves spot Bitcoin ETFs.
The Galaxy CEO emphasized the pivotal role an SEC-approved ETF could play in driving Bitcoin to revisit its previous highs within a year.
Novogratz anticipates a new inflow of fresh money influencing Bitcoin's trajectory and a shift in market psychology upon the government's green signal for Bitcoin purchases.
Bloomberg analysts project a potential approval of a spot Bitcoin ETF by January 10, 2024, though uncertainties exist due to SEC Chair Gary Gensler's ambiguous stance.
Novogratz remains optimistic, expecting developments such as an ETF approval in the United States, suggesting that investment firms like BlackRock, Fidelity, ARK Invest, and Galaxy Digital would promote Bitcoin adoption, significantly elevating its price.
Positive Remarks on Binance’s Settlement:
Novogratz praised Binance's $4.3 billion settlement with the DOJ, seeing it as a positive move for reducing risks in the crypto industry. The resolution eased concerns among investors about Binance's operations, highlighting the significance of regulatory compliance for entities in the space.
Bitcoin’s Projected Trajectory:
Novogratz predicts a substantial rise in Bitcoin, especially with an ETF approval and potential Fed rate cuts. He sees the 2024 halving and U.S. elections as key factors, attributing Bitcoin's appeal to being a hedge against global fiscal instability amid uncertainties.
#Bloomberg #bitcoinupdates #MikeNovogratz
#ETF's #SEC
Renowned investor Mike Novogratz, founder of Galaxy Digital, has shared his optimistic outlook on Bitcoin's future, projecting a climb to $70,000 contingent upon the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs).
In a Bloomberg interview, Novogratz highlighted the potential market impact and psychological shift if the SEC approves spot Bitcoin ETFs.
The Galaxy CEO emphasized the pivotal role an SEC-approved ETF could play in driving Bitcoin to revisit its previous highs within a year.
Novogratz anticipates a new inflow of fresh money influencing Bitcoin's trajectory and a shift in market psychology upon the government's green signal for Bitcoin purchases.
Bloomberg analysts project a potential approval of a spot Bitcoin ETF by January 10, 2024, though uncertainties exist due to SEC Chair Gary Gensler's ambiguous stance.
Novogratz remains optimistic, expecting developments such as an ETF approval in the United States, suggesting that investment firms like BlackRock, Fidelity, ARK Invest, and Galaxy Digital would promote Bitcoin adoption, significantly elevating its price.
Positive Remarks on Binance’s Settlement:
Novogratz praised Binance's $4.3 billion settlement with the DOJ, seeing it as a positive move for reducing risks in the crypto industry. The resolution eased concerns among investors about Binance's operations, highlighting the significance of regulatory compliance for entities in the space.
Bitcoin’s Projected Trajectory:
Novogratz predicts a substantial rise in Bitcoin, especially with an ETF approval and potential Fed rate cuts. He sees the 2024 halving and U.S. elections as key factors, attributing Bitcoin's appeal to being a hedge against global fiscal instability amid uncertainties.
#Bloomberg #bitcoinupdates #MikeNovogratz
#ETF's #SEC
#Bitcoin bull #MikeNovogratz says unrest in countries illustrates another reason to buy Bitcoin: a safe place to store 'fruits of your labor' is a human right. #BTC_MarketPanic_Dip #BTC_MarketPanic_Dip #BTC
Galaxy Digital CEO Mike Novogratz Admits Being 'Dead Wrong' About XRP and Ripple.
#WebGTR #GalaxyDigital #MikeNovogratz #BinanceTournament #FET
#WebGTR #GalaxyDigital #MikeNovogratz #BinanceTournament #FET
Mike Novogratz Turns Bullish, Galaxy Digital Buys 400 BTC
In an unprecedented development, Mike Novogratz’s Galaxy Digital has again increased its Bitcoin holdings, bagging a whopping 400 BTC today. On-chain data reveals a notable $23 million accumulation by the digital asset manager despite BTC’s recent pullback below $59K.
The latest accumulation has ignited bullish sentiments for the asset across the broader crypto market. Moreover, the massive accumulation garners additional bullish attention due to a couple of positive market dynamics following the massive purchase.
Mike Novogratz’s Galaxy Digital Bags 400 BTC
As mentioned above, BTC price saw a pullback to the $58K level as this week began. Nevertheless, Mike Novogratz’s Galaxy Digital’s decision to heavily buy BTC has ignited significant market optimism, coming as a potential buy-the-dip strategy.
According to data from Arkham Intelligence, the digital asset manager’s wallet address 12QVsf.. bagged 400 BTC, worth $23.40 million, from the Binance crypto exchange today, August 19. The total holdings of this particular wallet address rose to 3.15K BTC, worth a staggering $184.56 million, with the massive accumulation.
The accumulation also presents the asset with significant buying pressure, solidifying investors’ optimism about future price movements. Moreover, a renowned crypto market analyst’s remarks in the interim have further spotlighted bullish aspects for the coin.
Today, crypto analyst Ali Martinez posted on X today, drawing attention to Bitcoin’s cycle post-halving. Citing historical data, the analyst reveals that the market is currently in the early stages of this cycle. “It’s been 119 days since the 2024 BTC halving. In the last two cycles, BTC hit a market top around 530 days post-halving,” the analyst added. This indicated that the broader market has yet to see a new potential Bitcoin ATH for this cycle.
BTC Price Slips
However, BTC price slipped 3% in the past 24 hours to reach $58,205, contrary to the mentioned developments. Its 24-hour lows and highs were recorded as $58,264.90 and $60,262.72, respectively. Notably, Bitcoin shorts rose considerably in recent days, aligning with the somewhat bearish market sentiment today.
Nonetheless, the abovementioned accumulation by Mike Novogratz’s Galaxy Digital and the analysts remarks have offered an optimistic tint to the asset’s future potential. Coinglass data hinted at a 1.5% dip in futures OI to $30.01 billion today. However, the derivatives volume skyrocketed 40% to $40.04 billion, stirring investor speculations.
The flagship crypto’s 14-day RSI was 43, underlining the presence of slight downside pressure on price. Nonetheless, crypto market participants continue to extensively eye the coin, expecting future price action shifts attributable to looming Fed rate cut expectations.
According to the CME FedWatch Tool, 71.5% expect a 25 basis point cut, whereas 28.5% expect a 50 bps cut. Given the current market scenario, a rate cut could significantly bolster the broader crypto market.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#BTC #MikeNovogratz
The latest accumulation has ignited bullish sentiments for the asset across the broader crypto market. Moreover, the massive accumulation garners additional bullish attention due to a couple of positive market dynamics following the massive purchase.
Mike Novogratz’s Galaxy Digital Bags 400 BTC
As mentioned above, BTC price saw a pullback to the $58K level as this week began. Nevertheless, Mike Novogratz’s Galaxy Digital’s decision to heavily buy BTC has ignited significant market optimism, coming as a potential buy-the-dip strategy.
According to data from Arkham Intelligence, the digital asset manager’s wallet address 12QVsf.. bagged 400 BTC, worth $23.40 million, from the Binance crypto exchange today, August 19. The total holdings of this particular wallet address rose to 3.15K BTC, worth a staggering $184.56 million, with the massive accumulation.
The accumulation also presents the asset with significant buying pressure, solidifying investors’ optimism about future price movements. Moreover, a renowned crypto market analyst’s remarks in the interim have further spotlighted bullish aspects for the coin.
Today, crypto analyst Ali Martinez posted on X today, drawing attention to Bitcoin’s cycle post-halving. Citing historical data, the analyst reveals that the market is currently in the early stages of this cycle. “It’s been 119 days since the 2024 BTC halving. In the last two cycles, BTC hit a market top around 530 days post-halving,” the analyst added. This indicated that the broader market has yet to see a new potential Bitcoin ATH for this cycle.
BTC Price Slips
However, BTC price slipped 3% in the past 24 hours to reach $58,205, contrary to the mentioned developments. Its 24-hour lows and highs were recorded as $58,264.90 and $60,262.72, respectively. Notably, Bitcoin shorts rose considerably in recent days, aligning with the somewhat bearish market sentiment today.
Nonetheless, the abovementioned accumulation by Mike Novogratz’s Galaxy Digital and the analysts remarks have offered an optimistic tint to the asset’s future potential. Coinglass data hinted at a 1.5% dip in futures OI to $30.01 billion today. However, the derivatives volume skyrocketed 40% to $40.04 billion, stirring investor speculations.
The flagship crypto’s 14-day RSI was 43, underlining the presence of slight downside pressure on price. Nonetheless, crypto market participants continue to extensively eye the coin, expecting future price action shifts attributable to looming Fed rate cut expectations.
According to the CME FedWatch Tool, 71.5% expect a 25 basis point cut, whereas 28.5% expect a 50 bps cut. Given the current market scenario, a rate cut could significantly bolster the broader crypto market.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#BTC #MikeNovogratz
👀💸 Galaxy CEO Novogratz Vs Harris: Beware of Warren's Crypto Crackdown‼️
Galaxy CEO Mike Novogratz has issued a warning to Kamala Harris, urging her to distance herself from Senator Elizabeth Warren's anti-crypto stance.
Novogratz highlights the growing importance of digital assets in the US election, cautioning Harris against aligning herself with Warren's restrictive views on cryptocurrency.
As the political landscape continues to shift, Novogratz's warning underscores the need for pro-crypto policies to support innovation and progress.
Will Harris heed the warning and embrace a more crypto-friendly approach?❓
#KaleemsCryptoMehfilKCM #kamalaHarris #MikeNovogratz #MtGoxJulyRepayments #Bitcoin_Coneference_2024
Galaxy CEO Mike Novogratz has issued a warning to Kamala Harris, urging her to distance herself from Senator Elizabeth Warren's anti-crypto stance.
Novogratz highlights the growing importance of digital assets in the US election, cautioning Harris against aligning herself with Warren's restrictive views on cryptocurrency.
As the political landscape continues to shift, Novogratz's warning underscores the need for pro-crypto policies to support innovation and progress.
Will Harris heed the warning and embrace a more crypto-friendly approach?❓
#KaleemsCryptoMehfilKCM #kamalaHarris #MikeNovogratz #MtGoxJulyRepayments #Bitcoin_Coneference_2024
😱💥Galaxy CEO Novogratz: 85 trillion worth of wealth was opened to Bitcoin
Galaxy Digital CEO Mike Novogratz said in a post he attended that Bitcoin may make "insignificant" corrections, but he thinks the price will be much higher than this level by the end of the year. "The older generation, which has a fortune of $ 85 trillion, will now buy #Bitcoin much more comfortably thanks to ETFs," Novogratz said.
Mike Novogratz, CEO of Galaxy Digital, which has launched a joint Bitcoin spot ETF with Invesco, said that he thinks Bitcoin will easily surpass the record price level in the coming period.
Participating in a broadcast from the US media on Bloomberg TV, Novogratz noted that access to Bitcoin is now much easier, especially for the older generation, known as “boomer”.
"The elderly who are waiting for confidence will be more comfortable”
Stating that this group has been waiting for government guarantees to buy Bitcoin for a long time, the famous investor said that such a situation has happened for the first time in the history of Bitcoin:
For the first time in the history of Bitcoin, we are experiencing a period of price discovery. So for the first time people had very easy access to Bitcoin. some of the older generation, who have $ 85 trillion in assets, will now be more comfortable with Bitcoin. They had been waiting for a safe place for a long time.”
"Some drops may be seen for some time. For example, it may fall to 55 thousand dollars, but I think we will finish this year much higher than this price. Corrections happen all the time. I'm not expecting a big drop, though. We are not in such a period. As I said, if the older generation, which has an 85 trillion dollar fortune, invests only 1 to 3 percent of it in Bitcoin, it can bring a big rise. The value of this ratio is close to $ 2.5 trillion. I think the record will be broken soon too.”
#BTC #MikeNovogratz #TrendingTopic
Galaxy Digital CEO Mike Novogratz said in a post he attended that Bitcoin may make "insignificant" corrections, but he thinks the price will be much higher than this level by the end of the year. "The older generation, which has a fortune of $ 85 trillion, will now buy #Bitcoin much more comfortably thanks to ETFs," Novogratz said.
Mike Novogratz, CEO of Galaxy Digital, which has launched a joint Bitcoin spot ETF with Invesco, said that he thinks Bitcoin will easily surpass the record price level in the coming period.
Participating in a broadcast from the US media on Bloomberg TV, Novogratz noted that access to Bitcoin is now much easier, especially for the older generation, known as “boomer”.
"The elderly who are waiting for confidence will be more comfortable”
Stating that this group has been waiting for government guarantees to buy Bitcoin for a long time, the famous investor said that such a situation has happened for the first time in the history of Bitcoin:
For the first time in the history of Bitcoin, we are experiencing a period of price discovery. So for the first time people had very easy access to Bitcoin. some of the older generation, who have $ 85 trillion in assets, will now be more comfortable with Bitcoin. They had been waiting for a safe place for a long time.”
"Some drops may be seen for some time. For example, it may fall to 55 thousand dollars, but I think we will finish this year much higher than this price. Corrections happen all the time. I'm not expecting a big drop, though. We are not in such a period. As I said, if the older generation, which has an 85 trillion dollar fortune, invests only 1 to 3 percent of it in Bitcoin, it can bring a big rise. The value of this ratio is close to $ 2.5 trillion. I think the record will be broken soon too.”
#BTC #MikeNovogratz #TrendingTopic
💥💥💥 #MikeNovogratz Projects $100,000 #Bitcoinprice , Tips Regulatory Clarity
Galaxy Digital CEO Mike Novogratz predicts a $100,000 price for Bitcoin by year-end, as the #cryptocurrency surpasses $70,000, fueled by bullish sentiment after the approval of spot Bitcoin ETFs. Analysts and executives agree that clear crypto regulations in the United States are crucial for market growth.
Novogratz's $100,000 BTC Projection
- During a recent Bloomberg interview, Novogratz stated that if Bitcoin reaches $73,000 in the next week, it could surge to $100,000 by the year's end. He emphasized the concept of market ranges, suggesting that Bitcoin's current price of $70,000 falls within the potential $100,000 range.
- The approval of spot Bitcoin ETFs this year has significantly impacted Bitcoin's price, with approximately $60 billion flowing into these funds as institutional investors increase their exposure to the cryptocurrency. Bullish momentum grows as institutions continue to accumulate.
- Moreover, recent developments indicate growing adoption and a positive macroeconomic outlook for Bitcoin. Novogratz notes that what was once a hindrance is now becoming a catalyst, with institutional firms increasingly investing in Bitcoin through ETFs, signaling ongoing accumulation.
Regulatory Clarity to Drive Market Growth
- In recent weeks, discussions on crypto regulations have dominated industry discourse as executives advocate for clear rules to encourage investment. Novogratz and other crypto leaders praise the bipartisan support for the FIT21 bill, aimed at providing regulatory clarity. The bill, which passed the House, awaits deliberation in the US Senate.
- However, the Senate's rejection of the SAB 121, vetoed by President Joe Biden, has stirred criticism within the crypto community, particularly among those anticipating the Financial Innovation bill. Despite obstacles, Novogratz remains optimistic, noting that the market is gradually gaining regulatory clarity.
Source - coingape.com
#CryptoNews🔒📰🚫 #BinanceSquareBTC
Galaxy Digital CEO Mike Novogratz predicts a $100,000 price for Bitcoin by year-end, as the #cryptocurrency surpasses $70,000, fueled by bullish sentiment after the approval of spot Bitcoin ETFs. Analysts and executives agree that clear crypto regulations in the United States are crucial for market growth.
Novogratz's $100,000 BTC Projection
- During a recent Bloomberg interview, Novogratz stated that if Bitcoin reaches $73,000 in the next week, it could surge to $100,000 by the year's end. He emphasized the concept of market ranges, suggesting that Bitcoin's current price of $70,000 falls within the potential $100,000 range.
- The approval of spot Bitcoin ETFs this year has significantly impacted Bitcoin's price, with approximately $60 billion flowing into these funds as institutional investors increase their exposure to the cryptocurrency. Bullish momentum grows as institutions continue to accumulate.
- Moreover, recent developments indicate growing adoption and a positive macroeconomic outlook for Bitcoin. Novogratz notes that what was once a hindrance is now becoming a catalyst, with institutional firms increasingly investing in Bitcoin through ETFs, signaling ongoing accumulation.
Regulatory Clarity to Drive Market Growth
- In recent weeks, discussions on crypto regulations have dominated industry discourse as executives advocate for clear rules to encourage investment. Novogratz and other crypto leaders praise the bipartisan support for the FIT21 bill, aimed at providing regulatory clarity. The bill, which passed the House, awaits deliberation in the US Senate.
- However, the Senate's rejection of the SAB 121, vetoed by President Joe Biden, has stirred criticism within the crypto community, particularly among those anticipating the Financial Innovation bill. Despite obstacles, Novogratz remains optimistic, noting that the market is gradually gaining regulatory clarity.
Source - coingape.com
#CryptoNews🔒📰🚫 #BinanceSquareBTC
