Mike Novogratz, CEO, and founder of Galaxy Digital Holdings Ltd. speaking at the Morgan Stanley Conference predicted a bottom region for two of the world’s leading cryptocurrencies, Bitcoin and Ethereum.
Stocks Must Further Decline By 15-20% To Face Same Fate as Bitcoin And Crypto
The crypto market and stock market share a few similarities, majorly that of uncertainty; and on Monday, both classes of assets were rocked, creating the possibility of a recession in the United States. Crypto has suffered a worse fate than stock though, since last December.
Novogratz believes Bitcoin’s decline to just around $19,412 and Ethereum’s current trading price of $1,012, which represents a 17% and 21% loss in value respectively, isn’t a good sign. He even favors the stock market over the crypto market based on the present state of things.
Despite his prediction, he still maintains full optimism and expects a turnaround in crypto’s fortunes. Oddly enough, he’s advised continuous investment as he joins a growing list of analysts seeking to leverage the market crash, with his company, open to hiring new investors.
Monday Pulls Off Sorrowful Checkmate On Investors
The high level of volatility and uncertainty in the world of crypto and stocks has led to a rising bloodline of suspicious individuals, known professionally as investors. While the crypto market isn’t necessarily a game or gamble, it combines their attributes.
Almost like in every game, the crypto market, and even the stock market are made up of players who have an aim of winning. There is a chance of winning, losing, and a few times, a tie (or draw) in a game but not in gambling.
Gambling is drawn on the chances of a win or loss. The crypto market could best be pictured as a coin toss – pun intended – in which there are just two outcomes: heads and tail; only this time, coins are virtual assets.
After a long period of fair runs which lasted until last November, the coin sadly flipped on its head and a long run of a tail began. On Monday however, the game flowed into a large pool of tears.
The prices of Bitcoin and Ethereum hit their year’s lowest, breaking below their level of support. There are growing concerns over the future of the two digital assets but optimists remain hopeful.