Crypto Prices Could Drop Even Lower, Says Galaxy Digital CEO Mike Novogratz
JAKARTA – Galaxy Digital CEO Mike Novogratz predicts crypto prices will fall even further. This view was conveyed by Novogratz in an interview with CNBC.
For information, Galaxy Digital is a technology-based investment firm that provides financial solutions around the digital asset ecosystem. The company was founded by Novogratz on December 15, 2017.
“We're going sideways… Can we go down? Of course, we can,” Novogratz said of crypto price movements.
He said that crypto prices will experience sideways movements. The move will last for some time until the Federal Reserve reverses its monetary policy.
Novogratz considers that the crypto market is currently undergoing a massive correction due to too much excessive leverage. Cryptocurrency firms such as Celsius, BlockFi, and Three Arrows Capital are said to have enormous leverage, according to Novogratz.
The three companies mentioned above are by far among the biggest victims of the ongoing market crash, pushing the entire industry to its breaking point.
Even so, the CEO of Galaxy Digital stated that the deleveraging process would still take place and was not fully completed. "It feels like we're 90% through the deleveraging," said Novogratz.