Galaxy Digital CEO, one of the top proponents of the failed Luna token, breaks his silence on the collapse of Terra’s token in a recent shareholder letter. Novogratz made its investment in Luna in the fourth quarter of January 2020.
Well, he even dedicated a tattoo to high-end cryptocurrencies, he was widely ridiculed for his over-the-top promotion of the crypto project after the token was implanted. Citation: “My tattoo will be a constant reminder that venture investing requires humility.”
Bitcoin, the world’s largest crypto, fell to $28,253 earlier today on the Bitstamp exchange. In contrast, the S&P 500 is up 2.24% and is up nearly 6% this week. Meanwhile, the Nasdaq-100 is up 3.18%, adding about 7% in a day. Furthermore, bitcoin is down 1.86% over the past seven days and is on track to secure a record-breaking month in the red unless it manages to recover over the upcoming weekend.
What’s next for the price of bitcoin?
Galaxy Digital CEO Mike Novogratz and cryptocurrency billionaire recently said in his tweet that the biggest cryptocurrency bitcoin will lead the next crypto rally. He believes that the bitcoin price will soon recover as soon as the US Federal Reserve abandons its harsh monetary policy and stops price hikes.
Novogratz further said that virtual currencies are underperforming due to the fact that there are no buybacks and huge pension rebalancing that are causing squeeze inequalities. The market is in the process of adjusting to the popping of an asset bubble, which was caused by Federal Reserve Novogratz’s beliefs.
Bitcoin correlation with the Nasdaq 100 reached record highs, while the leading crypto stock appears to be out of the currency. While Novogratz predicted that the market wouldn’t heat up immediately after the collapse of the Terra project, manufacturing the revolutionary technology isn’t easy either, he said.