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Galaxy Investment Partners CEO, Mike Novogratz, Warns Crypto Could Drop More

Tyler Irvin

Summary: Galaxy Investment Partners CEO, fund manager and trader Mike Novogratz, told CNBC he expects another drop on NASDAQ which will most likely affect the cryptocurrency market, when he appeared on Squawk Box Friday.  “What’s different than ‘08, ‘01, different than the covid crisis is the cavalry isn’t here,” Novogratz said. “There is no giant injection ...

Galaxy Investment Partners CEO, fund manager and trader Mike Novogratz, told CNBC he expects another drop on NASDAQ which will most likely affect the cryptocurrency market, when he appeared on Squawk Box Friday. 

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“What’s different than ‘08, ‘01, different than the covid crisis is the cavalry isn’t here,” Novogratz said. “There is no giant injection of liquidity to create the “V”. We’re going to go down and then we’re going to grind until a new story shows up. And then it’s going to take back off again.” 

In addition, he doesn’t expect a “soft landing” because he feels in order to curb inflation the government must put the economy into a recession. He also suggested that the power must go from the employees back to the employers. 

“Until I can look my employees in the eyes and say “you’re lucky to have a job” instead of saying “would you like salted popcorn or buttered popcorn the three days you come into work?” the economy will continue to be in a difficult spot.  

His overall outlook on crypto remains bullish, as he noted that a lot of institutional capital is starting to flow in the crypto space: “BlackRock, BlackStone, Citadel, Apollo all building major crypto efforts.” 

Unfortunately for investors he predicts it could be awhile before we start to see a crypto recovery. He did note that we are entering the territory where it is very advantageous to buy, but admits that it isn’t going to be as pretty to purchase compared to times past. 

As for the cryptocurrency market, Bitcoin has lost $402 in the last 24 hours and continues to go, according to Bitpush Terminal data. It currently is being traded at $36,131.41. Furthermore, eight of the top 10 cryptocurrencies by market cap are in the red Friday, at the time of writing. The only two cryptocurrencies in the green in the top 10 are Binance Coin (BNB) and USD Coin (USDC), by extremely minimal percentages. 

Bitcoin is down over $7,000 per coin in the last month, and Novogratz predicts the current price will further plummet before it rises. 

Author: Tyler Irvin

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Link: Galaxy Investment Partners CEO, Mike Novogratz, Warns Crypto Could Drop More   [Copy]
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