Galaxy Digital CEO, one of the top proponents of the failed LUNA token, finally breaks his silence on Terra’s collapse of the token in a recent shareholder letter. Novogratz made his investment in Luna in the fourth quarter of 2020, January.
Well, he also devoted a tattoo to the high-lying cryptocurrency, after the implosion of the token he was widely ridiculed for his over-the-top promotion of the crypto project. quoting: “My tattoo will be a constant reminder that venture investing requires humility.”
The world’s largest crypto Bitcoin dipped to $28,253 earlier today on the Bitstamp exchange. In contrast to this, the S&P 500 is up by 2.24% and added nearly about 6% this week. Meanwhile, the Nasdaq-100 is up by 3.18% adding 7% nearly in a day. Further, the Bitcoin is down by 1.86% over the last seven days and is on track to secure a record-breaking month week in the red unless it manages to recover in the upcoming weekend.
What’s Next For Bitcoin Price?
The Galaxy Digital CEO, Mike Novogratz, and the Cryptocurrency billionaire in his tweet recently said that the largest cryptocurrency Bitcoin will lead the next crypto rally. He believes that as soon as the U.S Federal Reserve ditches its hawkish monetary policy and stops hiking prices the bitcoin prices will be recovered soon.
Novogratz further says that virtual currencies are greatly underperforming equities due to the fact that there are no buybacks and giant pension rebalancing that are causing the squeeze inequities. The market is in the process of adjusting to the popping of an asset bubble, which was caused by the Federal Reserve Novogratz beliefs.
The Bitcoin correlation with Nasdaq 100 reached a record high, whereas the leading crypto has seemingly decoupled from stocks currency. Novogratz predicted that the market won’t heat up immediately after the Terra project collapse, building revolutionary tech is not easy as well, he added.