Galaxy Digital CEO Mike Novogratz says good projects will be in line with bitcoin when another rally begins
one in Recent TweetGalaxy Digital CEO Mike Novogratz believes that Bitcoin, the leading cryptocurrency, will lead the next crypto rally.
The cryptocurrency billionaire stopped predicting when such a rally would happen. He believes that prices will recover as soon as the US Federal Reserve abandons its harsh monetary policy and stops raising rates.
The market is in the process of adjusting to the popping of an asset bubble, which he claims was caused by the Federal Reserve.
Novogratz also explained that cryptocurrencies are underperforming in equities due to the fact that there are no buybacks and huge pension rebalancing that are creating a squeeze in equities.
The world’s largest cryptocurrency fell to $28,253 earlier today on the Bitstamp exchange.
In stark contrast, the S&P 500 is up 2.24%. It’s up about 6% in that week. Meanwhile, the Nasdaq-100 is up 3.18%, adding about 7% in a day.
For comparison, bitcoin is down 1.86% over the past seven days, and unless it manages to recover during the upcoming weekend, it is on track to secure a record-breaking ninth week.
Bitcoin’s correlation with the Nasdaq 100 hit record highs earlier, but the leading cryptocurrency has now split from the stock.As reported by U.Today, Novogratz predicted that the market would not go straight up after the Terra project collapsed in early May.
In the latest tweet, the Galaxy Digital Boss says that building revolutionary technology shouldn’t be easy.