Galaxy Digita founder Mike Novogratz says crypto more resilient after forced seller exodus

09/28 10:17

According to Bloomberg, Mike Novogratz, the billionaire founder of Galaxy Digital Holdings Ltd., said cryptocurrencies have been relatively resilient in the past month partly because there aren’t many forced sellers left in the sector. “We’re in this weird equilibrium where there are a few buyers, there are a few sellers, and there’s not that energy in the market like you’re seeing in the equity market or the bond market where you have to sell, right?” Novogratz said. A lot of leverage has been taken out of the crypto sector, he added in a discussion with Bloomberg’s Haslinda Amin at a conference in Singapore. Digital tokens will take off again as soon as the Federal Reserve flinches from its current path of aggressive monetary tightening, but not in a sustainable fashion until mass adoption of Web3 projects, he added. Novogratz also said that many crypto hedge funds won’t survive 2022’s rout in virtual coins, and Galaxy Digital will probably slow down the pace of hiring.

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