Galaxy Digital CEO warns crypto traders, says altcoins could still see massive devaluations
05/22 09:43
According to The Daily Hodl, Galaxy Digital CEO Mike Novogratz is issuing a warning to crypto traders, saying that altcoins could still see massive devaluations. Novogratz said that altcoins are at still risk of losing more than half of their value even if they are already down big from their all-time highs. He also gives a gloomy outlook for the whole financial market, suggesting that crypto assets are likely headed to lower prices. Although Novogratz says the macro backdrop looks bearish, he remains optimistic that the crypto markets will eventually recover. He said: “Crypto is not going away. The amount of human capital moving into the space isn’t slowing down. The focus on building decentralized infrastructure that allows value and ownership to flow as freely as information on the internet, isn’t slowing down. The GDP of the metaverse is heading one way. Our community is resilient, has a shared belief in a new way of doing things, and the assurance that this is the very early innings.”
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