According to Bloomberg, founder and CEO of Global Digital, Mike Novogratz predicted at the Morgan Stanley Financials Conference that both Bitcoin and Ethereum are near the bottom rather than stocks.
The bottom of cryptocurrency is already near
In the last 24-48 hours, we have seen one of the most shocking crypto price plunges in the history of the entire crypto market. Bitcoin reached a minimum of $ 20,950.82 in yesterday’s unexpected event, from the previous resistance point of $ 30,000.
However, the founders of Global Digital say that both BTC and ETH will not fall below $ 20,000 and $ 1,000, respectively, while the latter will fall to $ 1,094 in the last two days. Novogratz also said inventories would drop by another 15-20%.
Ethereum needs to hold around $ 1,000 and is currently $ 1,200.Bitcoin is about $ 20,000, $ 21,000, $ 23,000, so it’s much closer to the bottom of the cryptocurrency than I think, stocks will be an additional 15% to 20%
In an interview with CNBC, Novogratz declared that Bitcoin would help the sick economy. He also believes that the Fed’s tightening is damaging the economy. Many companies have reportedly dismissed some workers because of inflation and high interest rates due to tightening.
Cryptographic Investors Sell Approximately $ 102 Million Digital Assets In Market Crisis
Cryptocurrency market capitalization is below $ 1 trillion, up from a record high of $ 3 trillion. No wonder why there is a wave of FUD. Last week’s digital asset investment outflow totaled $ 102 million, according to the latest CoinShare report.
Amid the recent crisis in Celsius and the decline in Bitcoin, a $ 57 million Bitcoin outflow and a $ 41 million Ethereum outflow have been observed, which may also be due to the Fed’s monetary tightening and stETH depeg from ETH. ..
The outflow was primarily American, with $ 98 million from the region and $ 2 million from Europe. Millions of withdrawals have also been recorded Last week, 3iQ, Purpose Investments, CoinShares XBT, and ETC Group recorded 72.1, 43.4, 11.3, and 6.2 withdrawals, respectively.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
