Mike Novogratz Says Bitcoin Will Lead The Next Rally

Alex Dovbnya

Galaxy Digital CEO Mike Novogratz Says Good Projects Will Follow Bitcoin’s Lead As Another Rally Begins

In a recent tweetGalaxy Digital CEO Mike Novogratz believes Bitcoin, the flagship cryptocurrency, will lead the next cryptocurrency rally.

The cryptocurrency billionaire stopped predicting when such a rally would take place. He believes that prices will be able to recover once the US Federal Reserve ends its aggressive monetary policy and stops interest rate hikes.

The market is adjusting to the bursting of an asset bubble, which he says was caused by the Federal Reserve.
Novogratz also explained that cryptocurrencies are much underperforming stocks due to the lack of buybacks and massive pension rebalancing that is causing the stock shortage.

The world’s largest cryptocurrency, dropped to $28,253 on the Bitstamp exchange earlier today.

In stark contrast, the S&P 500 is up 2.24%. It added nearly 6% that week. Meanwhile, the Nasdaq-100 is up 3.18%, almost 7% in a day

By comparison, Bitcoin is down 1.86% in the past seven days and is on track to hit a record-breaking ninth week in the red unless it recovers over the coming weekend.

Before that, Bitcoin’s correlation with the Nasdaq 100 hit an all-time high, but the leading cryptocurrency is now seemingly decoupled from stocks.

As reported by U.Today, Novogratz predicted that the market would not go straight after the Terra project collapse in early May.

In the most recent tweet, the Galaxy Digital boss says building revolutionary technology shouldn’t be easy.

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