Bitcoin bull market and billionaire investor Mike Novogratz (Mike Novogratz) warned of the turmoil in the cryptocurrency market in a recent interview that originated from Barron and Marketwatch’s “investing in cryptocurrency” virtual event series. Overall, in the long run, Novogratz is bullish on Bitcoin, while companies like Coinbase are still prospering.
Novogratz warns of “shuffle” the crypto market
Since the market opened yesterday, the shares of Coinbase Global, Inc. (NASDAQ: COIN) are currently down 5%. Billionaire Mike Novogratz talked about San Francisco companies and the crypto economy in general at the press conference. Novogratz has been a long-term supporter of other digital assets such as Bitcoin (BTC) and Ethereum (ETH). Just recently, Galaxy Digital, the crypto investment company he founded, filed an application with the U.S. Securities and Exchange Commission (SEC) to list Bitcoin exchange-traded funds.
Novogratz said positively about the release of COIN on Wednesday that this excitement will cause some volatility in the cryptocurrency market. “In the coming week, due to the excitement of Coinbase, we may of course fluctuate,” the former Fortress executive said in an interview with Marketwatch.Although he was recently on CNBC and Say He “feels bullish [about] Encrypted Economy”, Novogratz envisions a big change.
When he said, his remarks were directed at XRP and Dogecoin:
I have seen a lot of weird coins like Dogecoin, and even XRP has a huge retail peak, which means there are a lot of crazy things now. That will never end, so we may be eliminated at some point.
Novogratz believes that Coinbase’s IPO is “rich”, and Crypto Exchange Exec believes that by the end of May, there is a 40% chance of a Bitcoin price of $70,000.
In the past 7 days, both Dogecoin (DOGE) and XRP have made huge gains. At the time of writing, the 7-day statistics for XRP this week has increased by +64.61%, while Dogecoin has increased by +114.15%. In terms of issuing COIN shares, Novogratz emphasized that Coinbase’s IPO is “rich” for the industry.
Pankaj Balani, CEO of Delta Exchange, said that after COIN goes public, his short-term prospects are much more optimistic than Novogratz’s view.
Balani said: “Coinbase’s opening price was just below $100 billion, but it failed to maintain the initial increase, which was about 15% lower than the opening price.” “Given the company’s earnings volatility, there are some concerns about the company’s valuation, but this is not the case. The fact that it has the largest market share among the regulated centralized exchanges in the United States cannot be eliminated, and its business has been closed. At this point, there is a monopoly”, the CEO of Cryptocurrency Derivatives Exchange added.
Balani of Delta Exchange believes that by the end of May, the price of Bitcoin (BTC) may reach 40% of $70,000 per unit.
Barani said: “The next few transactions will determine how new investors view stocks and the field.” “Since cryptocurrency has become synonymous with traditional investors’ interest in the cryptocurrency field, cryptocurrency investors are also Track its price keenly. After COIN’s modest listing, we saw that Bitcoin was correct, but it maintained monthly earnings and the crucial $61,000 level. Sentiment continues to remain strong, and the options market currently believes that, By the end of May, there is a 70% chance that BTC will reach $70,000.” Balani concluded.
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