Novogratz accused the lack of transparency concerning those failed centralized organizations as responsible for the aggravated market cash.
Galaxy Digital CEO Mike Novogratz shared his latest insight on the state of the crypto market in an interview with CNBC, predicting that it is close to the bottom after massive leveraged positions were liquidated. However, choppiness may persist in the short term until a bullish narrative reverses the overall sentiment.When asked if Bitcoin could go lower, plunging to the $13k level, the former hedge fund manager said “no” to such a scenario.
Despite new capital coming into the market buying out the failed companies, he added, the market could plummet further. Given such a circumstance, he“Can we go lower? Of course we could. It feels that we’re 90% through that deleveraging. The problem is for you to go much higher, you need the narrative to go much higher and you need new capital to come in.
“Look at Celsius for example, no one knew how much leverage they had. When all is said and done there will be accusations and prosecutions for fraud. There will be gross misconduct in some of these cases.” In comparison, he praised decentralized lending platforms – Aave and Compound – for being transparent about financial information, thus leading to excellent performance even when extreme volatility took reign in the market. Novogratz called CeFi players “building on top of crypto” responsible for the violent market crash, as their behavior has contradicted what cryptocurrency was initially designed for.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'90 Day Fiance' Star Pedro Jimeno Files for Divorce from Chantel Everett'90 Day Fiancé' star Pedro Jimeno has filed for divorce from Chantel Everett, claiming she stole $257K from him.
Read more »
'90 Day Fiancé' Stars Chantel Everett and Pedro Jimeno DivorceCalling it quits! 'The Family Chantel' stars Chantel Everett and Pedro Jimeno have split.
Read more »
More than 90 'ghost guns,' high-capacity magazines, ammo seized by deputies in Palmdale, LASD saysDozens of so-called 'ghost guns' are off the street following a major bust in Palmdale, according to authorities.
Read more »
Nearing 90, “I Never Promised You a Rose Garden” author Joanne Greenberg still has stories to tellJoanne Greenberg is gearing up to publish a memoir as she approaches her 90th birthday this fall. Titled “On the Run,” it will re-live the 13 years she volunteered as one of the first female firefi…
Read more »
Bowie tornado unleashed 90 mph winds. How it snuck up on forecasters.A twister roared through Prince George’s County on Tuesday, toppling power lines and trees — some smashing into homes. Residents in Bowie had about 10 minutes of warning for the twister, which surprised forecasters.
Read more »