The outlook for crypto is not horrible, but it’s not great, says Mike Novogratz

  • Galaxy Digital’s Mike Novogratz says that the outlook for crypto is not looking great at the moment.

  • More companies will cut costs to survive this bear period, he added.

  • He previously stated that crypto is facing a deficit of trust.

The outlook for crypto is not looking great at the moment

Mike Novogratz, the CEO of Galaxy Digital, told CNBC Squawk Box in a recent interview that the outlook for crypto is not horrible as many people believe it to be. However, he added that the outlook is not looking great either.

 

He stated that;

“2022 was a grand washout for growth stocks and for crypto. So, anything associated with it got hammered, as many of the crypto stocks did.”

The price of Bitcoin and other leading cryptocurrencies is down by more than 65% from the all-time high they attained in November 2021. He stated that;

“The outlook for crypto is not horrible, but it’s not great. We’ve got regulatory headwinds we didn’t have before. We have time to heal and rebuild the narrative. People are going to cut costs and survive this transition period. Crypto is not going away. What is interesting is the price of Bitcoin and Ethereum have held steady over the last few months. The prices have actually gone up in the last few days. It’s a pretty clean market right now.”

The other market activities will play out soon

There is an ongoing battle between Gemini, the cryptocurrency exchange owned by the Winklevoss twins, and DCG-owned Genesis. Genesis currently owes users of crypto exchange Gemini’s Earn product some $900 million.

Earlier this month, Cameron Winklevoss slammed DGC’s CEO, Barry Silbert, over bad-faith stall tactics. Novogratz said;

“There are still some overhangs in the market like DGC, Genesis, and Gemini. That will play out in the next quarter. That’s not going to be great, but I don’t think it would include a lot of selling. It’s just not good news.”

In November, Novogratz said that there was a crisis of confidence in the market and it would be tough for the market to recover soon.

All Dutch and English crypto news!

Bithumb in turmoil, Binance’s 47K law requests, Axie players down 85%: Asia Express

Our weekly roundup of news from East Asia curates the industry's most important developments. Bithumb in turmoil  On Jan. 25, Yonhap Infomax reported that South Korean authorities...

Data shows pro Bitcoin traders want to feel bullish, but the rally to $23K wasn’t enough

Bitcoin (BTC) price had a mixed reaction on Jan. 25 after the United States reported a 2.9% gross domestic product growth in the fourth quarter,...

SEC once again rejects ARK 21Shares Bitcoin ETF listing

The SEC has once again rejected a proposal to list the ARK 21 Shares Bitcoin ETF on equities exchange Cboe BZX, according to Jan. 26...

Moody’s to build scoring system for stablecoins: Report

Credit rating firm Moody's is allegedly developing a scoring system for stablecoins, with analysis for up to 20 digital assets, Bloomberg reported on Jan. 26 citing unnamed...

Beste exchanges

Koop je crypto bij Bitvavo