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Bitcoin’s price recent fluctuations have worried some investors as the crypto dipped briefly below $40,000 this week before inching up higher once more. But Mike Novogratz isn’t worried about BTC’s recent correction and viewed it as healthy for the crypto market.
In an interview with CNBC, Galaxy Digital CEO Mike Novogratz viewed the crypto’s price correction as healthy, considering the market’s spectacular growth in the past several months. “The crypto market has had an amazing run, let’s put that in perspective,” he said. “There’s a tremendous amount of activity in level one blockchains, things like Ethereum where people realized the story is not just Bitcoin but it really is web 3. Missing web 3 is like missing the internet so we see lots of money pile in.”
The price correction is just a natural reaction due to the recent developments in the market. “I think the market got itself a little too long — the China news scared people, worry about Fed talking about stable coins and regulations, “ Novogratz said. “I think there was a lot of nervousness in the market. “
Novogratz also pointed out that $40,000 for Bitcoin and $2,800 for Ethereum are very important price levels to watch. “As long as those hold, I think the market’s in good shape,” he added.
On September 21, BTC briefly dipped to $39,650 at roughly 9 pm UTC but the crypto managed to quickly recover. At the time of writing, Bitcoin traded at $42,063.78 based on Coindesk data.
While the sudden drop might have shaken some investors, Novogratz isn’t worried about the crypto’s long-term prospects. He pointed out that investor interest has not waned despite the volatility.
“I see nothing but engagement and activity from our investing clients and our corporate clients,” he explained. “The level of inquiry, the level of business, hasn’t been higher. We so much capital coming into the space in private ways and public ways, I’m not nervous.”
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