Bitcoin bull and billionaire investor Mike Novogratz warned about the volatility of the cryptocurrency market in a recent interview resulting from the series of virtual events of Barron’s and Marketwatch “Investing in Crypto”. Overall and in the long run, Novogratz is a bulwark for bitcoins and companies like Coinbase remain prosperous.
Novogratz warns of crypto market “laundering”
Shares in Coinbase Global, Inc. (Nasdaq: COIN) are currently down 5% since opening yesterday, and during the launch, billionaire Mike Novogratz spoke about the San Francisco company and the crypto economy in general. Novogratz has been a longtime supporter of bitcoins (BTC) and other digital assets such as ethereum (ETH). Most recently, the crypto investment company he founded, Galaxy Digital, filed an application with the US Securities and Exchange Commission (SEC) to list a bitcoin exchange fund.
While speaking positively about the release of COIN on Wednesday, Novogratz said the excitement would lead to some volatility in the crypto market. “We could certainly have some volatility next week because of the excitement around Coinbase,” the former fortress executive said in an interview with Marketwatch. Despite his recent statements on CNBC and his statement that he “feels bullish [about] crypto economy ”, Novograz predicts shaking.
His statements focused on XRP and dogecoin when he said:
I’ve seen a lot of weird coins like dogecoin and even XRP have huge rebounds, which means there’s a lot of craziness right now. This never ends well, so we will probably have a wash at some point.
Novogratz believes that IPO Coinbase “Monumental,” Crypto Exchange Exec sees a 40% chance of $ 70,000 Bitcoin prices by the end of May
Both dogecoin (DOGE) and XRP have seen huge gains in the last seven days. At the time of writing, seven-day XRP statistics are + 64.61% and dogecoin + 114.15% this week. As for the shares since the launch of COIN, Coinbase’s IPO was “monumental” for the industry, Novogratz stressed.
Pankaj Balani, CEO of Delta Exchange, says his short-term outlook after the COIN list is much more optimistic than Novogratz’s.
“Coinbase opened slightly below the 100BN rating, but failed to maintain initial gains and closed about 15% lower than the open price,” Balany said. “There are some concerns about the company’s valuation, given the volatility in its revenues, but that doesn’t detract from the fact that it has the largest market share among regulated centralized exchanges in the United States and its business is close to a monopoly at the moment,” he added. executive director of the crypto derivatives exchange.
Balani of Delta Exchange believes that by the end of May there is a 40% chance that the prices of bitcoin (BTC) will reach 70 thousand dollars per unit.
“The next few trading sessions will decide how new investors view stocks and the sector,” Balany said. “Crypto investors are also closely monitoring the price of COIN, as it becomes a proxy for the interest of traditional investors in the crypto space. We saw that bitcoin was right after COIN’s cold list, but it kept its monthly profits and crucial levels of $ 61,000. Sentiment remains strong, with the options market currently valuing a 40% chance that BTC will reach $ 70,000 by the end. in May, “Balany concluded.
What do you think of the opinion of bitcoin bull and billionaire investor Mike Novogratz about washing the crypto market? Tell us what you think of his opinion in the comments section below.
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