Billionaire does not believe that market is going to bounce right away, leaving possibility for further plunge down
CEO, fund manager and trader of Galaxy Investment Partners Mike Novogratzshared his opinion on the current market conditions, telling CNBC reporters that he expects another drop in NASDAQ which will most likely affect the cryptocurrency market.
In addition to betting on another plunge on financial markets, Novogratz does not expect a “soft landing” since the market is yet to experience a 50 bp rate hike and massive outflow of funds from risky assets like stocks.
As for the cryptocurrency market, Bitcoin is down more than 10% since yesterday, which neglects the price rise we saw earlier, moments after the rate hike was announced.
Additionally, traders on the digital assets market experienced a massive loss, with $400 million in long and even short orders that were liquidated in a period of a high volatility on the crypto market.
The contradictory predictions of Novogratz
At the end of March, the fund manager made a more positive statement saying that he would not be surprised if cryptocurrencies rallied by the end of the year, which would put them in significantly higher trading ranges. higher than what we see now.
But despite being bullish in the long term, Novogratz still has doubts about the crypto market’s performance in the upcoming weeks or even months as stocks and other high-risk assets remain under firm pressure following the rate hike.
Novogratz is a famous fan of crypto adoption and strongly believes that this will become a key for the next rally, which is expected to start at the end of the year.
