{"id":61220,"date":"2022-05-10T13:12:05","date_gmt":"2022-05-10T10:12:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61220"},"modified":"2025-09-05T10:55:28","modified_gmt":"2025-09-05T07:55:28","slug":"mike-novogratz-warns-of-further-bitcoin-price-decline","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/mike-novogratz-warns-of-further-bitcoin-price-decline\/","title":{"rendered":"Mike Novogratz Warns of Further Bitcoin Price Decline"},"content":{"rendered":"

The next few quarters for the market will be volatile amid negativity on Wall Street, threatening support levels at $30,000 for Bitcoin and $2,000 for Ethereum. This view was put forward by Galaxy Digital founder Mike Novogratz, Bloomberg reports.<\/p>\n

The forecast came during an investor conference after the publication of first-quarter results.<\/p>\n

Galaxy Digital’s net loss for January\u2013March was $111.7 million, versus a profit of $858.2 million in the same period last year. This was mainly due to unrealized losses on digital assets and investments in trading and principal investment businesses.<\/p>\n

As of March 31, Galaxy Digital managed assets of $2.7 billion, down 5% from the December 31 valuation.<\/p>\n

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“Until we reach a new equilibrium, digital assets will continue to trade in close correlation with the Nasdaq. My intuition tells me there will be further declines ahead, and this will occur in a very unstable, volatile and challenging market”<\/em>, the specialist explained.<\/p>\n<\/blockquote>\n

Novogratz warned that the bearish scenario could materialize if the Nasdaq falls below 11,000 (5.36% below the May 9 close).<\/p>\n

The tech sector benchmark slipped 4.29% the day before. Against this backdrop, Bitcoin traded below $30,000, Ethereum approached $2,200. The major crypto assets were down roughly 8% at the moment.<\/p>\n

According to Coinglass, on May 9 derivative liquidations exceeded $1 billion. Almost $800 million were on long positions.<\/p>\n

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\"\u041c\u0430\u0439\u043a
Data: Coinglass<\/a>.<\/figcaption><\/figure>\n<\/div>\n

In market turbulence, there was a sharp deviation of the algorithmic stablecoin TerraUSD (UST) from its 1:1 peg to the U.S. dollar. In the night of May 10, it fell to $0.66 and by the time of writing had recovered to $0.915, according to CoinGecko.<\/p>\n

In an interview, Novoograt did not stay on the sidelines of the UST saga. Galaxy Digital, led by him, became one of the investors in Terraform Labs, which is developing the Terra ecosystem.<\/p>\n

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“They are defending the peg. Let\u2019s see what happens. Of course, if things go wrong, this will adversely affect the ecosystem as a whole”<\/em>, he explained.<\/p>\n<\/blockquote>\n

Novogratz noted the emergence of new institutional players with a “long-term orientation” such as BlackRock, Blackstone, Citadel and Apollo Global Management. For him this creates a certain positive outlook for the future of the crypto market.<\/p>\n

In April, Novoograt said that a pause in Fed tightening was a condition for Bitcoin’s renewed growth.<\/p>\n

Subscribe to ForkLog’s channel on YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The next few quarters for the market will be volatile amid negativity on Wall Street, threatening support levels at $30,000 for Bitcoin and $2,000 for Ethereum. This view was put forward by Galaxy Digital founder Mike Novogratz, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":61221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,770,1303],"class_list":["post-61220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-galaxy-digital","tag-mike-novogratz"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=61220"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61220\/revisions"}],"predecessor-version":[{"id":61222,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61220\/revisions\/61222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/61221"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=61220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=61220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=61220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}