The founder and CEO of hedge fund Galaxy Digital, Mike Novogratz, spoke with CNBC during his recent episode of Squawk Box, answering questions about Bitcoin, whether he expects a major correction now that a new all-time high has been established.
The founder and CEO of hedge fund Galaxy Digital, Mike Novogratz, spoke with CNBC during his recent episode of Squawk Box, answering questions about Bitcoin, whether he expects a major correction now that a new all-time high has been established.
It seems that Novogratz does not believe that Bitcoin can recover much from the current high.
“I don’t think we will go below $50,000 or $55,000 again”
Mike Novogratz told CNBC that, as has happened before, the world’s flagship cryptocurrency, Bitcoin, may undergo a correction. Even if this happens, he believes it will not push BTC below $55,000 or $50,000: “things are frothy, funding rates are high,” Novogratz said.
However, he believes the main catalyst for Bitcoin price now is the scale at which spot ETFs are absorbing BTC from the market. If that high rate persists, he said, Bitcoin is likely to continue rising. Once ETFs weaken their accumulation, Bitcoin may begin to correct current price highs. He added that traders are now making trading decisions by looking at data from spot Bitcoin ETFs that acquire BTC.
Approximately six hours ago, the leading cryptocurrency established a new all-time high, reaching $73,637, according to data provided by CoinMarketCap. Cryptocurrency blogger and journalist Colin Wu reported that on March 12, Bitcoin spot ETFs recorded a staggering inflow of $1.05 billion. That was a new record amount seen by them in a single day since February 28. Compared to $673 million in admissions then, on March 12 that was a 56% increase. BlackRock currently holds the lead in this space, surpassing all other ETFs in Bitcoin inflows.
Elon Musk shares tweet about fraudulent currencies and USD
The owner of social media app X, Elon Musk, shared a screenshot of a tweet describing fraudulent cryptocurrencies.
The tweet describes one such coin: it has 27 trillion coins in circulation, 25% of them have been minted in the last half year and 30% of the supply belongs to 1% of wallets. The user commented that this reminds him of nothing but the US dollar. Many cryptocurrency holders in Musk’s comment thread responded with positive comments, accepting that view. Musk himself, by posting this, seems to back up this comparison.
