Alex Dovnya
Mike Novogratz believes the crypto market can resume its rally
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recently post Galaxy Digital CEO Mike Novogratz dismissed the recent market correction as a “risk fish” on the X social media network (formerly Twitter).
Crypto moguls are confident that Bitcoin, the largest cryptocurrency, can resume its upward trend.
As noted by Bloomberg, this was the biggest Bitcoin drop in a single session since the Silicon Valley Bank (SVB) collapse.
The decline occurred due to tensions in the Middle East, where Iran recently targeted Israel with large-scale missile and drone attacks.
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The attack involved hundreds of drones and missiles and was seen as retaliation for the bombing of the Iranian consulate in Damascus, Syria, by Israeli warplanes earlier this month.
It is unclear whether Iran’s response will lead to further escalation in the region.
“I hope that calm judgment prevails and that this does not become the start of a large-scale regional conflict. There are so many good things happening in the Middle East, but it is just a tragedy that we are here.”Novogratz he said.
Previously, Novogratz predicted He cited the “runaway momentum” in Bitcoin exchange-traded funds as the main reason behind his highly optimistic forecast.
Furthermore, the crypto billionaire recently tweeted that the microfinance situation will be favorable for the crypto market this year as he predicted that the US Federal Reserve will cut interest rates.
However, concerns about inflation persist, coupled with tensions in the Middle East, and there is a possibility that interest rate cuts will be delayed. Earlier this week, prices of top cryptocurrencies plummeted after the core consumer price index (CPI) showed stronger-than-expected growth.
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Alex Dovnya
