Since assets began to collapse, the crypto market has been suffering a major sell-off. September has always been a bloody month for the market, but due to the collapse of various cryptocurrencies, which dragged the market down, it has always been nature. As a result, since Monday, more than $1 billion of long positions have been liquidated in the market.
Billionaire Mike Novogratz (Mike Novogratz) in NBC Finance Channel Talk about current market trends. But unlike most investors in the market, Novogratz does not seem to worry about the countless price drops in the market at all. Mike Novogratz is the CEO of Galaxy Digital, a hedge fund that manages everything from traditional assets to cryptocurrencies.
Nothing to worry about
Speaking of the market sell-off, Novogratz explained that due to the current regulatory negotiations by the US Securities and Exchange Commission, tensions in this area are high. He pointed out that the ever-evolving Evergrande crisis related to Tether has also led to a sell-off, which makes investors nervous. The CEO also pointed out a long position that was a bit too optimistic. He said: “I think the market is a bit too long.
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Novogratz sees the current market decline as an opportunity to buy on dips. Simply put, “I’m not nervous” to deal with the bleeding market. In addition, the billionaire also saw the Treasury Department launch a stable currency that will be supported by the Federal Reserve Bank. “This will be something we will focus on in the next week to three months.”
The crypto market remains at a critical level
When the CEO noticed the crash, he pointed out that the top two tokens on the market have always been in a key position. This is good news for the market. After the crash on Monday, Bitcoin remained above $40,000 and Ethereum remained above $2,800. Novogratz said, “As long as these remain the same, I think the market is in good condition.”
After the market opened on Monday, both assets recorded huge losses. Bitcoin alone has long positions of more than US$800 million that were liquidated. Since the bloodbath has spread to altcoins, Ethereum’s performance in the market has not improved. But despite this, the billionaire is still optimistic about the market.
For the billionaire, another important factor is the amount of public and private capital pouring into this field. At the beginning of the interview, Novogratz mentioned that the crypto market has moved from the Bitcoin story to Web3. Investors have invested more and more money in this field in order not to miss the opportunity that is likely to become the next Internet.
Crypto total market cap falls back to $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Investopedia, chart from TradingView.com