At present, the nature of the cryptocurrency market is in a state of depression and gloom. At the start of the ongoing week, many digital currency investors were looking forward to finding the signs for the start of the new bullish cycle. However, it seems that the investors would have to show a little more patience.
Many investors refrain from making bold predictions during uncertain times. However, the CEO of Galaxy Digital, Mike Novogratz, does not shy away from sharing his point of view with the masses on the matter. He recently claimed that Bitcoin and the greater cryptocurrency market would need some more time to recover from the ongoing bearish blow.
As per the latest remarks of Novogratz, the cryptocurrency market can start to rehabilitate only when the impact of the monetary policies of the Fed cools off. He was recently invited to the Consensus 2022 Conference in Texas. He also claimed that Bitcoin prices would remain trenched until Federal Reserve decided to back off and give it room to breathe.
He further explained that it is very likely that Bitcoin prices will take a nose dive before the stock market crash. His interview and statements were recently published by CoinDesk. Novogratz hopes that the economic condition of the United States is going to be ideal for supporting the next bullish cycle for Bitcoin.
Speaking to the attendees of the Consensus Conference, Novogratz claimed that it is important for investors to refrain from becoming too greedy. He also claimed that the investors who were able to create positions with LUNA classic token were able to make a 300 times return on their investments. He further explained that, at present, such massive outputs are not realistic expectations from the market.
Novogratz stated that there is a time when a particular asset class is booming, and there are underlying factors to support it. However, the investors need to understand the things that they are investing in. A few days ago, at the Piper Sandler Global Exchange and Brokerage Conference, he predicted that about two-thirds of the crypto hedge funds could go bankrupt due to the ongoing bear market pressure.