Amid Market Volatility, Mike Novogratz Is Positive on BTC

The investment group manager Mike Novogratz is positive on BTC despite the recent activities in the market. He commented on the main themes that recently happened.

Bitcoin had recently suffered from up to $5k losses with the huge selling volume in the market. On 20th September, Bitcoin has gone down from $47k to below $43k within hours. Today BTC has dipped to $40k and bounced to $43k. At the time of writing, the price of Bitcoin slipped below $43k and shortly after recovered. Recently, the volatility of Bitcoin has affected the market and the overall market experiences fluctuation in price.

Mike Novogratz on Bitcoin

The infamous bitcoin bullish ex-hedge fund manager, Mike Novogratz commented on Bitcoin in an interview with CNBC. During the SquawkBox show, he touched on the recent events that affected Bitcoin and the whole crypto market.

The well-known Chinese real estate company Evergrande Real-Estate Group is experiencing liquidity issues, and Novogratz thinks that it can be one of the reasons for the crash of Bitcoin and other cryptocurrencies. He mentioned that many crypto investors believe that much of the USDT supply was backed by the Chinese companies’ securities and Evergrande is one of the leading companies in the country. The liquidity problem of the company could negatively affect the market.

“One of the biggest worries in #crypto has been the stablecoin called #tether. Tether has performed very well through this entire thing but people have this idea that tether has got lots of their stablecoins backed by Chinese commercial paper,” says @novogratz on #evergrande #btc pic.twitter.com/Wwb5wK3crP

— Squawk Box (@SquawkCNBC) September 21, 2021

It is worth mentioning that USDT and other stablecoin are popular choices to buy Bitcoin and other cryptocurrencies. So, the fall of USDT can harm the crypto market.

Cryptocurrencies are now available in all states. Anyone can buy Bitcoin in Istanbul, Dubai, London, and anywhere else.

CEO of Galaxy Digital added that $40,000 for Bitcoin and $2,800 for Ethereum are crucial levels. If those cryptos are above those levels then the total market is doing well.

At the time of publishing, Ethereum was priced at $3,010 and Bitcoin was $43,222.

Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.