Fun

Bitcoin will stay in the $55K to $75K zone for now — Novogratz

News Feed - 2024-05-15 09:05:25

Tom Mitchelhill8 hours agoBitcoin will stay in the $55K to $75K zone for now — NovogratzMike Novogratz says crypto is in a “consolidation phase” and predicts that prices will bounce higher at the end of the current quarter.3287 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Bitcoin price will continue to range between $55,000 and $75,000 over the next month, potentially bouncing higher toward the end of the second quarter, according to Mike Novogratz, the founder and CEO of Galaxy Digital. 


Speaking on Galaxy Digital’s first quarter earnings call, during which the firm reported record quarterly revenue, Novogratz said crypto markets are currently in a “consolidation phase” and predicted that prices will bounce higher toward the end of the current quarter.


“Bitcoin, Ethereum, and everything else, Solana will consolidate. What does that mean? It means probably somewhere between 55 and 75 until the next set of circumstances, the next set of market events brings us higher,” he said.


Spot Bitcoin (BTC) exchange-traded funds (ETFs) initially debuted with ravenous demand from institutional investors — generating more than $13.9 billion in volume in their first week — but inflows have waned significantly in recent months amid a tumble in the price of Bitcoin.


According to TradingView data, Bitcoin is down 16.5% from its new all-time high of $73,700, which it notched on March 13.Bitcoin remains up 45.7% from the start of 2024. Source: TradingView


Novogratz said he wasn’t too worried by the dwindling inflows for spot Bitcoin ETFs, nor did he seem concerned by Bitcoin’s recent downward slide, noting a broader trend of adoption among traditional financial institutions.


Galaxy Digital and pattern firm Invesco issued their own spot Bitcoin ETF, which sports the ticker BTCO. Since its inception, the fund has attracted just $268 million in inflows — the second-lowest total inflow of all funds, excluding the Grayscale Bitcoin Trust.


“We continue to see adoption growing [...] big players are just now starting to put it through their system,” he said.“That whole process of wealth managers selling it to their clients isn’t an overnight process.”


Related:Novogratz’s Galaxy Digital raising $100M to fund crypto startups: Report


Notably, Novogratz said many of the tailwinds that drove price action at the start of 2024 will continue to stick around for the next few months and looked to several catalysts for crypto market price action moving forward.


He said crypto asset prices could begin to pick up when the United States Federal Reserve eventually begins cutting rates “because the economy finally slows,” or alternatively, we see a favorable outcome from the upcoming U.S. presidential election.


“We get through the election, and I think the election will bring clarity, one way or the other, to the crypto regulatory landscape,” Novogratz said.


Galaxy Digital posted a net income of $421.7 million for the first quarter, climbing 40% from the last quarter of 2023. Income was buoyed by record revenue from mining operations and management fees.


Web3 Gamer:Web3 gaming won’t exist in 5 years, $656K for best crypto game pitch# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin ETF# Adoption# United StatesAdd reaction

News Feed

Nifty News: Starknet’s new gaming body gets $125M, NFTs fall as ETH rises, and more
Jesse Coghlan2 hours agoNifty News: Starknet’s new gaming body gets $125M, NFTs fall as ETH rises, and moreThe Starknet Gaming Committee will look to bankroll game devs as the blockchain’s activity keeps sliding and
Indian Government Reconsiders Banning Cryptocurrency: Report
Indian Government Reconsiders Banning Cryptocurrency: ReportThe Indian government is reportedly reconsidering a plan to ban cryptocurrency and the finance ministry has initiated rel
Bitcoin ETF issuer VanEck files for Solana ETF in the US
Helen Partz10 hours agoBitcoin ETF issuer VanEck files for Solana ETF in the USAccording to VanEck’s head of digital assets research, VanEck is the first company in the United States to file for a Solana ETF.5244 Total
The Greatest Wealth Transfer: Economists Predict the Emergence of New Bitcoin Millionaires, BTC Capturing 3% of Gold Market
The Greatest Wealth Transfer: Economists Predict the Emergence of New Bitcoin Millionaires, BTC Capturing 3% of Gold MarketThe global economy has been feeling the hardships from the
Solana outage raises questions about client diversity and beta status
Prashant Jha9 hours agoSolana outage raises questions about client diversity and beta statusSolana’s latest outage was its first in nearly a year and around half a dozen in the past two years, but despite that, the blo
Cryptocurrency Theft Remains Key Revenue Source for North Korea, UN Report Says
Cryptocurrency Theft Remains Key Revenue Source for North Korea, UN Report Says Cyberattacks on cryptocurrency exchanges have been a major source of funds for North Korea in the pa
Central Bank of Brazil to Test Security and Transaction Privacy Levels of the Digital Real
Central Bank of Brazil to Test Security and Transaction Privacy Levels of the Digital Real The Central Bank of Brazil will focus its first digital real tests on determining the lev
Stop the Presses: Criticism Against the New York Times Mounts as Newspaper Is Accused of Killing 59 Million Trees Annually
Stop the Presses: Criticism Against the New York Times Mounts as Newspaper Is Accused of Killing 59 Million Trees Annually After the New York Times (NYT) published an editorial abo
Tom Blackstone5 hours agoNewly discovered Bitcoin wallet loophole let hackers steal $900K — SlowMistA series of attacks drained the wallets of BTC users by exploiting a faulty random seed generation algorithm.2038 Tota
Reddit Reportedly Testing NFT Profile Pic Functionality
Reddit Reportedly Testing NFT Profile Pic Functionality Reddit, one of the largest micro-posting sites on the internet, is reportedly venturing further into the world of non-fungib
Travala Scores 33% Revenue Growth With 60% of Bookings Paid With Crypto
Travala Scores 33% Revenue Growth With 60% of Bookings Paid With Crypto Travala, the online platform that allows crypto users to book hotel rooms in thousands of destinations aro
Spot Bitcoin ETFs regain traction, posting $418M net inflows
Martin Young3 hours agoSpot Bitcoin ETFs regain traction, posting $418M net inflowsFidelity’s Bitcoin ETF posted its largest day of gains over the last two weeks, leading the pack with $279 million in daily inflows.197