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

Where’s Next Major Dogecoin Resistance? On-Chain Data Points To This
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
African Web3 Startup Raises $6.45 Million in Pre-Seed Round, Serena Williams’ Investment Firm Participates
African Web3 Startup Raises $6.45 Million in Pre-Seed Round, Serena Williams" Investment Firm Participates An African startup, Nestcoin, said it raised $6.45 million in a pre-seed
Greenidge Joins Foundry USA, Deal Gives Bitcoin’s Fifth-Largest Pool 800 Petahash
Greenidge Joins Foundry USA, Deal Gives Bitcoin"s Fifth-Largest Pool 800 Petahash Greenidge Generation Holdings Inc., the mining firm based in Upstate New York,
Pyth ploys DeFi lending overhaul with Morpho, Gauntlet partnership
Josh O"Sullivan12 hours agoPyth ploys DeFi lending overhaul with Morpho, Gauntlet partnershipPyth Network teams up with Morpho and Gauntlet to enhance lending protocols on Ethereum and Base using low-latency price data.8
2 Mirrored, Copycat Bored Ape NFT Projects Cause Copyright Infringement Controversy
2 Mirrored, Copycat Bored Ape NFT Projects Cause Copyright Infringement Controversy In the midst of the hype surrounding the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) co
Bitcoin to Be Digital Gold in 2020, Says Bloomberg Report
Bitcoin to Be Digital Gold in 2020, Says Bloomberg Report Bitcoin will mature into a gold-like store of value this year, according to the latest projections by Bloomberg. The financ
Helen Partz13 hours agoBinance head of product quits as executive exodus continuesBinance product lead Mayur Kamat says he is passing the baton to “next-gen leaders” to take some time off after years of product work.
Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering
Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering Prosecutors from the Netherlands have seized 2,532 bitcoins worth $33 million a
Aethir launches decentralized cloud network on Ethereum mainnet
Josh O"Sullivan10 hours agoAethir launches decentralized cloud network on Ethereum mainnetAethir’s launch on the Ethereum mainnet brings attention to the role DePINs can play in the future of Web3 and a more decentrali
XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets
Este artículo también está disponible en español. XRP, the third-largest cryptocurrency by market capitalization, has recently outperformed the top ten cryptocurrencies,
Bitcoin Mining Firm Luxor Launches ASIC Trading Desk
Bitcoin Mining Firm Luxor Launches ASIC Trading Desk On January 11, 2022, the Washington-based bitcoin mining operation Luxor announced the launch of a new application-specific int
Amid Ethereum’s Merge, Cardano Founder Charles Hoskinson Says ADA’s Vasil Fork Is Coming Soon
Amid Ethereum"s Merge, Cardano Founder Charles Hoskinson Says ADA"s Vasil Fork Is Coming Soon Cardano founder Charles Hoskinson detailed on Friday that the Vasil hard fork is comin