Galaxy Digital: The fall of the cryptocurrency market is far from over and will continue

Michael Novogratz, CEO of Galaxy Digital, a large fund, believes that the cryptocurrency market will continue to fall, and the situation will be «volatile and complex.»

«Cryptocurrencies are likely to continue to trade in line with the movements on the Nasdaq until we reach a new equilibrium point. I feel that the cryptocurrency market will be even more damaged. The market will become very volatile and complex, at least for the next few quarters, until traders realize that the equilibrium point has been reached,» said billionaire Novogratz, emphasizing the strong dependence of cryptocurrencies on the stock market.

It should be noted that the market has begun to voice radically opposing opinions about the future. For example, ARK Invest CEO Catherine Wood told the In the Know podcast that the company’s current strategy is based on the exponential growth of bitcoin in the near future and the growth of the cryptocurrency market as a whole in the next decade.