Here’s What Triggered Bitcoin’s Painful Plunge, According to Galaxy Digital’s Mike Novogratz

Here’s What Triggered Bitcoin’s Painful Plunge, According to Galaxy Digital’s Mike Novogratz


Billionaire Mike Novogratz believes Bitcoin’s big price drop this week is no surprise.

The value of the top coin plunged by 17% to $43,050 on Tuesday, its lowest price in nearly a month.

 

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In a new interview with Bloomberg TV, the CEO of digital asset firm Galaxy Digital says BTC became overbought as a series of fundamental factors and positive news stories triggered hype among investors.

[0:32] “The market got too long. It got long for good reasons. I think in the last eight weeks, there has been a giant realization that crypto’s not just Bitcoin being bought as a hedge against bad monetary and fiscal policy, but maybe more importantly, it’s web 3.0. It’s the internet of value transfer…

[0:52] When you see companies like Visa buying an NFT and saying they think digital goods is a big part of their future; Walmart and Amazon, the two biggest retailers in the world putting up help wanted for

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