In an interview with CNBC’s Squawk Box, Novogratz said that Bitcoin price is now consolidating between $30,000 and $35,000, suggesting that the United States’ crypto community is now taking the lead in the market amid a bearish trend coming from Asia.
The longtime Bitcoin bull noted that China’s crackdown on the crypto market is part of broader issues in the market, stating:
“What we’re seeing is Asia sells it off, and then the U.S. buys it back. China has declared war on crypto as part of this broader cold war that we’re getting into, and so I think we’re still digesting that.”
Novogratz also pointed to a possible correlation in Bitcoin ownership within diversified portfolios, noting that some investors could be offloading some of their crypto holdings. “If you’re a hedge fund and you’re getting whacked in