According to Bloomberg, Founder and CEO of Global Digital, Mike Novogratz has predicted that Bitcoin and Ethereum are both relatively closer to their bottoms as opposed to stocks, during a Morgan Stanley Financials Conference.
Cryptocurrency bottom is already close
The last 24 to 48 hours saw one of the most shocking crypto price crash in the history of the entire crypto market. From a former resistance point of $30k, bitcoin touched $20,950.82 at its lowest yesterday in an unexpected turn of events.
The founder of Global Digital however notes that both BTC and ETH will not be going lower than $20,000 and $1,000 respectively with the latter dropping as low as $1,094 within the last two days. Novogratz also said stocks will decline by another 15 to 20 percent.
Ethereum should hold around $1,000 and it’s $1,200 right now. Bitcoin is around $20,000, $21,000 and it is $23,000, so you are much closer to the bottom in crypto than you are where I think, stocks, are going to have another 15% to 20%
In an interview with CNBC, Novogratz declared that bitcoin will help the ailing economy. He also believes the Fed tightening is causing harm to the economy. Many companies have reportedly laid off some of their workers due to inflation and high interest rates caused by the tightening.
Crypto investors sell off about $102 million digital assets amid market crisis
The crypto market cap stands below $1 trillion, from an all time high of $3 trillion. It is no wonder why there is a wave of FUD. According to CoinShare’s latest report, outflow of digital asset investments totaled $102 million last week.
Amid the Celsius’ recent crisis and bitcoin drop, bitcoin outflows of $57 million and Ethereum outflows of $41 million were observed, the Fed monetary tightening and the stETH depeg from ETH are also likely causes.
The outflows were mostly Americans’ with $98 million from the area, and $2 million from Europe. Millions of withdrawals have also been recorded In the recent week, 3iQ, Purpose Investments, CoinShares XBT, and ETC Group recorded withdrawals of 72.1, 43.4, 11.3, and 6.2 in millions respectively.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.