Mike Novogratz: Bitcoin Will 'Lead the Markets' in Recovery From Fed Rate Hike
Galaxy Digital CEO Mike Novogratz is cautiously optimistic that Bitcoin will play a key role in the recovery from the current downturn.
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Mike Novogratz, founder of the asset management firm Galaxy Digital, expects Bitcoin to "lead" a new rally once the U.S. Federal Reserve reconsiders its latest decision to hike interest rates.
“Bitcoin will lead the markets back out of this Fed hike. The moment the Fed flinches… you’re going to see Bitcoin explode north,” Novogratz said in a recent interview with CNBC.
Amid a wider crypto market crash this week, the price of Bitcoin nosedived $20,000 on Wednesday, before staging a comeback to almost $22,900 earlier today.
However, the leading cryptocurrency has since retraced those gains, and is now changing hands at $21,150, according to CoinMarketCap.
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