Cryptocurrency Billionaire Mike Novogratz Says $ 40,000 Bitcoin Holding Shows The Market Is In Good Shape – And Recommends Buying Down | Currency News | Financial and business news

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Mike Novogratz is one of the biggest names in crypto.

Photo by John Lamparski / Getty Images

Mike Novogratz said Bitcoin bouncing off $ 40,000 is a good sign for the crypto market. He said he was not worried about the recent sell-off and that it was an opportunity to “buy down”. Bitcoin and ether fell sharply on Monday as the Evergrande crisis rocked financial markets. See more stories on the Insider business page.

Billionaire crypto investor Mike Novogratz said the $ 40,000 bitcoin wallet firm in the recent sale is a good sign for the market, and recommended buying the digital asset drop.

Speaking after the cryptocurrency sell off earlier this week, Novogratz told CNBC earlier this week that he believes the market remains in good shape. Cryptocurrency prices rose on Thursday, with bitcoin and ether rising as well as altcoins.

“We held $ 40,000 overnight in bitcoin and $ 2,800 in ethereum. I think these are very important levels to watch. As long as these think the crypto market is in good shape,” he said. he declared.

Bitcoin rose 5% to $ 44,159 on Thursday, according to Coinmarketcap, while ether – the cryptocurrency on the ethereum network – rose 6.4% to $ 3,122.

Still, both remain considerably lower than on Monday, when bitcoin was above $ 47,000 and ether was above $ 3,300. They fell sharply on Monday, with bitcoin testing $ 40,000 on Tuesday, as concerns over Chinese real estate developer Evergrande rocked markets, prompting investors to ditch riskier assets.

Read More: 3 Altcoins To Buy: Crypto Consultant Explains Why Ether Could Rise To $ 15,000 And Return Bitcoin, And Criticizes Token As An Overpriced ‘Joke’

However, Novogratz said he was not nervous about the dips and said he believed it was a buy-down situation.

The crypto billionaire, a former hedge fund boss who founded digital asset investment firm Galaxy, said he sees a lot of engagement and activity in the crypto market. He highlighted SoftBank’s participation in a $ 680 million funding round for the NFT Sorare sports market.

Novogratz said he believes Monday’s sale was also motivated by concerns about regulation in the United States. “The market has gotten a little too long,” he said.

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