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Galaxy Digital CEO Mike Novogratz said 2023 is shaping up to be an important year for the cryptocurrency industry.
What happened: According to Novogratz, the current transition period will force the industry to focus on cost reduction in order to survive following the collapse of FTX and several other market meltdowns this year last.
Bitcoin bull BTC/USD said the outlook for the cryptocurrency this year was “not horrible, but not great” during CNBC’s Squawk Box segment on Tuesday.
See more: Best Crypto Day Trading Strategies
Novogratz said the crypto space faces some challenges, but there is still room for optimism, adding that crypto is not going away. It’s a pretty clean market right now.”
The recent debacle between Gemini and DCG “won’t involve a lot of sales,” but it’s “just not good news,” Novogratz noted.
Earlier in November, Genesis’ lending arm was forced to halt takeovers and loan originations due to a severe liquidity crunch. This financial situation also caught the attention of Gemini co-founder Cameron Winklevoss, who accused DCG and its parent company of fraud.
Price Action: BTC was trading at $17,463 up 1.49% in the past 24 hours, according to Benzinga Pro.
Read next: Brady, Bndchen, Kraft and this billionaire hedge fund manager own FTX shares: Here’s how much
Photo by RISE at Wikimedia Commons
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