U.S. crypto community overtakes Asia, says Mike Novogratz

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As Bitcoin (BTC) continued to trade sideways after falling below $ 33,000 on Thursday, Galaxy Digital CEO Mike Novogratz provided some geopolitical observations regarding the industry.

In an interview with CNBCs Squawk Box, Novogratz said the price of Bitcoin is now consolidating between $ 30,000 and $ 35,000, suggesting that the US crypto community is now taking the lead in the midst of a downtrend. from Asia.

The longtime Bitcoin bull noted that China’s crackdown on the crypto market is part of larger issues in the market, saying:

What we were seeing is that Asia sells it and then the United States buys it back. China declared war on crypto as part of this larger cold war that was beginning, and so I think it was still digesting that.

Novogratz also highlighted a possible correlation between Bitcoin ownership within diversified portfolios, noting that some investors may offload some of their crypto holdings. If you’re a hedge fund and your position in rates, stocks, and oil, you’re probably going to sell some of your crypto as well, ”he said, adding,“ It just takes a while. for it to be built. a more diverse investor base.

Related: Chinese Miner Exodus Is A Net Positive For Crypto, Says Mike Novogratz

After hitting an all-time high above $ 64,000 in mid-April, Bitcoin has slumped in recent months, largely due to alleged environmental concerns over Bitcoin mining as well as a major crackdown crypto investments and mining by Chinese authorities. Overall sentiment in the crypto markets deteriorated further to extreme fear levels amid global financial regulators taking multiple actions against Binance, the world’s largest crypto exchange.

But despite growing concerns from the markets, some major players in the United States have continued their efforts to further develop the industry in the country. Large US mining company Gryphon Digital Mining on Thursday bought a large batch of crypto mining rigs from Bitmain, a Chinese mining giant that had to halt cash sales due to China’s crackdown on mining. crypto. In June, Miami Mayor Francis Suarez publicly urged foreign crypto-mining companies to consider establishing data centers in the city amid the miners’ surrender in China.

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