Mike Novogratz, Galaxy Digital CEO said: explained Bitcoin’s recent price movements have been “unfortunate.”
The flagship cryptocurrency is currently failing to capture the same safe-haven bids that are driving the gold market to record highs.
”$BTC It’s a shame because it’s still on sale.”
macro alarm
Novogratz argued that traditional markets are showing red flags regarding the dollar’s global standing.
He cited the soaring gold price as a key indicator that confidence in the US dollar is eroding faster than expected.
“The price of gold tells us that we are losing reserve currency status at an accelerating rate,” Novogratz wrote.
Galaxy’s chief executive also pointed to the bond market as a cause for concern.
Despite this perfect storm of macro factors, flagship cryptocurrencies are struggling to gain traction.
important technical level
Novogratz argues that the bulls need to regain the $100,000 to $103,000 range to regain momentum. For now, major cryptocurrencies remain below the $90,000 level as risk-off sentiment prevails.
“We reiterate that we need to move below $100,000 to $103,000 to regain the uptrend,” Novogratz said.
$100 million hedge fund
galaxy digitalMike Novogratz’s financial services giant is getting back to its roots with the launch of a $100 million hedge fund.
According to report The fund is expected to be launched in the first quarter of this year with money from family offices, high net worth individuals and institutional investors, according to the Financial Times. Galaxy is also providing undisclosed seed capital.
Up to 30% of the fund’s assets will be invested directly in liquid cryptocurrencies, with portfolio manager Joe Armao specifically citing long-term bullish beliefs in Bitcoin ($BTC), Ethereum (ETH), Solana (SOL). The remaining funds will target financial services stocks.
The fund’s “long/short” functionality allows the fund to profit even if prices decline.