The billionaire founder of crypto financial services company Galaxy Digital Holdings, Michael Novogratz, said he expects that Bitcoin remains Within the current price range, especially with no significant inflows of institutional capital into the crypto space.
Despite Bitcoin’s lack of significant institutional flows, Novogratz said, “I’d be happy if we were in the $20,000, $22,000, or $30,000 range for some time.” He added, “We’re not seeing huge institutional flows, to be fair.” But we don’t see anyone holding back.”
The Galaxy CEO said that Ethereum could reach $2,200 or higher at the top of its range, given the momentum preceding its Merge software upgrade.
Bitcoin rose about 3.2% and was trading at around $23,880 as of 8:45 am Dubai time, while Ethereum was trading at about $1,790. The largest cryptocurrency surged last week after a difficult few months of trading, leading some analysts to focus on the $25,000 target.
As the Fed tightens interest rates, Novogratz said, “I don’t see the mania we saw in 2021 or 2017 igniting.”
Galaxy, which offers businesses ranging from cryptocurrency trading and asset management to mining, posted a second-quarter loss of $554.7 million, compared to $182.9 million in the same period last year, on the back of lower digital asset prices. The company said it had more than $1.5 billion in cash, including more than $1 billion in cash.