Mike Novogratz, CEO of Galaxy Digital, is optimistic that the dominant cryptocurrency, Bitcoin (BTC), will continue to rise in value when the current market downturn subsides.
Galaxy Digital Boss Sees Imminent Bitcoin Resurgence
Novogratz began his post on X by recognizing that wars come with significant financial costs. He expressed hope that we could avoid a larger conflict, as he believes such an event would significantly influence Bitcoin’s price.
If the war continues, his comment indicates that financial assets including Bitcoin could experience further price decreases. Contrarily, if there is no war continuation, Bitcoin might reach a new record high price instead.
“Let’s hope common sense prevails and this isn’t the beginning of a large-scale conflict in the Middle East,” Novogratz expressed. “It’s unfortunate that we find ourselves in this situation, given all the positive developments in the region.”
The financial toll of wars is significant…. Let’s hope for peace and then, following the uncertainty, Bitcoin’s upward trajectory should continue.
I pray cool heads prevail and this is not the start of a major regional conflict.
There are so many good things going on in the mid east, it’s just tragic that…
— Mike Novogratz (@novogratz) April 13, 2024
Beyond the end of the war, it’s anticipated that Bitcoin will see a significant increase in value in the near future. The Bitcoin halving, an event where the reward for mining new blocks is cut in half, is believed to trigger a bull market for this digital asset and the larger crypto market. Consequently, investors are accumulating Bitcoin-linked assets via the BTC leveraged ETF in preparation for this potential price surge.
Countries such as Hong Kong are considering approving Bitcoin Exchange-Traded Funds (ETFs) this month, indicating a growing acceptance of the leading cryptocurrency. If approved, Bitcoin’s price may reverse its downward trend and reach a new record high.
Israel Hamas War Impacting Crypto Prices
There has been bloodshed since October 7, 2023 when a conflict arose between Israel and Hamas.
Regrettably, the strained geopolitical situation has resulted in a downturn for the world’s financial markets and caused a decrease in the values of popular cryptocurrencies such as Bitcoin, Ethereum, Binance Coin (BNB), and Solana.
A few weeks ago, Bitcoin reached a new all-time high of $73,000. This price surge was connected to several factors, such as the SEC’s approval of spot Bitcoin ETFs from notable companies like BlackRock, Fidelity, and Grayscale. In simpler terms, the value of Bitcoin hit a record high of $73,000 approximately few weeks ago. This upward trend in price was influenced by the news that the SEC gave their go-ahead for Bitcoin ETFs from well-known organizations including BlackRock, Fidelity, and Grayscale.
The intensifying Israel-Hamas conflict has caused the price of the coin to drop to around $62,000 lately due to a significant decrease in demand as a result.
Notably, the significant price decrease occurred coincidentally as Israel reportedly repelled “many” drones allegedly dispatched by Iran.
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2024-04-14 03:14