Novogratz Predicts Bitcoin (BTC) Will Resume Uptrend After Enormous Crash

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In a recent update on X social media platform, which used to be Twitter, Mike Novogratz of Galaxy Digital downplayed the latest market adjustment, referring to it as a “transient risk event.”

A prominent figure in the world of cryptocurrencies strongly believes that Bitcoin, being the largest digital currency, will continue to rise in value.

According to Bloomberg’s report, this marked the biggest decline in Bitcoin value during a single trading day since the fall of Silicon Valley Bank (SVB).

A drop in circumstances happened lately, caused by heightened tension in the Middle East. Notably, Iran has launched substantial missile and drone assaults against Israel.

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This week, Iran responded with an assault, comprised of many drones and missiles, following Israeli air raids on its consulate in Damascus, Syria.

It is unclear if the response from Iran is going to lead to further escalation in the region. 

“Let’s hope for calm minds to prevail and prevent this situation from escalating into a larger conflict in the Middle East. It’s disappointing that we find ourselves dealing with this issue when there are so many positive developments taking place in the region.” (Novogratz expressed)

Previously, Novogratz expressed his belief that Bitcoin’s price could reach over $100,000 by the year 2024. He attributed this bullish forecast to the unchecked growth in Bitcoin ETFs, highlighting their significant impact on the cryptocurrency market.

Additionally, a cryptocurrency tycoon has expressed optimism in a tweet about the market conditions being beneficial for cryptocurrencies in 2023. He believes that the US Federal Reserve will lower interest rates, making it an auspicious time for investment in this sector.

Despite inflation worries persisting and tensions in the Middle East, rate cuts might be postponed. This week, the cost of the leading cryptocurrency noticeably decreased following the release of a larger-than-anticipated core consumer price index (CPI) report.

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2024-04-14 11:34