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Home» Markets»Mike Novogratz says crypto crash is almost done, price to remain sideways

Mike Novogratz says crypto crash is almost done, price to remain sideways

rocketman 08 Jul 2022 Markets Comments Off on Mike Novogratz says crypto crash is almost done, price to remain sideways 113 Views

Mike Novogratz believes that central crypto companies like Celsius or BlockFi have exposed the rot decentralization in crypto tried to eradicate.

The turbulence caused by massive deleveraging has almost ended cryptocurrencies, according to Galaxy Digital CEO Mike Novogratz. This has resulted in the loss of more than $2 Trillion of value.

Speaking in a CNBC ‘Squawk Box’ interview on Thursday, the investor talked of the current market outlook as suggesting the worst of it is almost done.

However, while most of the sell-off momentum appears spent, after the “receding tide” revealed just how massively some centralized companies were leveraged, everything will need to calm down before prices begin to go higher again.

Novogratz suggests that crypto prices may continue to fluctuate or see new downsides, until the Fed takes action or new capital enters the market.

“Can we go lower? Of course we could,” he told CNBC. “It feels that we’re 90% through that deleveraging, but the problem is for you to go much higher, you need the narrative to re-pick and you need new capital to come in.”

“Can we go lower?” Yes, we could. It feels like we’re 90% through this deleveraging,” says @novogratzOn #crypto. “The problem with you is to go higher. To do that, you will need a narrative and new capital. pic.twitter.com/aoWFcorWhX

— Squawk Box (@SquawkCNBC) July 7, 2022

Novogratz launches some centralized cryptocurrency companies 

Galaxy Digital CEO, commenting on the difficulties facing certain crypto companies, said that he expects to see investigations and possibly even prosecutions regarding gross misconduct.

He says decentralized companies in crypto like Compound or Aave have functioned “as they were meant to,” with transparency and such.

However, it’s centralized firms that have come in and operated opaquely, leading to all the massive leveraging and interlending that is now pushing most into bankruptcy.

“Look at Celsius for example, no one knew how much leverage they had. Or Three Arrows Capital. I expect there to be fraud charges and prosecutions after all is said. There will be gross misconduct, you know, in some of these companies.”

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