Mike Novogratz Take On Bitcoin’s Recent Price Increase

It is expected that the crypto market is likely to pull back very soon because Coinbase is now officially a public listed company. But for the time being, whether the pullback is forthcoming sooner or later, the good part is that Bitcoin’s value is still above US$ 60,000 K. In fact after the last sharp surge in Bitcoin value, it continued to remain stable and looks eager to keep the surge.

The issue of Bitcoin’s great volatility has not yet triggered and Bitcoin continues to be traded at its all-time higher value i.e. US$ 62,500. But Bitcoin value continues to change every second throughout the day. Similarly, today a change in Bitcoin value was seen as Bitcoin lost almost US$ 1,000 and at this time, Bitcoin is trading for US$ 61,386.

Yet the most important thing to note in this surge is that already 2 days have been passed after the surge. Due to the latest surge, Bitcoin acquired value crossing over US$ 60,000 and went as high as US$ 64,801, nearing US$ 65,000. However, in the past two days, the value is subject to reduction gradually but the value hasn’t dropped below US$ 60,000.

It is said that if Bitcoin could keep the value over US$ 60,000 till the end of this week, then this would mean surpassing the critical price barrier of US$ 60 K. However, if it failed to do so, then

Bitcoin’s value could be either way i.e. below or above the critical price range.

Meanwhile, Mike Novogratz, Galaxy Digital’s CEO, expected that he has been witnessing huge retail spikes for Ripple’s XRP as well as Dogecoin. He said that considering the past, such rallies don’t end up well for the overall crypto industry, and apparently, there is a total washout.

On the other hand, as announced, Coinbase’s shares were put for sale through a public sale at NASDAQ. The single share value of Coinbase went as high as US$ 429.54, however, at the end of the day, it was recorded to be US$ 328.

LMAX Digital’s chief strategist, Joel Kruger, the crypto market is gaining momentum for focusing on other factors such as macro drivers. However, in the past few weeks, the inflation rate in the US has increased but mostly because of sales of the news. Similarly, due to this inflation, the value increase in Bitcoin is also evidently apparent. Resultantly, people and investors are more inclined towards investing their funds in crypto as they think that crypto is a safe haven for them. Particularly, they think that amongst Bitcoin and gold, Bitcoin is a better store of keeping the values for either long term or short term basis.

Like the majority of Bitcoiners and Bitcoin fans, Novogratz is once again seen increasingly bullish about the legendary crypto asset. He thinks and he had predicted that the value of Bitcoin after 5 years would be half a million dollars.

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