Galaxy Digital CEO Mike Novogratz has said during his speech at an online event organized for Galaxy Digital investors that it is too early to talk about reaching the bottom for Bitcoin.
According to him, the crypto market is likely to suffer losses in the near future because of its strong dependence on stock indices.
The correlation between BTC and the stock market will intensify. Novogratz has emphasized:
“Digital currencies will apparently trade in line with the Nasdaq trajectory until Bitcoin can reach an equilibrium point.”
He has said that turbulence will persist and that the cryptocurrency market losses could be more significant.