Bitcoin
BTC$68 400.12

-1.66%

Ethereum
ETH$2 451.44

-2.07%

Tether
USDT$0.999696

0%

Binance Coin
BNB$562.56

-2.05%

Solana
SOL$162.33

-2.73%

USD Coin
USDC$1.000094

0%

Bitcoin in good shape as long as BTC price stays above $40K


22 Sep 2021

#Bitcoin

The veteran Bitcoin bull says he’s not “nervous” about crypto on the back of the institutional investor demand he has witnessed. Bitcoin (BTC) won’t be making Galaxy Digital CEO Mike Novogratz “nervous” unless it dips below $40,000. In an interview with CNBC on Sept. 21, the infamously bullish investor calmed fears about the latest sell-off across cryptocurrency.

Novogratz on institutions: “I see nothing but engagement and activity”

Despite the macro environment wobbling over China and Bitcoin shedding up to 10% this week, there are few bearish voices among well-known crypto industry commentators. Novogratz is no different, arguing that the price drop was more so a healthy corrective move for a market that had spent several months in “up-only” mode.

“I think the market got itself a little too long — the China news scared people,” he said, also noting concerns over United States regulatory activity. For the short term, “very important levels to watch” are $40,000 for Bitcoin and $2,800 for Ethereum's coin, Ether (ETH). “As long as those hold, I think the market’s in good shape,” he continued. Looking beyond market action, however, the underlying demand from institutional investors has remained untouched. “I see nothing but engagement and activity from our investing clients and our corporate clients,” Novogratz added, concluding that he is not nervous about crypto.

Dalio joins Bitcoin “value” debate

Other institutional voices have meanwhile been more tame in recent days. In a similar media appearance, Ray Dalio of Bridgewater Associates stressed that Bitcoin has a “perceived” rather than intrinsic value, despite being an investor himself. Regulation, he warned, could still “kill” the cryptocurrency’s fortunes, likewise pointing to the United States. Dalio has nonetheless softened his stance on Bitcoin considerably since he first began mentioning it in public and making an allocation.

“We can get into philosophical debates about what value is,” Novogratz said about Bitcoin’s true worth. “A Matisse painting can run $100 million because a small amount of people decide they’re worth $100 million. Over 150 million people around the world that have decided Bitcoin is worth something. That’s enough for me.”


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 76% 40 $68 400.12 -1.66% 1.82% $1 352 748 842 407 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 88.4% 21 $2 451.44 -2.07% -1.11% $295 185 167 574 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $0.999696 0% 0.11% $120 540 096 588 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90% 3 $562.56 -2.05% -3.80% $81 064 232 488 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 70.8% 65 $162.33 -2.73% -5.60% $76 428 431 762 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000094 0% 0.02% $34 875 083 591 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 92% 6 $0.502421 -2.41% -2.52% $28 571 982 881 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 60.4% 78 $0.150781 -6.40% 9.25% $22 109 368 904 DOGE 7 days price change
9 TRON (TRX) TRX TRON predictions 90% 4 $0.164212 -1.79% -1.06% $14 196 787 863 TRX 7 days price change
10 Toncoin (TON) TON Toncoin predictions 91.2% 13 $4.79 -2.88% -2.97% $12 193 613 205 TON 7 days price change
11 Cardano (ADA) ADA Cardano predictions 89.2% 7 $0.340947 -5.69% 2.31% $11 931 458 355 ADA 7 days price change
12 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
13 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92.4% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 92.4% 1 $65 806.83 0.78% -2.68% $10 083 957 608 WBTC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 80.4% 29 $0.000017 -4.06% -0.05% $10 031 948 806 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.