Galaxy Digital CEO believes Bitcoin will plunge to $38,000

Mike Novogratz said that he is not worried about the correction in Bitcoin price in the midterm because there is huge Institutional demand. And the last price of Bitcoin is $38,000.

After the end of 2021, the majority of the crypto analysts and experts are sharing their point of view on the stock and crypto market situation for 2022. The majority of them predicted that the crypto market will face a huge downfall. 

Mike Novogratz is also one of the experts in this crypto industry. He is the boss of Galaxy Digital. Recently he appeared in an interview. Through the interview, he shared his stance on the Bitcoin and crypto market. 

Mike noted that the crypto market surged rapidly in 2021 and now this year it will come back smoothly. On Bitcoin, Mike said that he is not worried about the Bitcoin correction in the midterm because there is huge Institutional demand for Bitcoin. 

“We see a tremendous amount of institutional demand on the sidelines.”

Galaxy Digital CEO also believes that the market will face more correction and many crypto assets will go down this year. 

Earlier this, Mike said that Bitcoin will face a huge downfall shortly because of the very weak situation of the Stock market. And also he claimed that there were very less chances that Bitcoin will fall below $40,000. 

On Thursday, Bitcoin and the stock market faced a huge downfall because the Federal Reserve struck an unexpectedly hawkish tone. To fight against inflation, the Federal Reserve planned to increase interest rates three times this year. 

However, the decision of the Federal Reserve to increase the interest rate is not the only reason. Because recently the Kazakhstan government closed internet services and that caused an 18% down in the global hash rate of the Bitcoin network. 

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