Mike Novogratz Says The Crypto Market Is “Pretty Clean” Right Now

Alex Dovbnya

The cryptocurrency mentioned the washout of leveraged traders that has happened over the past few months

During recent interview with CNBCGalaxy Digital CEO Mike Novogratz said the outlook for crypto was neither great nor horrible.

“The outlook for crypto isn’t horrible but it’s not great. We have regulatory headwinds that we didn’t have before…People are going to cut costs and survive this transition period,” a- he declared.

He believes Bitcoin and Ethereum prices have held steady despite bad news this month as leveraged traders have pulled out of their positions, creating what Novogratz describes as a “clean market.” “It’s a pretty clean market right now,” the crypto mogul pointed out.

Looking further ahead, Novogratz believes 2023 will be the crucial year for survival and a potential recovery.

However, there are still issues with Gemini and Genesis that could pose challenges for the cryptocurrency market in early 2023. “It’s not going to be great,” Novogratz said.

As reported by U.Today, Gemini co-founder Cameron Winklevoss recently penned a scathing letter, demanding the removal of Digital Currency Group CEO Barry Silbert from his post and accusing

Like other crypto companies, Galaxy Digital has taken a heavy hit due to the bear market.

Novogratz noted that his firm is actively investing in infrastructure to ride out the crypto crisis — from buying a mining facility in Texas to securing a stake in an Israel-based company. GK8.

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