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Mike Novogratz: Crypto is More Resilient After Forced Seller Exodus

Mike Novogratz, the billionaire founder of Galaxy Digital Holdings Ltd., said that cryptocurrencies have been relatively resilient in the past month. He believes that this is partly because there aren't many forced sellers left in the sector.

September 28, 2022
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Mike Novogratz, the billionaire founder of Galaxy Digital Holdings Ltd., said that cryptocurrencies have been relatively resilient in the past month. He believes that this is partly because there aren't many forced sellers left in the sector.

Novogratz said that the current market situation is strange, with only a few buyers and sellers and not much energy or activity. This is in contrast to what is happening in the equity and bond markets, where there is more pressure to sell.

Crypto sector leverage has been reduced significantly, according to a discussion with Bloomberg's Haslinda Amin at a conference in Singapore.

Digital tokens will rebound as soon as the Federal Reserve backs off from its current policy of aggressive monetary tightening, but will only become sustainable once mass adoption of Web3 projects occurs, he added.

The term "Web3" refers to a vision of a decentralized internet built around blockchains, the underlying technology of cryptocurrencies. This vision includes a more secure and private internet, where users are in control of their own data.

Novogratz said that crypto is in a better place now than it was a year ago and that the industry is maturing. He also said that he is bullish on the long-term prospects of the industry.

Novogratz was a big backer of Terraform Labs. However, Kwon's location is now unclear, and he is the subject of an Interpol red notice following the collapse of the Terra ecosystem.

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