Don’t Expect A Bitcoin Recovery Anytime Soon, Galaxy Digital CEO

Billionaire Mike Novogratz has warned investors to not expect much of a recovery in bitcoin anytime soon. Novogratz who serves as the CEO of the digital asset merchant bank Galaxy Digital has always been a big proponent of Bitcoin and its advantages. However, he has recently shared his thoughts on the current market climate and what investors should be expecting in the coming days. Confidence Will Take A While The recent market crash has seriously impacted investor faith in the cryptocurrency market. As such, sell-offs across digital assets such as bitcoin have been rampant. Sentiment has also suffered greatly during this time and has led to low momentum in the market. This is not changing anytime soon. Related Reading | Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In? Speaking with Bloomberg, the Galaxy Digital CEO explained that it will take a while for bitcoin to recover to previous levels. He chalks this up to the confidence level of investors when it comes to putting money into crypto, which he says will take a while for that confidence to return. Bears take hold of BTC | Source: BTCUSD on TradingView.com Novogratz also speaks to the current economic climate. One thing that has rocked various financial markets has been the hiking of rates by the Fed, the most recent hike happening on Wednesday. He notes that the Fed would have to let up on hiking interest rates at some point and once it does, mor...