Crypto investor and CEO of Galaxy Digital, Mike Novogratz still remains optimistic about Bitcoin over the long-term, despite the cryptocurrency falling down to $30,000. “Listen, I’m less happy than I was at $60,000, but I’m not nervous,” he tells CNBC.
<h2><strong>Mike Novogratz Remains Optimistic about Bitcoin Over Long-Term</strong></h2>
Appearing in an interview on June 22, on CNBC's “<a href="https://www.cnbc.com/2021/06/22/novogratz-bitcoin-may-see-more-pain-ahead-but-wont-lose-most-of-its-value.html" target="_blank" rel="nofollow noopener">Squawk Box</a>”, Galaxy Digital CEO Mike Novogratz says he has a positive outlook on the world’s leading cryptocurrency Bitcoin, despite its recent dip to $30,000.

With the flagship cryptocurrency reaching its all-time high of $65,000 in April to plunging down $30,000 last week, the weakness in recent days comes amid China tightening its crackdown on Bitcoin mining and trading with state banks being ordered to stop providing crypto-related services.

Referring to Bitcoin’s recent dip to $30,000, Novogratz says:

<em>“We’ll see if it holds on the day. We might plunge below it for a while and close above it. If it’s really breached, $25,000 is the next big level of support. Listen, I’m less happy than I was at $60,000, but I’m not nervous,”</em>

He remains confident that we are way past behind to see a price crash of that level ($30,000) again saying the ecosystem is so much more mature now.

Besides, China’s crypto crackdown is only positive for Bitcoin's long term amid Asian trading platforms allowing large leverage ratios up to 100-to-1:

<em>“Maybe not in the short run, but it’s a good thing. That’s what’s created this excessive volatility that we’ve seen.”</em>
<h2><strong>BTC’s Hashrate Plummets Amid China's Crypto Crackdown</strong></h2>
China’s nationwide crackdown on Bitcoin mining and trading has resulted in the hash rate dropping dramatically by nearly 50% from its peak with the country being responsible for over 60% of all the world’s <a href="https://www.cryptoknowmics.com/news/btc-mining-ops-to-relocate-from-guangzhou-to-maryland-amid-chinese-crackdown/">Bitcoin mining</a>.

Over 90% of Chinese miners have already shut down their mining operations after authorities closed the supply of electricity to mining farms as part of the nationwide crackdown, resulting in <a href="https://www.cryptoknowmics.com/news/bitcoin-hashrate-dominance-of-china-dives-north-america-may-be-the-next-potential-candidate/">Bitcoin’s hash rate</a> dropping to an eight-month low.

https://twitter.com/bigmagicdao/status/1406181039265902592

From its peak of 180.66 tera hashes per second, Bitcoin's hash rate now <a href="https://www.blockchain.com/charts/hash-rate" target="_blank" rel="nofollow noopener">stands</a> at around 100 Ehash/sec for the first time since November 2020, representing a near 50% decrease since the peak in May.

Mike Novogratz Remains Bullish Despite Bitcoin Falling Below $30,000

The CEO of Galaxy Digital, Mike Novogratz still remains optimistic on Bitcoin over the long-term, despite the cryptocurrency falling down to $30,000.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Mike Novogratz Remains Bullish Despite Bitcoin Falling Below $30,000

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