Billionaire investor Mike Novogratz said that he isn’t nervous about the crypto market unless the price of the leading cryptocurrency Bitcoin (<a href="https://www.cryptoknowmics.com/news/crypto-market-movers-bitcoin-btc-attempts-recovery-above-42000-only-cardano-survives-amid-china-fud/">BTC)</a> dips below $40,000.
<h2><strong>Recent Market Crash is a "Good-Buy-the-Dip" Situation Says, Mike Novogratz</strong></h2>
Appearing in an <a href="https://www.youtube.com/watch?v=iezP-Rk7uSk" target="_blank" rel="nofollow noopener">interview with CNBC</a> earlier this week, the founder and CEO of Galaxy Digital Mike Novogratz has said that the crypto market is in good shape as long as Bitcoin’s price (BTC) holds above the $40,000 price level.
<blockquote><em>“As long as those hold, I think the market’s in good shape. I see nothing but engagement and activity from our investing clients and our corporate clients.”</em></blockquote>
At the time of writing, the price of Bitcoin (BTC) is currently trading at $44,093 up 3.9% from the past 24 hours. Yet the digital asset remains considerably lower than last week, when bitcoin stood above $47,000 and fell sharply to test $40,000 amid worries about Chinese property developer <a href="https://www.cryptoknowmics.com/news/chinas-indebted-real-estate-market-triggers-decline-in-bitcoin/">Evergrande</a> shook markets, causing investors to cash out.

Novogratz said he's not nervous about the price crash as he believes it's a good "buy-the-dip" situation.
<h2><strong>Institutional Demand on Bitcoin Continues</strong></h2>
On China’s influence in impacting the crypto market, particularly BTC Novogratz said, “It was a lot more important five months ago before China basically said we’re banning crypto so miners have moved out of China.”
<blockquote><em>“China was never a big source of innovation in the space but it was a big source of trading and I think there’s still plenty of trading in China. The Chinese are smart, they know how to use VPNs, but it’s harder and harder and so I think it’s less and less important.”</em></blockquote>
On looking beyond the current crypto market situation, Novogratz has said that underlying demand from institutional investors continues to flourish, saying “I see nothing but engagement and activity from our investing clients and our corporate clients.”

He pointed to SoftBank's participation in a $680 million funding round for sports NFT marketplace Sorare, adding that he thought this week’s sell-off was also driven by concerns about regulation in the U.S.

Mike Novogratz Says Bitcoin is ‘in Good Shape’ Until Above $40,000

Billionaire investor Mike Novogratz said that he isn’t nervous about the crypto market unless the price of Bitcoin (BTC) dips below $40,000.

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 Says Bitcoin is ‘in Good Shape’ Until Above $40,000

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