The Founder and CEO of Galaxy Digital, Mike Novogratz, believes that $2,800 is the most important price level for Ethereum, the second-largest cryptocurrency in the world. The former Hedge Fund Manager recently said on CNBC that if Bitcoin manages to say above the level of $40K, and Ethereum holds the price range of $2,800, then the crypto market will be witnessing a significant jump in demand.
“We held $40,000 overnight in Bitcoin and $2,800 in Ethereum. Those are very important levels for people to watch. As long as those hold, I think the market is in good shape.”
The price of Bitcoin slumped below the levels of $40,000 on Wednesday and Ethereum touched a low of $2,700. However, it should be noted, that due to immense demand, Bitcoin and Ethereum recovered quickly above the levels above $40K and $2.9K, respectively.
In addition to this, Mike Novogratz commented on the future of the crypto market and said:
“I see nothing but engagement and activity from our investing clients and our corporate clients. The level of business in the crypto market has increased. We see so much capital coming into the space. I’m not nervous, but the prices are prices, and it was an ugly day in crypto yesterday.”
The Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, extended criticism to the unregulated digital exchanges:
“There are trading platforms where you can buy and sell these [digital tokens], lending platforms where you can earn a return on these tokens and it’s highly likely that they have on these platforms securities that the SEC is legally obligated to regulate.”
Gary Gensler added:
“I do really fear…there’s going to be a problem with lending platforms or trading platforms, and frankly, when that happens, a lot of people are going to get hurt.”