Billionaire Mike Novogratz believes that after the successful update of the merger, the price of Ethereum (ETH) has approached the bottom. At the same time, the CEO of Galaxy Digital rules out a catastrophic drop in the price of bitcoin (BTC).
«Ethereum dropped after the "Merge". It was an amazing achievement in many ways, right? This shows that a decentralized community can do something really difficult.…
Ethereum has gone up from $1,000 to $2,000, now we have a really big pullback. It seems that $1,250 should be the bottom, so I think we are closer to the bottom than to the top.»
At the same time, Novogratz believes that the growing interest of organizations will save the price of bitcoin from a sharp drop.
«Somewhere there is a put in bitcoins, because... all these organizations are slowly getting involved. And when I see that acceptance, when I see BlackRock doing a deal with Coinbase and their own fund... you start to understand what people are coming to buy.
Can Bitcoin fall lower? Of course, yes, but I don't think there will be a catastrophic fall.»
At the same time, Novogratz admits that there is a correlation between the prices of cryptocurrencies and the decision of the US Federal Reserve System to raise interest rates to reduce inflation.