Bitcoin is essentially flat on a weekly basis as investors look for the next big crypto mover.
Wintermute OTC Trader Jake O. explained it this way: “After two consecutive weekends of heightened volatility, the past few sessions have been noticeably slow, with spot ranges tightening.”
“This slowdown coincides with a lack of fresh crypto-specific narratives, as traders reassess positioning after last week’s liquidation event,” he said.
What do you think?
Galaxy Digital CEO Mike Novogratz shared some views — albeit higher-level and less focused on day-to-day prices — for listeners of his panel at the Ondo Summit last week. You might recall I shared the regulation/legislation takeaways from that event.
Novogratz made his first prediction when he announced that he was launching a company which hoped to become public.
“We’ve been waiting 4.5 years, there’s a new SEC and so I think you’re going to see a whole host of companies — come May or June — listing on the New York Stock Exchange or Nasdaq.”
Then he shared images from the JDVance Ball (which was separate from the Crypto Ball Casey had attended) last month. Peter Thiel, Mark Zuckerberg, and what Novogratz estimates to be twenty crypto CEOs were all there.
He noted that this big display felt aggressive. Novogratz says that, even though, “the Trump coin didn’t help that spirit.”
“I think [bitcoin will] be on the government’s balance sheet in six months,” He said noting BTC’s existence “carved out a lane” As a store for value.
The Galaxy CEO is claiming casually that he had lunched with the leader of one of America’s largest sovereign wealth fund two weeks after elections. As rich as the executives are.
Many of these funds would like to participate if US were to purchase bitcoins (even on a state level, as we will discuss in a moment).
“He was cutting his first $500 million check to dip his toe in,” Novogratz said.
Pantera Capital’s founder Dan Morehead was also on the panel and he addressed those who were talking about a crypto-bubble.
“How can you have a bubble that nobody owns?” He said. “The median holding of an institutional investor in blockchain is zero.”
Imagine the ripple effect if a fraction of $500 trillion in global assets migrated to crypto. This is what Morehead asked. He expects this to happen in the coming year, given his conversations with institutions who have recently changed their tune.
After bitcoin’s ascent to $109,000, it has obviously retreated — hovering around $97,650 at 2:15 pm ET Monday. Could bitcoin drop as low as $80,000?
Sure, Novogratz said.
“That doesn’t invalidate this space at all,” He added. “Quite frankly that’s the buying opportunity.”
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