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Billionaire Mike Novogratz believes that the price of Ethereum (ETH) has neared the bottom after a successful merger update. At the same time, the CEO of Galaxy Digital rules out a catastrophic fall in the price of bitcoin (BTC).
Ethereum has plummeted since the Confluence. It was an amazing achievement in many ways, right? This shows that a decentralized community can do something really hard…
Ethereum went up from $1000 to $2000, now we have a really big pullback. It looks like $1250 should be the bottom, so I think we’re closer to the bottom than the top.
At the same time, Novogratz believes that the growing interest of organizations will save the price of bitcoin from a sharp drop.
There is a bitcoin put somewhere, because… all these organizations are slowly getting involved. And when I see that acceptance, when I see BlackRock making a deal with Coinbase and their own fund… you start to realize that 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 acknowledges that there is a correlation between the prices of cryptocurrencies and the decision of the US Federal Reserve to raise interest rates to reduce inflation.
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