Michael Novogratz Tells Yahoo Bitcoin ‘Seller Fatigue’ Equals to Market Has Seen the Deepest Point – Crypto News Today

On Friday, September 21, published in media was that the CEO of Galaxy Digital and widely known Bitcoin (BTC) supporter Michael Novogratz says that the cryptocurrency markets have crashed to a “seller fatigue,” underlining his belief in that this means the deepest point.

According to Novogratz’s comments at the second annual “All Markets Summit” of Yahoo Finance, who identified last week the deepest point for cryptocurrencies, the price of Bitcoin, decreasing all this year, had revealed its new standard.

Name Price24H (%)
Bitcoin (BTC)
$8,809.82
0.81%
Ethereum (ETH)
$187.04
1.23%
Bitcoin Cash (BCH)
$289.11
1.28%
XRP (XRP)
$0.272379
-0.79%
Litecoin (LTC)
$61.39
-0.63%
Bitcoin Gold (BTG)
$8.53
-0.44%

Reuters reported that he said “Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value” and added:

“I think institutions are moving towards investing. It’s shocking how much has happened.”

At the time of this writing, Bitcoin and major altcoins were experiencing a recovery following an ordinarily flat week, with BTC/USD rising up to $6,700.

Ethereum (ETH) had almost 11% in just 24 hours and reached $230 for the first time after September 6.

Then, Novograts compared the current condition of cannabis stocks with Bitcoin and Ethereum’s situation in 2017.

As reported by CNBC, he said “The prices of cannabis stocks today feel like Bitcoin and Ethereum did in December of last year” and predicted the market to recover “relatively rapidly.”

On Thursday, September 20, VanEck and SolidX’s Bitcoin exchange-traded fund (ETF) application resolution was postponed again by U.S. regulators, and the prices started rising up as soon as the news were widespread.

 

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