New Investors Holding Up The Market
Billionaire Mike Novogratz was on to talk about the crypto market. Novogratz said that new investors were the reason bitcoin and ethereum price had held their high value. New investor enthusiasm has been on the rise since the bull market first slid into full gear at the beginning of 2021. But the recent turn of events in the crypto market has triggered a new wave of entrants into the space.Related Reading | CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin
BTC price trading north of $54K | Source:Speaking of new investors coming into the market and holding up the prices, the billionaire had this to say; “It’s holding because of just new money coming in. There was $17 billion of new venture capital that went into the first half of the year. It’s just a tremendous inflow of both talent and money.”
Expecting A Parabolic move
Novogratz’s firm Galaxy Digital is a well-known investor in the blockchain and cryptocurrency industry. Given this, the billionaire has always been bullish on the crypto market and has been vocal about his bullish stance. During his interview, the CEO revealed that he was expecting the crypto market to break new all-time highs through the fourth quarter of the year.Related Reading | Investors Expect Ethereum To Outgrow Bitcoin, According To CoinShares Survey
“Not to sound like the ever bullish guy that I sometimes am accused of being, but I literally see a scenario where we take out the highs in Bitcoin and we have one of these parabolic moves in all the crypto going into the fourth quarter.”Chart from TradingView.com