EddieJayonCrypto
14 May 24
Bitcoin (BTC-USD) will continue to oscillate in the $55K-$75K trading range for at least the current quarter, as stated by Michael Novogratz, Founder and CEO of crypto investment firm Galaxy Digital Holdings (OTCPK:BRPHF). Novogratz mentioned this during a conference call after Galaxy (OTCPK:BRPHF) ...
Bitcoin (BTC-USD) will continue to oscillate in the $55K-$75K trading range for at least the current quarter, as stated by Michael Novogratz, Founder and CEO of crypto investment firm Galaxy Digital Holdings (OTCPK:BRPHF). Novogratz mentioned this during a conference call after Galaxy (OTCPK:BRPHF) released its Q1 results on Tuesday. Bitcoin (BTC-USD) and other crypto prices drove up significantly over the last two quarters, spurred by speculation on the approval of U.S. spot bitcoin exchange-traded funds in January and April's halving event. After reaching a record high of over $73K in mid-March, Bitcoin (BTC-USD) has since been trading around $61.3K in Tuesday midafternoon trading. Novogratz believes that Bitcoin (BTC-USD), Ethereum (ETH-USD), and other cryptocurrencies like Solana (SOL-USD) will consolidate in the $55K-$75K range until the occurrence of new market events that drive prices higher. According to Standard Chartered’s Geoff Kendrick, the U.S. fiscal dominance and a potential Donald Trump presidential win would both favor Bitcoin’s (BTC-USD) market performance. Galaxy (OTCPK:BRPHF) reported Q1 net income of $421.7M, more than triple the income from the previous year, owing to the strong crypto-price rally earlier in the year. Novogratz highlighted the growing crypto adoption in traditional finance, noting increased willingness for unsecured crypto lending and expanding counterparties’ engagement with the space.
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