Michael Novogratz, the CEO of Galaxy Digital, has expressed his pessimism about the short-term prospects of Solana, Ethereum, and Bitcoin. Despite the increasing adoption from traditional investors, Novogratz predicted that Bitcoin’s price would remain relatively stable in the current quarter. This comes after Bitcoin experienced a drop in price below $61,000 last week and is now attempting to recover. The volatility in Bitcoin’s price has fueled optimism in the cryptocurrency market, including altcoins and memecoins, due to increased liquidations. Novogratz believes that there may not be a significant increase in price beyond the all-time high during this quarter’s consolidation phase after the introduction of spot Bitcoin ETFs. He estimates that the market experienced a positive surge in the first quarter of 2024 after the approval of spot Bitcoin ETFs and the BTC halving. However, the current decline in prices is influenced by both sector circumstances and macroeconomic factors. The decline in decentralized finance figures is a direct result of reduced on-chain activity and trading volumes in top assets. Novogratz and other optimistic traders anticipate that digital asset prices will rise again once favorable market conditions emerge. Today’s highlighted crypto news focuses on the crucial juncture of Solana’s price, with both bulls and bears preparing for a decisive battle.
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