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Bitcoin Correction is Making a Billionaire Investor ‘Nervous’

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Novogratz Bitcoin

The price of bitcoin has corrected by 27.7 percent from its year-to-date high of $13,868.44. And the stark drop is making a billionaire investor nervous.


A Nail-Biting Novogratz

Galaxy Digital founder and chief executive Michael Novogratz today admitted that he would be worried if bitcoin’s near-term downtrend continues any further. The former hedge fund manager noted that price falling below the $8,500 level is not good news. And a close below the $6,000 is certainly worst.

Novogratz did not offer any clarity about why he thinks bitcoin below $6,000 is terrible. Nevertheless, he stressed that the $5,000 level would cap the cryptocurrency from falling further.

Bitcoin’s $10K Floor Failed?

The statement appeared over a month after Novogratz had admitted selling some of his bitcoin stash around $14,000. In the same breath, he had predicted that the cryptocurrency would trend sideways in a $10,000-$14,000 range.

However, the price started plummeting in early July as a part of a natural downside correction. Investors also digested the anti-crypto comments made by US President Donald Trump on July 11, followed by US Treasury Secretary Steven Mnuchin’s press brief, wherein he called bitcoin “a national security issue.”

Bitcoin uptrend also got punctured due to Libra hearings on the Capitol Hill. The congressional meetings saw Facebook executive David Marcus responding to sharply-pointed queries of US lawmakers. While the social media giant eventually planned to shelve its Libra cryptocurrency plans, its senate-level trial raised the selling pressure in the bitcoin market, which had already factored in the gains that came after the Libra announcement in mid-June.

That somewhat explains why Novogratz, in his latest interview with CNBC, predicted the bitcoin price with caution. As usual, the Crypto Twitter was not impressed with all the nervousness.

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