The cryptocurrency has mentioned the washout of leveraged traders that occurred over the past few months
During a recent interview with CNBC, Galaxy Digital CEO Mike Novogratz said that the outlook for crypto is neither great nor horrible.
“The outlook for crypto is not horrible but it’s not great. We’ve got regulatory headwinds we didn’t have before…People are going to cut costs and survive this transition period,” he said.
He believes Bitcoin and Ethereum prices held steady despite bad news this month as leveraged traders got out of their positions, making for what Novogratz describes as a “clean market.” “It’s a pretty clean market market right now,” the crypto mogul stressed.
Looking further down the line, Novogratz believes 2023 will be the crucial year for survival and a potential upswing.
However, there are still some issues with Gemini and Genesis that could pose challenges for the cryptocurrency market in early 2023. “That’s not gonna be great,” Novogratz said.
As reported by U.Today, Gemini co-founder Cameron Winklevoss recently penned a scathing letter, demanding the removal of Digital Currency Group CEO Barry Silbert from his post and accusing
Like other crypto companies, Galaxy Digital took a significant hit due to the bear market.
Novogratz has noted that his company has been actively investing in infrastructure in order to weather the crypto crisis — from buying a mining facility in Texas to securing a stake in Israel-based firm GK8.