The head of Galaxy Digital cryptocurrency bank Mike Novogratz shared a short-term forecast for the price of bitcoin and spoke about plans to launch a new cryptocurrency fund, Bloomberg reports.

According to him, after yesterday's fall of more than $ 600, the price of the first cryptocurrency may drop by another 13%, having found support at around $ 6500. Then BTC will take some time to recover to $ 10,000.

“There have been many negative events lately ,” said Novogratz in a conversation with CNBC, adding that Bitcoin “needs new energy” to return at least above the level of $ 8000.

Bitcoin drops to five months ago

The entrepreneur believes that one of the main negative factors is the trial of the Telegram Open Network with the US Securities and Exchange Commission (SEC), due to which the launch of the project is postponed .

“This is a real blow to the stomach of the crypto industry ,” said Novograts.

Despite the clearly bearish sentiment in the market, the head of Galaxy Digital plans to soon open a new fund to invest in bitcoin and begin to provide custodial services. Novograts emphasized that the new services will allow people to invest in cryptocurrency “without the need to create an account on Coinbase” and without worrying about the likely loss of the phone.

Earlier, Mike Novogratz expressed his admiration for the Telegram Open Network project and at the same time regretted the lost investment opportunity.

Subscribe to the BlockchainJournal YouTube Channel!