Novogratz: Bitcoin Is 'Disappointing'

utoday01-21

Galaxy Digital CEO Mike Novogratz has described Bitcoin's recent price action as "disappointing."The flagship cryptocurrency is currently failing to capture the same safe-haven bid that is driving the...

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For now, the leading cryptocurrency is still stuck below the $90,000 level due to prevailing risk-off sentiment. \"I will reiterate that it has to take out 100-103k to regain its upward trend,\" Novogratz noted.$100 million hedge fundGalaxy Digital, the financial services giant helmed by Mike Novogratz, is returning to its roots with the launch of a $100 million hedge fund. According to a report from the Financial Times, the fund is slated to launch in the first quarter of this year with capital from family offices, high-net-worth individuals and institutional partners. Galaxy is also providing undisclosed seed capital.Up to 30% of the fund’s assets will be invested directly in liquid cryptocurrencies, with Portfolio Manager Joe Armao specifically citing bullish long-term conviction on Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). 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