Novogratz Names Key Reason Behind Bitcoin (BTC) Price Crash

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Galaxy Digital founder and CEO Mike Novogratz has identified the main cause behind the sudden collapse in digital asset prices. During his latest appearance on an episode of the All Things Markets ...

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corporate vulnerability, changing macroeconomic policies, and a broader \"crisis of confidence.\"A MicroStrategy-led crisis of confidenceOf course, the deteriorating sentiment surrounding Strategy is currently the main factor. \"Listen, this is a MicroStrategy-led breakdown in confidence around that complex, which is creating a crisis of confidence in Bitcoin,\" Novogratz stated plainly.He explained that the downfall has been exacerbated by exhaustion across the digital asset ecosystem. \"At a time when crypto in general is underloved, right? People are more and more skeptical about market structure,\" Novogratz observed, adding that there is currently \"energy elsewhere\" pulling liquidity out of the crypto space.The pressure on Strategy has intensified due to staggering paper losses. Podcast co-host Anthony Scaramucci pointed out that the market is currently grappling with \"vulnerability given a $14 billion unrealized loss at Saylor's strategy,\" prompting predatory trading behavior.\"What tends to happen is markets go to sources of pain and see if they can break the guy,\" Scaramucci explained. \"If they jam Bitcoin super down and explode him, then they can make massive profits on the short side.\"Novogratz agreed that \"the Saylor thing is real,\" noting that \"MicroStrategy has lost confidence\" and that \"his perpetuals are trading horribly.\" Novogratz also spoke about severe macroeconomic obstacles that have fundamentally altered Bitcoin's trajectory, specifically mentioning the Fed's hawkishness. \"The Fed Chair Kevin Warsh came out hawkish in his first meeting, and then Scott Bessent, surprisingly out of nowhere, came and piled on and was a strong dollar guy,\" Novogratz explained. \"Strong dollar is weak Bitcoin. And that's the first time we've really heard Bessent... come out and make the case for why the strong dollar is good for the U.S. economy. He had it until then, right? They kind of wanted a weaker dollar.\"Make-or-break technical levelsNovogratz warned that Bitcoin is currently sitting on a razor-thin support line. \"This 60,59 area is stunningly important,\" Novogratz cautioned. \"If this holds, we're all going to breathe a sigh of relief. If this doesn't, it opens up 45.\"When asked by Scaramucci whether the market would hit $45,000 before returning to $85,000, Novogratz admitted the future remains highly uncertain. \"I think it's a 50/50,\" he confessed. \"I think if we're talking next week and Bitcoin's $55,000, it's going lower. And if we're talking next week and it's $62,000, it probably held. I have less oomph on my prediction than I normally do because I think we have such a complicated setup.\"","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2646317545","isCrawlerRequest":true}