Galaxy Digital’s CEO, Mike Novogratz, has expressed his belief that Bitcoin (BTC) is unlikely to reach its all-time high (ATH) unless there is a change in macro conditions. During an episode of Galaxy’s podcast, Novogratz stated that Bitcoin would likely remain stagnant until the Federal Reserve cuts interest rates, which could then potentially trigger a rise in BTC.
Novogratz remains optimistic about the future of Bitcoin, suggesting that more favorable cryptocurrency regulations could also contribute to pushing BTC to new ATHs. He highlighted the increasing debt and spending of the US federal government as another factor that could drive more people to invest in Bitcoin, viewing it as a form of “digital gold.”
While Novogratz made these statements, market activity for Bitcoin appears to have slightly decreased. Currently, the BTC price is trading at $66,950 and is testing the $67,000 level. Although BTC briefly surpassed $67,000, it was unable to sustain this level.
Bitcoin’s market cap remains above the $1.3 trillion threshold, depending on the price trend. However, the 24-hour trading volume is gradually decreasing, with a 34% drop in volume over the past 24 hours, bringing it to $19.4 billion.
It is important to note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
