The crypto market rally is built on hopes of Fed rate hike slowdown and looming US credit crunch, Galaxy Digital's Mike Novogratz says
Galaxy Digital CEO Mike Novogratz said the latest cryptocurrency market rally is a nod to trader speculation on a slowdown in central bank tightening and a looming US credit crunch., the long-time bitcoin bull also said the upswing in token prices highlights crypto's initial use case as a haven from government monetary policies like the Federal Reserve's interest rate hikes and the risks of holding funds in the traditional banking system.
And today, the recent failures of specialist lenders like Silicon Valley Bank as well as fears of a looming credit crunch have"re-galvanized that original story," he added. "We're having a pretty constructive rally based on a bunch of things... The market is pretty certain that [Fed] Chairman [Jerome] Powell is finished or close to finished," he continued, referring to optimism that tightening will end soon.
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