No Comments

Bitcoin billionaire Mike Novogratz says plunging crypto will have a hard time rallying until stocks find a base – Yahoo Finance

Mike Novogratz said cryptocurrencies will struggle to pull out of their sell-off if stocks keep falling.
The crypto billionaire said Thursday this is a bear market, and told people to sell rallies and not buy dips.
The crypto sell-off intensified Friday, as bitcoin fell 10% to a six-month low below $38,000.
Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Billionaire investor Mike Novogratz has said cryptocurrencies will struggle to pull out of their sell-off if stocks keep falling, as he urged investors not to buy the dip.
Prices for bitcoin, ether and other digital currencies have fallen sharply across the board as they track Wall Street's rout in tech stocks, driven by pressure from rising bond yields.
"Crypto will have a hard time rallying until stocks find a base," Novogratz, CEO of investment company Galaxy Digital, tweeted late Thursday.
Novogratz pointed to the sharp fall in the Russell index, which is down almost 10% year to date, saying there are 1.2 trillion bad equity longs above the market.
"This is now a bear market," he said, adding: "Sell rallies. Don't buy dips."
Investors have dumped crypto assets and tech stocks this year as they brace for the Federal Reserve to hike interest rates at least four times in 2022. That has pushed up bond yields, as the prospect of higher interest rates prompts investors look for a similarly higher return.
Novogratz warned Tuesday that as long as rates go higher, there will be pressure on crypto assets and the Nasdaq. The tech-heavy stock index has dropped more than 9% in the last month.
Leading cryptocurrency bitcoin has fallen 20% over the last month to trade far below its November record high of more than $68,000. Ethereum's ether is down 30%, also off its all-time high of around $4,800.
Novogratz suggested in his Thursday tweets that there might be a glimmer of hope for markets. "That said, crypto already had a decent sell-off and is running into some buying support," he said.
On Friday, though, the broad crypto slide was picking up steam. Bitcoin was down 9% over the last 24 hours at $38, 274, according to last check of CoinMarketCap data. It had earlier broken through $38,000 to hit $37,704, its lowest level in six months. Meanwhile, ether was 12% lower at $2,795.
Novogratz told CNBC earlier this year that crypto could fall as low as $38,000, and he was waiting for that before buying more. The crypto enthusiast, who has tattoos inspired by different coins, said in May last year that crypto made up 85% of his net wealth.
Read the original article on Business Insider
Bill Maher is pushing back against blindly following the advice of Anthony Fauci and other doctors amid the coronavirus pandemic, saying, "Don't sit there in your white coat and tell me 'just do what we say.'""That's not a criticism of them like they're being corrupt, although there certainly is plenty of corruption in the medical establishment," the "Real Time" host said in an interview with Deadline published Friday, when asked if he believes…
“I do wish we could chat longer, but I'm having an old friend for dinner…"View Entire Post ›
Stephanie Davidson, a former manager at High Voltage Tattoo, claims Kat Von D mocked safety precautions and disparaged employees for wearing masks.
Question: I’m an attorney with over $200,000 in federal student loan debt, and I desperately want to file for bankruptcy on these loans. The good news is that if you’re looking for even more assistance, income-driven repayment (IDR) plans allow for adjustments when your income or family size changes. If your income takes a hit or you have a baby, IDR plans can be re-certified to account for the changes in your income and a recalculation can even make a payment as low as $0.
Will coronavirus be eradicated? 'No, it will not,' says Dr. Gregory Poland, who studies the immunogenetics of vaccine response at the Mayo Clinic.
Dallas Cowboys owner Jerry Jones suggested complaints about the stadium were merely an excuse for poor play in team's loss to the San Francisco 49ers.
(Bloomberg Law) — MicroStrategy Inc. can’t strip out Bitcoin’s wild swings from the unofficial accounting measures it touts to investors, the SEC said.Most Read from BloombergCrypto Crash Erases More Than $1 Trillion in Market ValueTech Leads Stocks to Worst Week Since March 2020: Markets WrapBitcoin Chart Hints at Possible Floor for SlideJeremy Grantham Doubles Down on Crash Call, Says Selloff Has StartedAmerican Airlines Sues The Points Guy Over Its Rewards Management AppBad news for the Micr
Kelly Clarkson has agreed to give ex-husband Brandon Blackstock 5.12% of their Montana ranch, which represents $908,800 of its total $17,750,000 value
Prominent market technician Ralph Acampora says the recent bout of market volatility has him uneasy and now he's forecasting a deeper drop in the market.
"I'm so happy to see her happy."View Entire Post ›
Bateman immediately put on the identical sweatshirt to the one he wore during his first appearance on "The Tonight Show" in 1984.
Like Civil War re-enactors, but in this case clad in hoodies and wielding zero-commission apps, the Apes pushed the price of GameStop and tried to remind Wall Street to never forget.
SNL released a statement responding to claims that Pete Davidson has missed rehearsals and is acting like a "total diva" on set of the show.
The U.S. is approaching the end of a 'superbubble,' potentially leading to the largest markdown of wealth in its history when pessimism returns to rule markets, according to legendary investor Jeremy Grantham.
via TwitterA man and woman in New York have been both fired and arrested for verbally assaulting a family on a train in an incident that police have determined to be a hate crime.The Daily Voice reported that Justin Likerman and Kristin Digesaro, of Long Island, turned themselves in on Wednesday. They have been charged with aggravated harassment and endangering the welfare of a child. New York’s Metropolitan Transit Authority said the charges were brought in conjunction with the Manhattan Distri
BTC, ETH, and all other major cryptocurrencies tanked Friday with drops of 10% or more. "All About Bitcoin's" Week in Review panel discusses the potential factors behind this week's crypto markets flash crash. Plus, reviewing this week's top stories making waves in the digital asset space: Grayscale Bitcoin Trust (GBTC) discount hitting a record low, bitcoin mining difficulty setting new all-time high, crypto's energy impact, and more.
Bitcoin's latest crash has wiped billions off the crypto market as it plunged to five-month low to below $40,000 on Friday.
We Met in Virtual Reality paints an endearing picture of a VRChat community.
Lithuania is under pressure from German companies to back down in a dispute with China to end a blockade of the Baltic state, as European trade officials struggle to defuse the row, people familiar with the matter said. China has pressed multinationals to sever ties with Lithuania or face exclusion from its market, an unusually harsh move that has dragged companies into a political dispute and placed Beijing on a collision course with the European Union. The row erupted after the Baltic state allowed the opening of a de facto embassy by Taiwan, a self-ruled island that China views as part of its territory.
Cryptocurrency prices tumbled Thursday night, with bitcoin hitting its lowest price since last August.

source

You might also like

More Similar Posts

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Menu