Novogratz: Crypto Is Facing A “DeficitOof Trust”

The negative mood in the crypto market continues. Although the downward trend seems to have stopped after the FTX collapse, we see that the catalysts that will push the cryptocurrencies up are not yet working.

The CEO of crypto investment firm Galaxy Digital discussed the two giant cryptocurrencies in an interview with CNBC’s Squawk Box. Novogratz stated that despite the widespread negative sentiment in the industry, the existence of two cryptocurrencies, which are the engines of the market, has not been shaken.

The famous CEO said that he does not think Bitcoin (BTC) and leading smart contract platform Ethereum (ETH) will sink, even though a crisis of confidence is shaking up the crypto markets.

“We are definitely experiencing a crisis of confidence in this market and we are not out of danger yet. There is a lot of daisy chain effects going on and people have been shocked by the Three Arrows [Capital] and FTX. FTX was a major player. So it will take a few weeks for people to even regain their balance. Bitcoin It’s not going anywhere. There are 150 million people in this decentralized community verified by cryptography who have decided to store some of their net assets in Bitcoin, and therefore, Bitcoin is not going away in any world. So is Ethereum.”

The Galaxy Digital CEO predicted that he expected a rebound for the crypto industry, but not in a fast-breaking fashion. According to Novogratz, the market will gradually regain lost confidence.

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