.novogratz says that the process of deleveraging is not over in crypto
on CNBC, Mike Novogratz, chief executive officer at Galaxy Digital, predicted that cryptocurrency prices could still lower."We gonna go sideways…Can we go lower? Of course, we could," the crypto mogul said.
He claims that the industry is in the middle of a massive correction due to the fact that there is "lots and lots" of excessive leverage. Centralized cryptocurrency companies, such as Celsius, BlockFi and Three Arrows Capital, had an enormous amount of leverage, Novogratz adds. Yet the process of deleveraging is not fully complete just yet, Novogratz says."It feels that we're 90% through that deleveraging," he added.Of course, the problem is that crypto lacks a bullish narrative that could push prices higher by attracting new capital. Now that the"inflation" hedge narrative is out of the window, Bitcoin has to come up with another compelling story to lure in new buyers.
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