2 years ago
123 Galaxy Digital’s founder and CEO, Mike Novogratz, has shared insights over the current state of the crypto market. According to Novogratz, Ethereum’s critical price lies at $2800.
Ethereum is the second-largest cryptocurrency in the world in terms of market capitalization. In a recent interview with CNBC, Novogratz stated that as long as Ethereum holds a value above $2800, it would continue attracting demand from retail and institutional investors.
Critical Levels for BTC and ETH
In the interview, Novogratz gave insights as to what he termed to as critical levels for Bitcoin and Ethereum. He started that of Bitcoin and Ethereum stay above $40K and $2800 respectively, demand would still be unaffected.
“Those are very important levels for people to watch. As long as those hold, I think the market is in good shape,” Novogratz said in the interview.
On September 22, the price of Bitcoin dropped to below $40,000, which caused a wave of panic and uncertainty across the market. Ethereum dipped to monthly lows of $2700. However, the two coins have recovered slightly whereas Bitcoin and Ethereum are trading at above $42,000 and $2900 respectively.
The Future of Crypto
Novogratz also expressed his thoughts about the future of cryptocurrencies. He stated that he is not worried about the future of crypto. “The level of business in the crypto market has increased. We see so much capital coming into the space. I’m not nervous, but the prices are prices, and it was an ugly day in crypto yesterday,” he told CNBC.
His remarks come at a time when the crypto regulatory framework is uncertain. Gray Gensler, the Chairman of the US Securities and Exchange Commission expressed concerns over unregulated crypto exchanges and lending platforms in an interview with Washington Post.
According to Gensler, there was a high chance that these crypto trading and lending platforms were offering securities that required to be regulated by the SEC. he also added that he was concerned that problems would soon arise in these platforms and it could harm a lot of investors and stakeholders.
Crypto regulations have been a heated debate in the crypto space since the start of 2021. Various regulatory bodies in the US and other countries have shown vigilance in creating a clear regulatory framework for cryptocurrencies and other digital assets.
