Founder of Galaxy Digital: Retail traders' leverage is too high, BTC may pull back to $55,000
2024/03/01 02:45
According to Bloomberg, Galaxy Digital founder Michael Novogratz said that
Bitcoin may experience some pullbacks before hitting new highs.
Novogratz predicted: "If there are some adjustments at present, I wouldn't be surprised. BTC might pull back to around $55,000 and then hit a new high. Compared with the recent 2021 bull
market, large institutional participants have lower leverage in the current cycle, but retail traders have excessive leverage and cited the leverage provided by offshore
cryptocurrency trading platforms. I think the current market leverage is too high; it happened after a significant increase in market value. There will be a washout; people can't handle such big leverages. For millennials and generation investors chasing highs, some people will make money while many will get eliminated."
In addition, he expects that spot
Ethereum ETFs will receive SEC approval sometime this year. Galaxy is working with Invesco to seek to provide Ethereum ETF services.
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!
You may also like
Expectations for Fed Rate Cuts Strengthen, Market Focuses on Magnitude and Pace
Chaincatcher•2025/09/14 21:17
Economist: U.S. Tariff Policies Will Continue to Impact Economic Growth
BlockBeats•2025/09/14 20:13
The European Central Bank plans to decide on the next steps for CBDC next month.
BlockBeats•2025/09/14 20:13
Trending news
MoreCrypto prices
More
Bitcoin
BTC
$115,923.65
-0.06%

Ethereum
ETH
$4,619.78
-0.96%

XRP
XRP
$3.04
-2.77%

Tether USDt
USDT
$1
-0.00%

Solana
SOL
$242.27
+0.50%

BNB
BNB
$930.55
-0.32%

USDC
USDC
$0.9998
-0.00%

Dogecoin
DOGE
$0.2804
-3.84%

TRON
TRX
$0.3489
-0.30%

Cardano
ADA
$0.8914
-4.32%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now