Galaxy Digital’s CEO, Mike Novogratz, has expressed his doubts about Bitcoin reaching its all-time high (ATH) unless there are changes in the macroeconomic conditions. During a podcast hosted by Galaxy, the billionaire stated that Bitcoin would likely remain stagnant until the Federal Reserve cuts interest rates, at which point the price of BTC could start to rise.
Novogratz also expressed his optimism about the future of cryptocurrency regulations and how they could potentially drive Bitcoin to new ATHs. He believes that the escalating spending and debt of the US government could also play a role in increasing interest in Bitcoin as a digital store of value.
In terms of market activity, the price of Bitcoin currently stands at $66,950 and is testing the $67,000 level. Although it briefly surpassed $67,000, it was unable to sustain that level. Bitcoin’s market cap remains above $1.3 trillion, but the 24-hour trading volume has seen a gradual decrease, dropping by 34% in the last 24 hours to $19.4 billion.
It is important to note that the information provided in this article should not be considered investment advice. Cryptocurrencies are highly volatile and carry inherent risks, and investors should conduct their own research before making any financial decisions.
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