Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

After $60K Crash, BTC ‘Will Resume its Trend Higher,’ Says Mike Novogratz 

Published 04/14/2024, 06:47 PM
Updated 04/14/2024, 07:15 PM
© Reuters.  After $60K Crash, BTC ‘Will Resume its Trend Higher,’ Says Mike Novogratz 
BTC/USD
-

  • Bitcoin tanked to about $60,900 from about $68K, shredding above 10.3% within the past day.
  • Solana, XRP, and ADA witnessed more substantial losses that exceeded 20%.
  • Mike Novogratz said following the recent risk flush, Bitcoin will resume its trend higher.

The crypto market witnessed a bloodbath within the last 24 hours, with Bitcoin tanking to about $60,900 from the intraday high of $67,900. While the $7,000 BTC shredded amounted to a 10.3% decline, the broader market witnessed more staggering losses.

In particular, cryptocurrencies like Solana (SOL), XRP, and Cardano (ADA) have witnessed more substantial losses exceeding 20% as Bitcoin retested the $60K threshold. This unexpected bearish market condition has sparked various speculations about its cause by the crypto community.

Notably, the prevailing view suggests that the market tanked in response to the growing global conflict, particularly between Iran and Israel. Billionaire Bitcoin investor Mike Novogratz, CEO of Galaxy, expressed this view in a recent post on X.

Novogratz emphasized that wars have significant monetary and economic implica…

The post After $60K Crash, BTC ‘Will Resume its Trend Higher,’ Says Mike Novogratz appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.