CandleFocus

Crypto narratives as we await next market move 

Bitcoin's price has remained relatively stable over the past week as traders reassess their positions following a recent liquidation event. Narratives surrounding the cryptocurrency are lacking, contributing to the slower market activity. However, Galaxy Digital CEO, Mike Novogratz, shared some higher-level views on crypto, including predictions that more companies will list on NYSE or NASDAQ by May or June. Novogratz also believes that within six months, Bitcoin will be on the government's balance sheet as a store of value. He also mentioned having lunch with the head of a large sovereign wealth fund who is considering investing $500 million in Bitcoin. Pantera Capital founder, Dan Morehead, dismissed claims of a crypto bubble, stating that institutional investors' median holding in blockchain is zero. Morehead predicts that a fraction of the $500 trillion of global assets could migrate to crypto this year. Despite a drop in price, Novogratz sees this as a buying opportunity and believes it does not invalidate the cryptocurrency's potential.

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