Galaxy Digital CEO Mike Novogratz believes Bitcoin (BTC), the leading cryptocurrency by market capitalization, will resume its uptrend once the carnage in the broader market subsides.
Galaxy Digital boss sees an impending Bitcoin resurgence
Novogratz began his X post by stating that wars cost money. He prayed against the outbreak of a major war, which he believed would have great impact Bitcoin price.
His statement suggests that the continuation of the war would lead to further declines in the price of financial assets related to Bitcoin. If not, the coin could even reach another all-time high (ATH).
“I pray that there is a cool head and that this is not the start of a major regional conflict,” Novogratz said. “There are so many good things happening in the Middle East, it’s just tragic that we’re here.”
Barring the end of the war, Bitcoin is likely to witness a rally in the coming days. The Bitcoin halving There is speculation that the event will spark a potential bull run for the asset and the broader market. This expectation has led investors to hoard Bitcoin-related assets BTC leveraged ETF.
nations like Hong Kong are also preparing to greenlight Bitcoin ETFs this month, demonstrating widespread adoption of the flagship cryptocurrency. Should this ultimately happen, there is a possibility that BTC price could reverse its downward trend and reach a new high.
Israeli Hamas War Impacts Crypto Prices
There has been bloodshed since October 7, 2023, when a conflict broke out between Israel and Hamas.
Unfortunately that is geopolitical tension has had a negative impact on the global financial market and on the prices of cryptocurrencies such as Bitcoin, Ethereum, BNB and Solana.
Bitcoin climbed to a new high of $73,000 a few weeks ago. At that time, the rise in the price of Bitcoin was related to a number of events, such as the US Securities and Exchange Commission (SEC). green light for spot Bitcoin ETFs from renowned asset management firms such as BlackRock, Fidelity and Grayscale.
The escalation of the ongoing Israel and Hamad war has contributed to a decline in the price of the coin, which recently saw the asset drop to $62,000.
Notably, the recent price drop was registered at this time This was announced by the Israeli military that Iran attacked the country by shooting down “dozens” of drones.
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