Mike Novogratz, CEO of Galaxy Digital calls market correction a result of “Tax Day”. He appeared on CNBC to talk about the latest correction in the crypto market. He says he remains bullish on bitcoin over the long term. Whenever markets get ahead of themselves, correction happens. Correction is a natural sensation.
“Market aren’t supposed to be easy. If they were easy, we’d all be reach,” Novogratz said on “Squawk Box”. Bitcoin is still up over 50% year to date and the bull run is not over yet, added Mike. He compared the latest correction to “Tax day”. People made a lot of money in crypto during these bull markets. Correction is just like paying taxes over that gains.
Recently, the crypto market experienced a flash collision where bitcoin fell to 3 months low. A lot of factors affected this price correction. Such as Elon Musk’s FUD to sell leftover Bitcoin holding by Telsa and going all in Doge. On the other hand, the Microstrategy keeps buying Bitcoin and gave statements in support of Bitcoin.
Bitcoin has lost over 35% of its gain since the last ATH of $ 64,863, the largest correction this bull season. Crypto analysts suggest that a market correction of 40% is normal in the bull market. 2017’s bull run sawed various drops of over 30%.
