By Max S - Cryptocurrency Enthusiast - 09-07-2021
As Bitcoin (BTC) trades sideways after falling below $33,000 on Thursday, Galaxy Digital CEO Mike Novogratz makes some geopolitical remarks about the market conditions and industry.
Novogratz stated that the price to buy crypto giant, Bitcoin, is now consolidating between $30,000 and $35,000. The price implies that the crypto community in the United States is now assuming the leading position in the market despite a bearish trend in Asia.
Novogratz stated that if you run a hedge fund and you are also having a hard time "getting whacked in your rate position and your equity position and your oil position, you’re probably going to sell some of your crypto as well," he explained.
After the coin reached an all-time high of around $64,000 in mid-April, Bitcoin steadily declined in recent months. Since the decline, there have been environmental concerns about Bitcoin mining, with crackdown measures toward crypto investments and mining seen by the Chinese government.
The overall sentiment in the crypto markets has deteriorated to "extreme fear" levels due to several actions taken by global financial regulators against Binance, a large cryptocurrency exchange platform.
Nonetheless, despite the market's growing concerns, certain significant companies in the United States have maintained their attempts to further develop the business in the country. Gryphon Digital Mining, a prominent U.S. mining business, purchased a large crypto mining rig from Bitmain. This Chinese mining powerhouse had to cease its spot sales owing to China's ban on crypto mining on Thursday.
In June, Miami Mayor Francis Suarez officially welcomed foreign crypto mining companies to explore installing data centers in the city after Chinese miners surrender.