By Anushree Dave
The price of bitcoin, which was at a high of around $69,000 in November of last year, is down to around $20,000 today
In a segment on CNBC on Tuesday morning, Michael Novogratz, CEO of digital asset and blockchain lender Galaxy Digital , discussed the Federal Reserve’s interest rate hikes and what they mean for crypto markets with Barry Sternlicht, chairman and CEO of Starwood Capital. They were also joined by Richard Buery, CEO of Robin Hood, the anti-poverty organization.
“When Powell started beating inflation over the head with a sledgehammer, of course bitcoin came back down as did lots of assets. If he flinches, if he gives up this flight inflation before inflation comes down…you’re going to see bitcoin and other assets kick right back off,” said Novogratz.
The price of bitcoin , which was at a high of around $69,000 in November of last year, is down to around $20,000 today. In general, cryptocurrencies have suffered a comedown since last year, with a loss $2 trillion in value since its height in 2021. This prompted investors to discuss the possibility of a “crypto winter” or a prolonged bear market.
-Anushree Dave
(END) Dow Jones Newswires
10-04-22 1030ET
Copyright (c) 2022 Dow Jones & Company, Inc.
