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Novogratz Says Too Early to Call Bitcoin an Uncorrelated Asset

  • Largest cryptocurrency falls for first time in four sessions
  • Crypto had rallied on speculation sanctions would spur demand

Michael Novogratz, the billionaire cryptocurrency investor who heads Galaxy Digital Holdings Ltd., cautioned against assuming that Bitcoin’s recent outperformance to stocks suggests the digital token is becoming an uncorrelated asset. 

“If in two or three weeks, you see Bitcoin higher than $45,000 with stocks here or lower, then you’ll say something really special is going on,” Michael Novogratz said during KBW’s fintech conference Thursday. “One week is not enough to call a breakdown in correlation.”