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Novogratz Sees ‘More Damage to Be Done’ After Crypto Rout

  • Billionaire expects next few quarters to be choppy, difficult
  • Galaxy Digital posts first-quarter loss amid crypto price drop
Mike Novogratz

Mike Novogratz

Photographer: Amir Hamja/Bloomberg
Updated on

Michael Novogratz, the billionaire cryptocurrency investor who leads Galaxy Digital Holdings Ltd., said he expects the digital-asset market to be “volatile and difficult” for at least the next few quarters as it remains tied to moves in U.S. equities. 

“Crypto probably trades correlated to the Nasdaq until we hit a new equilibrium,” Novogratz said on Galaxy’s first-quarter earnings call on Monday. “My instinct is there’s some more damage to be done, and that will trade in a very choppy, volatile and difficult market for at least the next few quarters before people are getting some sense that we’re at an equilibrium.”