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Novogratz Warns ‘Picking Bottoms Is Dangerous’ as Bitcoin Slide Resumes

  • Bitcoin turns lower as stocks sink into bear market territory
  • Prices, exuberance could collapse during downturn: Belshe
Mike Novogratz

Mike Novogratz

Photographer: Jeenah Moon/Bloomberg
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Everyone knows crypto’s been having a tough time of late. Bitcoin’s lost a third of its value this year, and altcoins are faring even worse with prices sliding again Friday. Despite calls within the community -- propagated largely over Twitter -- to hoard more coins whenever there’s a selloff, market-watchers say to be wary of predictions that call a bottom to the slide. 

Mike Novogratz, the founder of Galaxy Digital Holdings Ltd. who this week issued a mea culpa over Terraform Labs’s imploded stablecoin, noted that some smaller tokens are down 80% from their highs. And should their losses accelerate to the same degree they did in 2018, those coins could lose an additional 70%.