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Novogratz Says Crypto Market Is Closer to a Bottom Than Stocks

  • Galaxy founder makes comment at Morgan Stanley conference
  • Ether to hold around $1,000, Bitcoin at $20,000 level, he says
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Bitcoin Sinks to 18-Month Low, Leading Crypto Selloff

Mike Novogratz, the founder and chief executive officer of Galaxy Digital Holdings Ltd., said that cryptocurrencies are closer to a “bottom” than the U.S. equity market.

Both sectors tumbled Monday as investors brace for a more hawkish Federal Reserve to ratchet up interest rates, raising the risk of a US recession. Crypto has been especially hit hard with the lending platform Celsius halting withdrawals on Monday.