Founder of Galaxy Digital: Retail traders' leverage is too high, BTC may pull back to $55,000
2024/03/01 02:45
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!
A welcome pack worth 6200 USDT for new users! Sign up now!
According to Bloomberg, Galaxy Digital founder Michael Novogratz said that
Bitcoin may experience some pullbacks before hitting new highs.
Novogratz predicted: "If there are some adjustments at present, I wouldn't be surprised. BTC might pull back to around $55,000 and then hit a new high. Compared with the recent 2021 bull
market, large institutional participants have lower leverage in the current cycle, but retail traders have excessive leverage and cited the leverage provided by offshore
cryptocurrency trading platforms. I think the current market leverage is too high; it happened after a significant increase in market value. There will be a washout; people can't handle such big leverages. For millennials and generation investors chasing highs, some people will make money while many will get eliminated."
In addition, he expects that spot
Ethereum ETFs will receive SEC approval sometime this year. Galaxy is working with Invesco to seek to provide Ethereum ETF services.
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!
You may also like
Kempower names Metso executive Lasse Hatinen as CFO
Reuters•2026/09/09 09:19
BrightBid Group takes SEK 8 million short-term loan from Bizcap AB
Reuters•2026/09/09 09:19
Amadeus Fire board member Robert von Wülfing buys shares worth EUR 29,239.95
Reuters•2026/09/09 09:19
Kore US REIT obtains USD 120 million 3-year term loan facility
Reuters•2026/09/09 09:17
Crypto prices
MoreBitcoin
BTC
$79,508.45
+1.32%
Ethereum
ETH
$2,511.97
+1.27%
Tether USDt
USDT
$0.9999
+0.02%
BNB
BNB
$756.75
+0.41%
XRP
XRP
$1.43
+3.15%
USDC
USDC
$1.0000
+0.01%
Solana
SOL
$104.53
+1.45%
TRON
TRX
$0.3392
+0.35%
Hyperliquid
HYPE
$86.54
+2.93%
Zcash
ZEC
$1,252.75
+10.77%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now