US Crypto Community Taking Leading Role In Current Crypto Market, Per Mike Novogratz

By Shannon Wilson | July 12, 2021

With Bitcoin (BTC) keeps on trading laterally following the drop to under $33,000, Head of Galaxy Digital Mike Novogratz has reportedly offered observations, geological-wise, to the sector. 

Specifically, speaking to CNBC’s Squawk Box, Novogratz reportedly claimed that Bitcoin price value is falling between the range of $30,000 to $35,000 at the moment, indicating that the US crypto community is now in the leading position across the market, when a bearish trend is being generated by Asia. 

The pro-crypto individual reportedly remarked that China’s attempts to scrutinize the crypto market is among one of many more significant problems the market is facing. 

“What we’re seeing is Asia sells it off and then the U.S. buys it back. China has declared war on crypto as part of this broader cold war that we’re getting into, and so I think we’re still digesting that.”

Novogratz further directed his claims to a potential correlation regarding Bitcoin ownership throughout diversified portfolios, noting that several investors are dumping the crypto assets in their possession. 

“If you’re a hedge fund and you’re getting whacked in your rate position and your equity position and your oil position, you’re probably going to sell some of your crypto as well”. 

Regardless of the worries surrounding the crypto sphere, numerous key players in America are still working towards their initiatives to develop the overall sector. 

On July 8th, top-tier US-based U.S. mining entity Gryphon Digital Mining reportedly finalized the acquisition of a big batch of crypto mining rigs from Bitmain – a mining behemoth headquartered in China that has to put a temporary stop to its spot sales, because of the scrutinizing initiatives employed by the local authority at the moment. 

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