“Frenzy” and “parabolic” were two words that Michael Novogratz used to describe the recent bout of Bitcoin price action. Indeed, over the past few days, the cryptocurrency market has been subject to a full range of emotions, from euphoria to crushing defeat.
Due to this tumult, Novogratz revealed in a CNBC interview Thursday that his crypto merchant bank, Galaxy Digital, has sold some of its cryptocurrency positions. Yet, he asserted that this is just a short-term play, not a sign that he is capitulating out of the crypto market. But what’s next according to the former Wall Street investor?