Mike Novogratz says most of the crypto carnage is done, but prices could be stuck for a while
— Sam bankman, Deleveraging ," novogratz said, New capital enters, High, Leverage, Risk assets, Largest crypto asset, Remain, Novogratz also defended, Galaxy digital ceo mike novogratz said crypto — 1 min read
Galaxy Digital CEO Mike Novogratz said crypto doesn't have much further to fall, but it could remain in choppy sideways trading. Cryptocurrency prices have been tumbling all year with other risk assets as the Federal Reserve began raising interest rates to fight persistently high inflation. "It feels like we're 90% through that deleveraging. To go much higher you need the narrative to pick up and you need new capital to come in," he said. "There will be gross misconduct in some of these companies when you just look at the amount of both leverage and inter-lending that went on," he added. "The original reason for crypto was more transparency, and ironically, we had centralized organizations on top of all the crypto" Source