Mike Novogratz identifies key price levels for Bitcoin and Ethereum

Galaxy Digital founder Mike Novogratz told CNBC that he is not worried about the near-term prospects of the crypto market, as long as Bitcoin stays above $40,000 and Ethereum above $2,800.

«We held $40,000 overnight in #bitcoin and $2,800 in #ethereum. Those are very important levels for people to watch. As long as those hold, I think the market is in good shape,» says @novogratz on #crypto during #evergrande. pic.twitter.com/hcKuhUssAq

— Squawk Box (@SquawkCNBC) September 21, 2021

“As long as those levels hold, I think the market is in good shape,”

he noted.

The September 20 sell-off on the market he called a “healthy correction” after several months of gains.

In his view, the decline in digital-asset prices did not dampen demand from institutional investors.

“I see nothing but interest and activity from our clients and corporate investors,” Mr. Novogratz added.

The correction, in his view, was triggered by concerns about regulatory decisions in the United States and news of the possible default of one of the largest Chinese developers Evergrande.

Novogratz believes the latest hit to crypto prices stems from the fact that a large portion of the collateral backing the market’s important stablecoin Tether (USDT) consists of securities issued by Chinese companies, notably Evergrande.

As expected @CNBC brought out #Bitcoin pumper @novogratz to offer his supposedly unbiased expert opinion as to the significance of yesterday’s #crypto sell-off and what it portends for the crypto industry and the market. This is not reporting. CNBC is a paid marketing platfrom.

— Peter Schiff (@PeterSchiff) September 21, 2021

However, the issuer of USDT has previously denied such claims.

The well-known Bitcoin critic Peter Schiff attacked CNBC after Novogratz’s interview, calling the channel a “paid marketing platform” for cryptocurrencies.

“As expected @CNBC brought out #Bitcoin pumper @novogratz to offer his supposedly unbiased expert opinion as to the significance of yesterday’s #crypto sell-off and what it portends for the crypto industry and the market. This is not reporting. CNBС is a paid marketing platfrom.

— Peter Schiff (@PeterSchiff) September 21, 2021

Schiff himself again predicted the imminent end of the “cryptocurrency bubble.”

Prices of Bitcoin briefly dropped below the level he flagged after Novogratz appeared on CNBC, краткосрочно провалили the level. Ethereum also опускалась ниже $2,800.

Earlier, Novogratz said that the American community had moved to the lead in the industry as a result of the war waged by Chinese authorities against digital assets.

He also noted that policymakers in the United States do not understand cryptocurrencies well enough and hinder the spread of innovation in the financial sphere