Billionaire investor and Galaxy Digital Founder and CEO Mike Novogratz has shared insightful commentary about the state of the broader crypto market. In an interview with CNBC, he described the current crypto market as “lackadaisical,” citing constant interest from retail investors but relatively low excitement from institutional investors.
Despite this less-than-enthusiastic corporate interest, Novogratz highlighted several positive events in the industry, such as Bitcoin‘s integration with WeChat Pay and Hong Kong’s move to permit retail customers to trade digital currencies. Concerning new user adoption, Novogratz mentioned that the numbers of new users buying crypto are relatively small and mostly concentrated on platforms like Cash App and Revolut. As a prominent advocate in the nascent crypto world, he believes that most of the new Bitcoin stockpiles belong to older buyers.
This notion can be supported by the purchasing activities of American business intelligence firm MicroStrategy Incorporated, which has been steadily accumulating BTC since August 2020. As an existing buyer, MicroStrategy is arguably more bullish about the premier cryptocurrency than even some firms in the Web3.0 space.
Crypto Outlook for June sees the digital currency ecosystem continuing to experience moderate volatility, with Bitcoin trading at a price of $26,960.33, down by 0.24% within the past 24 hours. However, the coin is still up by 1.59% in the past week. In contrast, some of the mainstream cryptocurrencies like Polkadot (DOT) and Cosmos (ATOM) are down within the same time frame. Various digital currencies are pursuing different growth patterns based on their unique fundamentals.
As broader regulations sweep the industry, with Hong Kong and the United Arab Emirates (UAE) aligning their strategies to jointly regulate crypto, more promising updates that can boost sentiment at both the retail and institutional levels seem forthcoming this month. While reaching all-time highs may be unrealistic for many assets in June, significant growth traction is anticipated.
It’s important to note that the content presented may include the personal opinion of the author and is subject to market conditions. Conduct thorough market research before investing in cryptocurrencies, as neither the author nor the publication holds any responsibility for personal financial loss.
Source: Coingape
