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Crypto billionaire Mike Novogratz says bitcoin holding at $40,000 shows the market is in good shape - and recommends buying the dip

Markets Insider
Markets Insider
 2021-09-23

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Mike Novogratz is one of the biggest names in crypto.
  • Mike Novogratz said bitcoin bouncing off $40,000 is a good sign for the crypto market.
  • He said he's not worried about the recent sell-off and that it's a "buy-the-dip" opportunity.
  • Bitcoin and ether fell sharply on Monday as the Evergrande crisis rattled financial markets.
  • See more stories on Insider's business page .

Billionaire crypto investor Mike Novogratz has said bitcoin holding firm at $40,000 during the recent sell-off is a good sign for the market, and recommended buying the dip in digital assets.

Speaking after cryptocurrencies sold off sharply at the start of the week, Novogratz told CNBC earlier this week that he thought the market remained in good shape. Cryptocurrency prices rallied on Thursday, with bitcoin and ether rising along with altcoins.

"We held $40,000 overnight in bitcoin and $2,800 in ethereum. I think those are very important levels for people to watch. As long as those hold a think the crypto market is in good shape," he said.

Bitcoin rallied 5% to $44,159 on Thursday, according to Coinmarketcap, while ether - the cryptocurrency on the ethereum network - rose 6.4% to $3,122.

Yet both remain considerably lower than on Monday, when bitcoin stood above $47,000 and ether was above $3,300. They fell sharply on Monday, with bitcoin testing $40,000 on Tuesday, as worries about Chinese property developer Evergrande shook markets, causing investors to ditch riskier assets.

Read more: 3 altcoins to buy: a crypto consultant explains why ether could surge to $15,000 and flip bitcoin, and criticizes one token as an overvalued 'joke'

Novogratz said he's not nervous about the declines, however, and said he thinks it's a "buy-the-dip" situation.

The crypto billionaire, a former hedge fund boss who founded the digital assets investment firm Galaxy, said he's seeing lots of engagement and activity in the crypto market. He pointed to SoftBank's participation in a $680 million funding round for sports NFT marketplace Sorare.

Novogratz said he thought Monday's sell-off was also driven by concerns about regulation in the US. "The market got itself a little too long," he said.

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