Mike Novogratz says crypto market in good shape and recommends buying dip – Markets Insider

Mike Novogratz says crypto market in good shape and recommends buying dip – Markets Insider


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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 Source…