{"id":1595,"date":"2024-05-14T23:39:32","date_gmt":"2024-05-14T23:39:32","guid":{"rendered":"https:\/\/cryptd.in\/bitcoin-wont-pump-again-until-the-fed-cuts-rates-says-mike-novogratz\/"},"modified":"2024-05-14T23:39:32","modified_gmt":"2024-05-14T23:39:32","slug":"bitcoin-wont-pump-again-until-the-fed-cuts-rates-says-mike-novogratz","status":"publish","type":"post","link":"https:\/\/cryptd.in\/bg\/bitcoin-wont-pump-again-until-the-fed-cuts-rates-says-mike-novogratz\/","title":{"rendered":"\u0411\u0438\u0442\u043a\u043e\u0439\u043d\u044a\u0442 \u043d\u044f\u043c\u0430 \u0434\u0430 \u0441\u0435 \u043d\u0430\u043f\u043e\u043c\u043f\u0430 \u043e\u0442\u043d\u043e\u0432\u043e, \u0434\u043e\u043a\u0430\u0442\u043e \u0424\u0435\u0434 \u043d\u0435 \u043d\u0430\u043c\u0430\u043b\u0438 \u043b\u0438\u0445\u0432\u0438\u0442\u0435, \u043a\u0430\u0437\u0432\u0430 \u041c\u0430\u0439\u043a \u041d\u043e\u0432\u043e\u0433\u0440\u0430\u0446"},"content":{"rendered":"

Galaxy Digital CEO Mike Novogratz thinks Bitcoin\u2019s price action is in for a lengthy sleeper period until the market \u201cnarrative\u201d can rear its head.<\/p>\n

That narrative can come in one of two forms: either the central bank cuts interest rates, or regulators clear the air on crypto.<\/p>\n

Bitcoin Needs A New Narrative<\/h2>\n

During a company earnings call<\/a> on Tuesday, Novogratz said he believes crypto is in a \u201cconsolidation phase\u201d after a strong first quarter, and he expects Bitcoin\u2019s price to float between $55,000 and $75,000 until \u201cthe next set of market events brings us higher.\u201d<\/p>\n

\u201cBitcoin always needs a narrative,\u201d elaborated Novogratz during an interview<\/a> with Bloomberg on Tuesday. \u201cIf you think of Bitcoin as digital gold, there\u2019s always two narratives: one is the macro, and two is adoption.\u201d<\/p>\n

Bitcoin\u2019s price has historically been influenced by global macroeconomic trends, rising during periods of dovish central bank policy, and falling during hawkish periods.<\/p>\n

At the start of the month, Bitcoin dropped below $57,000 on fears that the Federal Reserve would signal a more extended period of high interest rates at its upcoming FOMC meeting. While that turned out to be true, the coin recovered after the meeting as the central bank simultaneously promised to slow its pace of quantitative tightening, which is a boon for market liquidity.<\/p>\n

The Fed and the Regulators<\/h2>\n

Until macroeconomic data shifts and inflation begins to come down, Novogratz believes the Fed is \u201con hold,\u201d and so is Bitcoin.<\/p>\n

\u201cUntil you see that movement in short-term rates both here and abroad, and\/or more regulatory clarity, Bitcoin probably trades in a range,\u201d he predicted.<\/p>\n

Bitcoin\u2019s 50% climb in the first quarter was largely driven by excitement over the newly launched Bitcoin spot ETFs. The funds have suffered net outflows in Q2, however.<\/p>\n

Both the Bitcoin halving and launch of the Runes token standard also took place last month, leaving two more narratives behind the leading crypto asset.<\/p>\n

Regarding regulatory clarity, Novogratz doesn\u2019t think it\u2019s coming for crypto until after the U.S. federal election<\/a> this fall.<\/p>\n

As things stand, crypto has become a partisan issue in the United States, with the Biden administration favoring stricter guardrails on the industry. At the same time, Republicans seek a more welcoming approach to foster financial innovation.<\/p>\n

\u041f\u0443\u0431\u043b\u0438\u043a\u0430\u0446\u0438\u044f\u0442\u0430 \u0411\u0438\u0442\u043a\u043e\u0439\u043d\u044a\u0442 \u043d\u044f\u043c\u0430 \u0434\u0430 \u0441\u0435 \u043d\u0430\u043f\u043e\u043c\u043f\u0430 \u043e\u0442\u043d\u043e\u0432\u043e, \u0434\u043e\u043a\u0430\u0442\u043e \u0424\u0435\u0434 \u043d\u0435 \u043d\u0430\u043c\u0430\u043b\u0438 \u043b\u0438\u0445\u0432\u0438\u0442\u0435, \u043a\u0430\u0437\u0432\u0430 \u041c\u0430\u0439\u043a \u041d\u043e\u0432\u043e\u0433\u0440\u0430\u0446<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Galaxy Digital CEO Mike Novogratz thinks Bitcoin\u2019s price action is in for a lengthy sleeper period until the market \u201cnarrative\u201d can rear its head. That narrative can come in one of two forms: either the central bank cuts interest rates, or regulators clear the air on crypto. Bitcoin Needs A New Narrative During a company […]<\/p>\n","protected":false},"author":0,"featured_media":1596,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[160,161,162],"class_list":["post-1595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds","tag-bitcoinpump","tag-fedratecut","tag-novogratzprediction"],"yoast_head":"\nBitcoin Won\u2019t Pump Again Until The Fed Cuts Rates, Says Mike Novogratz - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/bg\/bitcoin-wont-pump-again-until-the-fed-cuts-rates-says-mike-novogratz\/\" \/>\n<meta property=\"og:locale\" content=\"bg_BG\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Won\u2019t Pump Again Until The Fed Cuts Rates, Says Mike Novogratz - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Galaxy Digital CEO Mike Novogratz thinks Bitcoin\u2019s price action is in for a lengthy sleeper period until the market \u201cnarrative\u201d can rear its head. 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