Skyrocketing

Bitcoin ETF

Galaxy

Bitcoin

<a href="https://bitcoinworld.co.in/michael-novogratz-reveals-the-reason-behind-the-skyrocketing-price-of-bitcoin/" title="Michael Novogratz Reveals The Reason Behind The Skyrocketing Price Of Bitcoin" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Michael Novogratz highlighted the real reasons why the price of bitcoin is soaring.</li>
 <li style="font-weight: 400">He attributed the surging price to the Federal Reserve’s dovish stance, anticipation for the approval of a spot Bitcoin ETF, and rising institutional interest in cryptocurrencies&nbsp;</li>
 <li style="font-weight: 400">Novogratz is optimistic about future developments despite regulatory challenges.</li>
</ul>
In a recent interview on CNBC’s “Squawk Box,” Michael Novogratz, the founder and CEO of Galaxy Digital, shared his insights on <a href="https://www.cryptopolitan.com/the-real-reason-behind-bitcoins-skyrocketing-prices-michael-novogratz-spills-all/" rel="noopener noreferrer nofollow">the</a> current state of the cryptocurrency market.&nbsp;
Novogratz highlighted Bitcoin’s remarkable surge of 150% over the past year, attributing this rally to its role as an alternative to fiat currencies and a response to the Federal Reserve’s dovish stance.
Novogratz expressed optimism regarding the potential approval of a spot Bitcoin ETF before January 10th.&nbsp;
He believes this development could inject additional momentum into the crypto market. The approval of a spot Bitcoin ETF by the U.S. SEC, according to Novogratz, could lead to trading commencement within six to eight weeks.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/bitcoin-mining-difficulty-surging-over-6-hitting-all-time-high/" aria-label="“Bitcoin Mining Difficulty Surging Over 6% Hitting All-Time High” (Edit)" rel="noopener noreferrer nofollow">Bitcoin Mining Difficulty Surging Over 6% Hitting All-Time High</a>
<h3 id="span-style-font-weight-400-regulatory-landscape-and-institutional-interest-span">Regulatory Landscape And Institutional Interest</h3>
Addressing concerns about the crypto market’s exuberance, Novogratz noted high enthusiasm in crypto stocks, acknowledging a possible correction. Despite this, he maintained a bullish outlook on the overall market.&nbsp;
Novogratz also discussed the regulatory environment, emphasizing bipartisan interest in Washington for clear legislation on cryptocurrencies and stablecoins.&nbsp;
He expressed hope for progress in this regard post-election, irrespective of the administration in power.
<h3 id="span-style-font-weight-400-novogratz-responds-to-jamie-dimon-s-critique-span">Novogratz responds to Jamie Dimon’s critique</h3>
In a subsequent appearance on CNBC’s “Squawk Box” with co-anchor Andrew Ross Sorkin, Novogratz reacted to JPMorgan Chase &amp; Co. CEO Jamie Dimon’s strong opposition to cryptocurrencies.&nbsp;
Dimon suggested potential government intervention due to concerns about regulatory evasion and illicit activities within the crypto industry.
Novogratz countered Dimon’s stance, expressing surprise at the call for a ban on cryptocurrencies. He pointed out that many of JPMorgan’s clients, including notable investors, recognize the value in Bitcoin.&nbsp;
Novogratz criticized Dimon’s view, asserting its disconnection from the widespread belief in Bitcoin’s intrinsic value.
<h3 id="span-style-font-weight-400-spot-bitcoin-etf-developments-and-institutional-interest-span">Spot Bitcoin ETF Developments And Institutional Interest</h3>
Discussing recent developments in the pursuit of spot Bitcoin ETFs, Novogratz highlighted detailed updates in S-1 filings by entities such as BlackRock and Bitwise.&nbsp;
He emphasized the SEC’s scrutiny, particularly focusing on custody arrangements and the creation of an Intraday Indicative Value (IIV) for these ETFs.&nbsp;
Novogratz expressed optimism about the eventual approval of spot Bitcoin ETFs, citing changes in the regulatory landscape and the evolving nature of questions in the application process.
In assessing institutional interest, Novogratz observed a growing trend. The rising CME futures basis for Bitcoin and Ether suggested increasing institutional engagement.&nbsp;
This trend implies that institutions may be willing to pay a premium for exposure to cryptocurrencies due to limited direct access to spot markets.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/argentina-to-embrace-bitcoin-denominated-financial-contracts/" aria-label="“Argentina To Embrace Bitcoin-Denominated Financial Contracts” (Edit)" rel="noopener noreferrer nofollow">Argentina To Embrace Bitcoin-Denominated Financial Contracts</a>
In summary, Michael Novogratz’s recent interviews provide valuable insights into Bitcoin’s resilience, regulatory developments, and the evolving institutional interest in the cryptocurrency market.&nbsp;
As the industry continues to navigate regulatory landscapes and potential ETF approvals, Novogratz remains a key figure shaping discussions on the future of digital assets.
The post <a href="https://bitcoinworld.co.in/michael-novogratz-reveals-the-reason-behind-the-skyrocketing-price-of-bitcoin/" rel="noopener noreferrer nofollow">Michael Novogratz Reveals The Reason Behind The Skyrocketing Price Of Bitcoin</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Michael Novogratz Reveals The Reason Behind The Skyrocketing Price Of Bitcoin

Table of Contents

ItsBitcoinWorld

Other articles published on Dec 24, 2023

Ethereum HODLers surpass Bitcoin, what now?

ChainGPT Pad's Weekly Roundup 12.16. - 12.22.

Why Is Moonriver’s MOVR Pumping? Price Close to Major Resistance at This Level

Discover the Must-Have Apps for Investing – Your Guide to the Top 10 for Your Financial Journey

Potensi Kripto Optimism (OP), Arbitrum, dan Pullix (PLX)

KAVA Supporting Seamless Assets Transfers and Interoperability

Join our free newsletter for daily crypto updates!