Bitcoin billionaire Mike Novogratz says plummeting cryptocurrency will struggle to recover until stocks find a footing

Crypto looks like the dot-com space of the 1990s, and bitcoin may not survive it, says chief investment officer |  Currency news |  Financial and business news

“Crypto will have a hard time rallying until stocks find a base,” Novogratz, CEO of investment company Galaxy Digital, tweeted late Thursday. Prices for bitcoin, ether and other digital currencies have fallen sharply across the board as they track Wall Street’s rout in tech stocks, driven by pressure from rising bond yields. Novogratz pointed to the sharp fall in the Russell index, which is down almost 10% year to date, saying there are 1.2 trillion bad equity longs above the market.

Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The crypto sell-off intensified Friday, as bitcoin fell 10% to a six-month low below $38,000.

Billionaire investor Mike Novogratz has said cryptocurrencies will struggle to pull out of their sell-off if stocks keep falling, as he urged investors not to buy the dip. The crypto billionaire said Thursday this is a bear market, and told people to sell rallies and not buy dips.

Leading cryptocurrency bitcoin has fallen 20% over the last month to trade far below its November record high of more than $68,000. Ethereum’s ether is down 30%, also off its all-time high of around $4,800. Novogratz suggested in his Thursday tweets that there might be a glimmer of hope for markets. “That said, crypto already had a decent sell-off and is running into some buying support,” he said. Novogratz warned Tuesday that as long as rates go higher, there will be pressure on crypto assets and the Nasdaq. The tech-heavy stock index has dropped more than 9% in the last month.

Investors have dumped crypto assets and tech stocks this year as they brace for the Federal Reserve to hike interest rates at least four times in 2022. That has pushed up bond yields, as the prospect of higher interest rates prompts investors look for a similarly higher return. “This is now a bear market,” he said, adding: “Sell rallies. Don’t buy dips.”

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