The CEO of Galaxy Digital, Mike Novogratz, stated that the prognosis for cryptocurrencies is neither excellent nor terrible during a recent interview with CNBC.
"The outlook for crypto is not horrible but it's not great. We've got regulatory headwinds we didn't have before...People are going to cut costs and survive this transition period"
He believes that despite negative news this month, the values of Bitcoin and Ethereum maintained constant because leveraged traders sold their holdings, creating what Novogratz refers to as a "clean market."
Novogratz predicts that 2023 will be the pivotal year for survival and a potential upsurge in the future.
Gemini and Genesis still have a few problems, which might make the cryptocurrency market difficult to navigate in the first half of 2023. "That's not gonna be great," said Novogratz.
The bear market significantly hurt Galaxy Digital, just like it did other cryptocurrency businesses.
In order to weather the cryptocurrency crisis, Novogratz has stated that his company has been aggressively investing in infrastructure, from purchasing a mining facility in Texas to acquiring shares in the Israeli company GK8.