Mike Novogratz, CEO of Galaxy Digital crypto hedge fund and former Goldman Sachs asset manager, stated in a recent tweet that he believes Bitcoin and Ethereum will consolidate now that they (and the entire crypto market) have been hit by news of another Chinese cryptocurrency ban.
$Luna trades amazing. Columbus coming. Same with “Next with Novo” podcast…mostly lots of new projects post Columbus. It reminds me of $SOL pre huge ramp. $BTC and $ETH will consolidate. Just my thoughts. Remember you don’t need to catch everything. Focus on what’s working.
— Mike Novogratz (@novogratz) September 24, 2021
The Chinese Central Bank (PBOC) made public documents on Friday declaring all crypto transactions in the country illegal. Ownership of cryptocurrency, on the other hand, is still permitted. Some crypto influencers later clarified that the documents had been circulated within the PBOC and the Chinese government for about two weeks but were only made public on September 24.