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Billionaire Novogratz Warns: Two-Thirds of Cryptocurrency Hedge Funds Will Collapse

Billionaire Novogratz Warns: Two-Thirds of Cryptocurrency Hedge Funds Will Collapse

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Novogratz, founder and CEO of Galaxy Digital Holdings Ltd. said on June 16 that two-thirds of the 1,900 hedge funds in the market that invest in digital currencies will fail due to the current cryptocurrency market slide. The financial markets’ reaction to the Federal Reserve’s exit from stimulus has contributed to the decline in cryptocurrencies over the past six months. Novogratz also blamed broader macroeconomic factors, rather than flaws in the project itself, for the collapse of the Terra blockchain last month. He argued that Terra wasn’t strong enough to deal with the headwinds from the cryptocurrency’s decline, which was a catastrophic loss.


Post time: Jun-16-2022