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Galaxy Digital chief executive Mike Novogratz believes the market cap of Bitcoin (BTC) and crypto will eventually catch up to the valuation of one soaring asset. In a new CNBC interview, the billionaire says that crypto’s correction earlier this year is largely due to an overexuberant investor sentiment along with the launch of speculative assets, including the Official Trump (TRUMP) memecoin. But Novogratz notes that the markets needed the correction to cool off and set the stage for Bitcoin and crypto to surge to new all-time highs. “ We had a euphoric top right around [Trump’s] inauguration and a combination of a lot of things: Trump coin and whatnot… Crypto went back and tested where the [US presidential] election breakout was. Now it looks like we’ll take out $106,000, $107,000, $108,000 and make the next to $130,000, $150,000.”  Zooming out, Novogratz believes that Bitcoin and crypto will witness a massive surge in marke...

The founder and CEO of Galaxy Digital Holdings, Mike Novogratz , has said that he believes the US Securities and Exchange Commission (SEC) will approve a Spot Bitcoin ETF this year. During an interview with CNBC, Novogratz confirmed his expectation with approval, stating, “We actually think it’s going to happen in 2023. Additionally, Novogratz noted the most important aspect of the impending approval was the Grayscale Court victory over the agency. Specifically, he articulated the SEC loss as “the most significant piece” to eventually see the exchanged-traded fund receive regulatory approval. Source: CryptoDisrupt Also Read: FTX Seeks Advice From Mike Novogratz Firm For Its $3 Billion Crypto Mike Novogratz Expects Bitcoin ETF Approval in 2023 For much of this year, the quest for a Spot Bitcoin ETF has dominated the digital asset industry. Traditional finance entities like Fidelity and BlackRock shocked the market when they announced their respectiv...