Mike Novogratz, CEO, and founder of Digital Galaxy claims that he is aware of the reason that is causing crypto markets to flush out.
In a recent tweet, the billionaire informed its followers that as long as the interest rates and bond yields are increasing, stock markets and the digital asset market will be under heavy pressure.
The billionaire prediction came after the recent announcement of the US Federal reserve, of increasing interest rates on debts this year, so that the high inflation rates can be counteracted.
BTC recently has witnessed a widespread pullback as Bitcoin prices fell below the $40K mark. As per the report of global business analytics, “Despite the decrease in the prices, the interest of investors in investing in crypto hasn’t decreased”.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investing.
Photo by – Clker-Free-Vector-Images on Pixabay