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Seeking Alpha 2021-09-21 17:44:33

Galaxy Digital's Mike Novogratz: I'm not nervous about cryptocurrency market

Michael Novogratz, founder and CEO of Galaxy Digital (OTCPK:BRPHF), said Tuesday that he remained optimistic about the cryptocurrency market despite "an ugly day" on Monday in the wake of a default scare at Chinese property developer Evergrande. "I'm not nervous," he told CNBC. "I think there was a lot of nervousness in the market and you washed a lot of shorter-term risk out," he added. On Monday, worries related to an Evergrande failure sparked a "risk-off" trade throughout the global markets. This included a sell-off in crypto, with Bitcoin (BTC-USD) dropping about 8% and Ethereum (ETH-USD) falling 9%. While Evergrande provided the catalyst, Novogratz noted that the crypto market has faced a number of risks lately that havce likely played into the recent sell-off. This included the prospect of more regulation, with Securities and Exchange Commission Chair Gary Gensler acting "like the tough sheriff." Despite this sharp decline and the

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