When will Bitcoin lead the recovery movement in global markets?

Bitcoin

Galaxy Digital CEO Mike Novogratz has stated that Bitcoin will help markets recover from higher US interest rates.

He added that Bitcoin will lead the markets out of this Fed rally. And that the uncertainty about the decisions of the US Federal Reserve will lead to the spread of Bitcoin to the north.

Notably, with the cryptocurrency market crashing this week, the price of Bitcoin dropped to $20,000 on Wednesday, before retracing back to nearly $22,900 early today. Bitcoin has since given up those gains and is now trading at 21,150 dollars.

Investors remain cautious as the US Federal Reserve’s decision to raise interest rates has raised fears of an economic recession. Novogratz believes that investors will not be in a hurry to turn to digital currencies like Bitcoin.

The Galaxy Digital chief said, “A lot of the investors I’ve talked to think that the next time they’re going to be there is when they start feeling the Fed will pause, but if the Fed remains hawkish it will be hard to take any risk well. Finally, Novogratz has expressed frustration with the collapse of the Luna cryptocurrency, in which the company has invested more than $400 million.

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