Mike Novogratz Attributes Bitcoin's Drop to MicroStrategy's $14B Unrealized Loss

BTC1.87%
According to Galaxy Digital CEO Mike Novogratz, Bitcoin's decline to around $60,000 is a "MicroStrategy-led breakdown in confidence" rather than a random market event, he said in a recent podcast discussion with Anthony Scaramucci. MicroStrategy is sitting on roughly $14 billion in unrealized losses, and markets have targeted Bitcoin pressure to test if traders can force a liquidation. Novogratz noted that strong dollar policy and hawkish Federal Reserve comments have compounded the pressure on Bitcoin. BTC was trading at $60,428 at press time.
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