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Bitcoin bull and billionaire investor Mike Novogratz has warned about cryptocurrency market volatility in a recent interview stemming from the Barron\u2019s and Marketwatch\u2019s \u201cInvesting in Crypto\u201d virtual event series. In general and over the long term, Novogratz is bullish about bitcoin and companies like Coinbase remaining prosperous.<\/strong><\/p>\n Shares in Coinbase Global, Inc. (Nasdaq: COIN<\/a>) are currently down 5% since yesterday\u2019s opening and during the launch billionaire Mike Novogratz spoke about the San Francisco firm and the crypto-economy in general. Novogratz has been a long-time supporter of bitcoin (BTC<\/a>) and other digital assets like ethereum (ETH<\/a>) as well. Just recently, the crypto investment company he founded, Galaxy Digital filed an application<\/a> with the U.S. Securities and Exchange Commission (SEC) to list a bitcoin exchange-traded fund.<\/p>\n While speaking positively about the COIN launch on Wednesday, Novogratz said the excitement would cause some crypto market volatility. \u201cIn the next week, certainly we could have some volatility because of the excitement around Coinbase,\u201d the former Fortress executive said during his interview with Marketwatch. Despite his recent statements on CNBC and saying<\/a> he is \u201cfeeling bullish [about] the crypto economy,\u201d Novogratz envisions a shakeup.<\/p>\n His statements were directed at XRP<\/a> and dogecoin when he said:<\/p>\n I\u2019ve seen a lot of weird coins like dogecoin and even XRP<\/a> have huge retail spikes, which means there\u2019s a lot of frenzy right now. That never ends well, and so we\u2019ll probably have a washout at one point.<\/strong><\/em><\/p>\n<\/blockquote>\n Both dogecoin (DOGE) and XRP<\/a> have seen colossal gains during the last seven days. At the time of writing, seven-day stats for XRP<\/a> stand at +64.61% gained and dogecoin gained +114.15% this week. As far as shares of COIN launching, the Coinbase IPO was \u201cmonumental\u201d for the industry Novogratz stressed.<\/p>\n Pankaj Balani, the CEO of Delta Exchange indicates his short term outlook after the COIN listing is a lot more optimistic than Novogratz\u2019s opinion.<\/p>\n \u201cCoinbase opened just under the 100BN valuation mark but it failed to sustain the initial gains and closed about 15% lower from the open price,\u201d Balani said. \u201cThere have been some concerns around the valuation of the company, given the volatility in its earnings, but that does not take away from the fact that it has the largest market share amongst regulated centralized exchanges, in the U.S., and its business is close to a monopoly, at this point,\u201d the crypto derivatives exchange CEO added.<\/p>\n Delta Exchange\u2019s Balani believes that by the end of May, there is a 40% chance that bitcoin (BTC<\/a>) prices could tap $70k per unit.<\/p>\n \u201cThe next few sessions of trading will decide how new investors are looking at the stock and the sector,\u201d Balani remarked. \u201cCrypto investors are also keenly tracking COIN price as it becomes a proxy for traditional investors\u2019 interest in the crypto space. We saw Bitcoin correct in the wake of COIN\u2019s tepid listing but it held its monthly gains and the crucial $61,000 levels. The sentiment continues to remain strong with the options market currently pricing a 40% chance of BTC<\/a> hitting $70,000 by the end of May,\u201d Balani concluded.<\/p>\nNovogratz Warns of a Crypto Market \u2018Washout\u2019<\/h2>\n
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Novogratz Considers Coinbase IPO \u2018Monumental,\u2019 Crypto Exchange Exec Sees a 40% Chance of $70K Bitcoin Prices by the End of May<\/h2>\n