The success of trading on the NFT market indirectly confirms his words. According to Dune Analytics, the most well-known open marketplace OpenSea had a daily sales volume of $247 million on February 1, 2022. At the same time, the market’s overall trading volume for January was $7 billion, and OpenSea commission fees outstripped Uniswap DEX earnings.
Mike Novogratz also stated in a recent media interview that the US Federal Reserve had adopted a hard position on the crypto sector. Digital assets will have a difficult year this year.
The fact is that the Fed’s 2020-2021 acted as a catalyst for the crypto asset bubble. Many of them have seen their prices soar to unbelievable heights.
Altcoins have lost 50-70 percent of their value due to the correction. The market got bearish in the initial weeks of the new year, with a lot of panic selling. So don’t hold your breath for a rapid recovery.
His views back up other analysts’ predictions that the market will take at least 3-4 months to recover. However, by the end of 2022, bitcoin‘s price may have risen to a six-figure level once more.