Michael Novogratz: BTC may fluctuate in a narrow trading range of $55,000-75,000

Michael Novogratz, founder of digital asset financial services company Galaxy Digital Holdings Ltd., said Bitcoin is likely to remain in a relatively narrow trading range of $55,000 to $75,000 in the current quarter while the adoption of cryptocurrencies in traditional finance continues. Novogratz also believes that the market is likely to remain in a similar state in the current quarter and the next until two possible change points occur: the Federal Reserve begins to cut interest rates (usually indicating an economic slowdown) or the election is over (which may bring a certain degree of clarity to the regulatory environment for cryptocurrencies). (Bloomberg)