Galaxy CEO Novogratz on Structural Changes in Crypto Market

Galaxy CEO Mike Novogratz has attributed the recent downturn in the cryptocurrency market to a broad structural change rather than a singular negative event. According to NS3.AI, Novogratz pointed to a significant liquidation event in October 2023 that led to considerable market disruption and prompted investor exits. He stressed the need for new legislation, such as the CLARITY Act, to rebuild trust and drive momentum in the crypto sector.