Galaxy CEO: This Cycle Has Not Peaked Yet, New Fed Chair Could Spark Next Leg Up

BlockBeats News, November 7th, Galaxy Digital founder and CEO Mike Novogratz posted on social media, stating, "Currently, the company's employee ownership ratio is the highest in both the cryptocurrency and data center industries. The crypto market has been quite sluggish recently. Personally, I believe that after experiencing a long bull market, many long-term holders are rebalancing their assets, diversifying some of the funds from overly concentrated positions. Looking at the medium to long term, this is a healthy development, as these positions will gradually be absorbed by a broader set of investors; but in the short term, this adjustment is like a 'wet blanket,' suppressing market prices."

"I don't think we have reached the peak of this cycle yet. I believe that by the end of this year, we will have a new Fed Chair who may be more 'dovish' (accommodative) than the market expects. Hopefully, this will provide enough narrative momentum to drive the next wave of the bull market."