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After a dramatic fluctuation of Bitcoin and other cryptocurrencies, Digital Galaxy founder and CEO Mike Novogratz who is also known to be a rational supporter of crypto came out in public and says that he knows why the crypto markets are getting flushed out lately.
The billionaire tells his 410,000 Twitter followers that as long as bond yields and interest rates go higher, both the stock market and the digital assets market will be under heavy sell pressure.
The business magnate’s warning comes after the US Federal Reserve recently announced it would be raising interest rates on debts this year to counteract the highest inflation rates we’ve seen in four decades.
The crypto industry suffered a widespread pullback today that saw Bitcoin (BTC) drop below the $40,000 mark and top altcoin Ethereum (ETH) tumble down to $2,800, a price it hasn’t seen since last September.
Despite this, interest in investing into crypto assets is on the rise in the financial sector, according to a new report by global business analytics firm FTI Technology.
The paper surveyed 150 US-based decision-makers at financial institutions that have considered investing in digital assets and found that 51% of them view investing in blockchain technology as a high priority within the next 12 months while 44% of them said it is a significant priority. Just 5% said it is a moderate priority.
Furthermore, 88% of respondents said that they’d be at a competitive disadvantage if they do not adopt blockchain technology.