Mike Novogratz says Krypto is inadequate at the moment

Mike Novogratz says Krypto is inadequate at the moment

Michael Novogratz, the founder and CEO of Galaxy Digital, is of the opinion that the crypto area is currently inadequate due to the low participation of institutional investors.

In an interview with CNBC, the American investor said that the market lacks enthusiasm because most of the latest activities in this area are based on retail buyers while withdrawing large providers.

"To be honest, I would say crypto is careless. There is a constant range of retail. We see it on all platforms, and there is currently not much institutional excitement, and so the dog days of summer in the crypto area began.

lack of enthusiasm from institutional investors

The Novogratz's statement reflects a report by Coinshares on May 31 on weekly crypto-asset flows, which disclosed that digital asset investment products in the sixth week in a row recorded depressions of $ 39 million of institutional investors, which corresponds to a total of $ 272 million

Bitcoin remained the focus of the drains, while Ethereum lost $ 5.9 million in drains. Algorand, Litecoin and Uniswap also recorded the funds of $ 8 million, $ 500,000 or $ 200,000

The United States led the currents followed by Germany and Switzerland. Overall, 0.8 % of the assets managed last week left the cryptoma market.

The acceptance is still on the advance

Despite the declining institutional acceptance, Novogratz found that "interesting" things still happen in the cryptor room. The Galaxy Digital CEO pointed out the increasing acceptance of cryptocurrencies in Asia, especially in Hong Kong and China.

The largest Chinese social media app, Wechat, recently activated Bitcoin price notification indices in your search queries. Despite the current crypto ban in the country, the 1.3 billion users of the platform can now access the price offers of the digital wealth value.

In addition, Hong Kong now allows retail trade with cryptocurrencies via regulated stock exchanges. The Hong Kong Virtual Asset Consortium has released the 30 largest cryptocurrencies after market capitalization for listing in order to enable an easy review and compliance with the regulations by the stock exchanges.

"Today a few things have happened that are quite interesting. We have just made the Bitcoin and crypto trade possible on the largest single platform in the world. That is a pretty big deal." Hong Kong officially allows crypto handle for private customers about regulated stock exchanges, and we therefore see a takeover in Asia, "added Novogramm.

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