Galaxy's Novogratz Denies Bitcoin Collapsed Due to Quantum Threat
Analysis
Price Impact
HighBitcoin experienced a 'brutal crash' below $74,000, wiping out recent gains, due to a 'seller's virus' and profit-taking after crossing $100,000, as stated by novogratz.
Trustworthiness
HighMike novogratz is the ceo of galaxy digital, a prominent figure in the crypto space. his direct comments and subsequent clarification by his head of research provide credible, informed insights into market sentiment and dynamics.
Price Direction
NeutralWhile bitcoin recently experienced a significant crash (bearish), novogratz believes it is getting 'close' to a bottom. he also points to the potential passage of a market structure bill in the us senate as a future bullish catalyst, suggesting a potential shift from current bearish sentiment.
Time Effect
LongThe current crash and 'seller's virus' are immediate, but novogratz's view on being 'close' to a bottom and the anticipated impact of a market structure bill suggest a longer-term horizon for price stabilization and potential recovery. legislative processes and market recovery typically unfold over an extended period.
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Cover image via U.Today Read U.TODAY on Google News A "seller's virus" Bitcoin's brutal crash Advertisement Galaxy CEO Mike Novogratz has told Bloomberg that he does not believe that quantum fears are the main reason behind Bitcoin's violent crash. This comes after some market commentators misinterpreted his point. Alex Thorn, Galaxy Digital's head of research, was swift to clarify that Novogratz was listing "quantum concerns" as a general market FUD narrative that he disagrees with. HOT Stories Galaxy's Novogratz Denies Bitcoin Collapsed Due to Quantum Threat U.Today Crypto Digest: Ripple's RLUSD Eyes $1.5 Billion Milestone, BlackRock Dumps Staggering $671 Million in Bitcoin and Ethereum, XRP Hits 1,407% Liquidation Imbalance A "seller's virus" According to Novogratz , the community felt like it had won after the cryptocurrency crossed the $100,000 level, and people started taking profits. Advertisement You Might Also Like Sun, 02/01/2026 - 16:21 Bitcoin's Terrible January Historically Means One Bullish Thing for February By Gamza Khanzadaev There has been a "seller's virus" that has gotten into the market, the Galaxy head says. "There was buying, sure. Lots of new institutions are coming in, but prices are set in the margin, and there have been more sellers than buyers," Novogratz said. Bitcoin's brutal crash Earlier today, the leading cryptocurrency collapsed below $74,000 for the first time since November 2024, wiping out all of the gains that had been won due to the friendlier regulatory regime in the U.S. Advertisement Novogratz thinks that Bitcoin is getting "close" to the bottom, but he is not fully convinced as of now. "You always know the bottom after you see it," Novogratz quipped. He sees the possible passage of the market structure bill in the US Senate as a potential bullish catalyst. "I am actually more optimistic because both sides want it done, but we will see," he told Bloomberg. As reported by U.Today , Novogratz previously described Bitcoin's price action as "disappointing," arguing that the cryptocurrency needed to reclaim the $100,000-$103,000 range in order to resume its bullish trend. #Bitcoin Price Prediction