Mike Novogratz Warns Crypto Investors Not to Pick Bottoms After Bitcoin's Drop – Bloomberg

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Mike Novogratz

Everyone knows crypto’s been having a tough time of late. Bitcoin’s lost a third of its value this year, and altcoins are faring even worse with prices sliding again Friday. Despite calls within the community — propagated largely over Twitter — to hoard more coins whenever there’s a selloff, market-watchers say to be wary of predictions that call a bottom to the slide. 
Mike Novogratz, the founder of Galaxy Digital Holdings Ltd. who this week issued a mea culpa over Terraform Labs’s imploded stablecoin, noted that some smaller tokens are down 80% from their highs. And should their losses accelerate to the same degree they did in 2018, those coins could lose an additional 70%. 

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