Novogratz Delays Crypto Hedge Fund Launch, Warns Of Drop To $8,000 But “Bull Market” Isn't Over

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Last week, Mike Novogratz surprised more than a few market participants by telling CNBC’s Fast Money that he was bringing forward the launch date of his crypto hedge fund; today he killed those plans.

On December 12th, Novogratz said he thinks bitcoin could hit $40,000 in 2-3 months. The Galaxy Fund was supposed to launch of December 15th.

Today, Novogratz has shelved plans to launch his fund, warning that:

“We didn’t like market conditions and we wanted to re-evaluate what we’re doing…I look pretty smart pressing the pause button right now.”

image courtesy of CoinTelegraph

Novogratz tweeted…

Adding that…

Warning traders that Bitcoin may drop as low as $8,000 in the near-term… but the bull market isn’t over.