Crypto investor and CEO of Galaxy Digital, Mike Novogratz still remains optimistic about Bitcoin over the long-term, despite the cryptocurrency falling down to $30,000. “Listen, I’m less happy than I was at $60,000, but I’m not nervous,” he tells CNBC. Mike Novogratz Remains Optimistic about Bitcoin Over Long-Term Appearing in an interview on June 22, on CNBC’s “Squawk Box”, Galaxy Digital CEO Mike Novogratz says he has a positive outlook on the world’s leading cryptocurrency Bitcoin, despite its recent dip to $30,000. With the flagship cryptocurrency reaching its all-time high of $65,000 in April to plunging down $30,000 last week, the weakness in recent days comes amid China tightening its crackdown on Bitcoin mining and trading with state banks being ordered to stop providing crypto-related services. Referring to Bitcoin’s recent dip to $30,000, Novogratz says: “We’ll see if it holds on the day. We might plunge below it for a while and close above it. If it’s really breached, $25,000 is the next big level of support. Listen, I’m less happy than I was at $60,000, but I’m not nervous,” He remains confident that we are way past behind to see a price crash of that level ($30,000) again saying the ecosystem is so much more mature now. Besides, China’s crypto crackdown is only positive for Bitcoin’s long term amid Asian trading platforms allowing large leverage ratios up to 100-to-1: “Maybe not in the short run, but it’s a good thing. That’s what’s created this excessive volatility that we’ve seen.” BTC’s Hashrate Plummets Amid China’s Crypto Crackdown China’s nationwide crackdown on Bitcoin mining and trading has resulted in the hash rate dropping dramatically by nearly 50% from its peak with the country being responsible for over 60% of all the world’s Bitcoin mining. Over 90% of Chinese miners have already shut down their mining operations after authorities closed the supply of electricity to mining farms as part of the nationwide crackdown, resulting in Bitcoin’s hash rate dropping to an eight-month low. We gonna witness a history in bitcoin mining tonight, all mining farms (about 8m kw electricity load) will shutdown at 12pm Beijing time tonight, Harare rate already dropped significantly after sichuan gov announce shut down bitcoins mining farms in Sichuan. pic.twitter.com/xRfqMCgWY1 — Molly (@bigmagicdao) June 19, 2021 From its peak of 180.66 tera hashes per second, Bitcoin’s hash rate now stands at around 100 Ehash/sec for the first time since November 2020, representing a near 50% decrease since the peak in May.
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