• Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, argued that the events of 2022 have ‚cleansed‘ the industry and that it is now time to survive the “transition period”.
• He warned that 2023 is a year to survive and that the outlook for crypto is not great due to regulatory headwinds and time to heal and rebuild narrative.
• Long term, Novogratz believes that “crypto is not going away”, as the prices of Bitcoin (BTC) and Ethereum (ETH) have held steady over the last couple of months and have gone up in the last few days.

Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, recently argued that the events of 2022 have significantly “cleansed” the crypto industry and that it is now time to survive the “transition period”. During an interview with CNBC on Tuesday, Novogratz stated that 2022 was “a grand washout” for the crypto sector, as those with high costs and declining revenues “got hammered”.

As a result, Novogratz warned that 2023 is a year to “survive”, and that the overall outlook for crypto is not great due to the regulatory headwinds and the need to heal and rebuild narrative. He added that the market is “pretty clean” right now, but that there are still “some overhangs” such as Digital Currency Group (DCG), Genesis and Gemini that will play out in the next quarter.

Despite this, Novogratz remains optimistic about the long-term prospects of the crypto industry. He believes that “crypto is not going away”, as the prices of Bitcoin (BTC) and Ethereum (ETH) have held steady over the last couple of months and have even gone up in the last few days. At 9:10 UTC on Wednesday morning, BTC was trading at $17,442, up 1% from the previous day and 4.5% from the previous week. Similarly, ETH was trading at $1,334, up less than 1% from the previous day and nearly 10% from the previous week.

Novogratz also argued that the crypto industry can take advantage of the “transition period” in order to cut costs and survive. He believes that the current market situation provides an opportunity to make the necessary adjustments in order to be ready for the future.

Ultimately, Novogratz believes that the crypto industry will continue to thrive in the long run. He believes that the current market situation provides an opportunity to make the necessary adjustments in order to be ready for the future. He also emphasized that the crypto sector should take advantage of the “transition period” in order to cut costs and stay competitive.

It remains to be seen how the crypto industry will fare in the next few years, but it is clear that Michael Novogratz remains optimistic about its long-term prospects. He believes that the current market situation provides an opportunity to make the necessary adjustments in order to be ready for the future.