Galaxy Digital CEO Says Bitcoin Selloff Is Driven by Strategy Trust Crisis, Sees Risk of Drop to $45,000

Galaxy Digital CEO Mike Novogratz said the recent drop in Bitcoin was driven primarily by eroding confidence surrounding Strategy.

Wu Blockchain reported on June 28 that Novogratz said the latest decline in Bitcoin was being led by a breakdown in trust in the "complex" centered on Strategy. That is spilling over into a broader confidence crisis across the Bitcoin market, he said.

He added that the market is facing a double burden from the Federal Reserve's hawkish monetary policy stance and worsening sentiment toward cryptocurrencies.

Novogratz said Bitcoin could fall to $45,000 if support in the $60,000 to $59,000 range gives way.