$2,800 Is an Important Level for Ethereum, Says Mike Novogratz

Mike Novogratz, Founder and CEO of Galaxy Digital, believes that $2,800 is the most important price level for Ethereum, the world’s second-largest cryptocurrency.

In a recent interview with CNBC, the former Hedge Fund Manager mentioned that if Bitcoin stays above $40,000 and Ethereum holds the price level of $2,800, then the crypto market will see a jump in demand from retail and institutional investors.

“We held $40,000 overnight in Bitcoin and $2,800 in Ethereum. Those are very important levels for people to watch. As long as those hold, I think the market is in good shape,” Novogratz told CNBC yesterday.

On Wednesday, the price of Bitcoin dipped below $40,000, and Ethereum touched a low of $2,700. However, due to immense demand, BTC and ETH recovered quickly above $42,000 and $2,900, respectively.

Commenting about the future of the crypto market, Novogratz said that he is not nervous. “I see nothing but engagement and activity from our investing clients and our corporate clients. The level of business in the crypto market has increased. We see so much capital coming into the space. I’m not nervous, but the prices are prices, and it was an ugly day in crypto yesterday,” he added.

Gary Gensler on Crypto

In an interview with Washington Post, Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), criticized unregulated digital exchanges and crypto lending platforms. “There are trading platforms where you can buy and sell these [digital tokens], lending platforms where you can earn a return on these tokens and it’s highly likely that they have on these platforms securities that the SEC is legally obligated to regulate,” Gensler said.

“I do really fear…there’s going to be a problem with lending platforms or trading platforms, and frankly, when that happens, a lot of people are going to get hurt,” the SEC Chairman added.

Since the start of 2021, speculations around cryptocurrency regulations in the US have increased significantly.

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