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Crypto's 'age of speculation' may be over, says Galaxy CEO Mike Novogratz
Throughout its history, bitcoin and other cryptocurrencies have been subject to significant price fluctuations, whether that's due to larger macro factors impacting all asset classes or during "crypto winters" tied to industry concerns.
But with a crypto-friendly Trump administration and expectations for passage of a cryptocurrency market structure bill, many onlookers expected another bull run in digital assets to start 2026. However, it's been the exact opposite. Bitcoin is down more than 21% so far this year, and it fell to $60,062.00 last week — its lowest level in roughly 16 months. That marked a drop of nearly 50% from its record back in October 2025.
What is driving this latest decline? Rather than a single event, Galaxy founder and CEO Mike Novogratz said at the CNBC Digital Finance Forum on Tuesday in New York City that it's a reflection of a larger industry shift. When bitcoin fell 22% in less than a day back in November 2022 following the collapse of FTX, there was a "breakdown in trust," Novogratz told CNBC's MacKenzie Sigalos at the event. "This time, there's no smoking gun," he said. "You look around like, what happened?"
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Novogratz Sees Bitcoin Near Bottom After $2.2 Trillion Wipeout
Galaxy Digital founder and CEO Mike Novogratz said that Bitcoin (BTC) may be nearing a market bottom after dropping to around $76,000, while cryptocurrency markets shed $2.65 billion in liquidations over the past 24 hours and a broader structural downturn erased $2.2 trillion in total market capitalization.
Novogratz told Bloomberg Television that Bitcoin's decline to approximately $76,000 reflects selling pressure at the margin, not a collapse in institutional interest. New institutions continue to enter the market, he said, but prices remain driven by incremental buyers and sellers.
"I think we're getting close to the bottom," Novogratz said. "And listen, there's a couple of things that could help. The market structure bill. Passing would be a big deal. People are really pessimistic on it right now. I actually am a little more optimistic that things get done because I think both sides want it done."
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