Closely watched cryptocurrency investor Michael Novogratz said Tuesday that the cryptocurrency market is nearing its bottom after the massive selloff that has taken place so far in 2022. Speaking to CNBC, the founder and CEO of Galaxy Digital (OTCPK:BRPHF) also predicted that Bitcoin (BTC-USD) will experience a massive upswing once the Federal Reserve signals that it has completed its latest campaign to raise interest rates. "The moment the Fed flinches, the moment [Federal Reserve Chairman Jerome] Powell pauses because the economy is really starting to roll over, you're going to see Bitcoin explode north," he said. Looking longer-term, Novogratz argued that Bitcoin (BTC-USD) has been established as a "macro asset" with many investors waiting until the headwind from the Fed passes in order to put more money into the crypto market. "As long as the Fed is hawkish, it's hard for any risk asset to do really well," he assessed.
