The next few quarters will be volatile for the market due to the downside on Wall Street, jeopardizing the $30,000 support levels for Bitcoin and $2,000 for Ethereum. This perspective was presented by Mike Novogratz, founder of Galaxy Digital, according to Bloomberg.

The forecast was made during a conference with investors after the release of the first quarter financial statements.

In the January-March period, Galaxy Digital’s net cumulative loss was $111.7 million, compared to a profit of $858.2 million in the same period last year. This is mainly due to unrealized losses in digital assets and investments in the trading and core investment business.

As of March 31, Galaxy Digital’s assets under management were $2.7 billion, down 5% from the December 31 forecast.

“Digital assets will continue to trade closely with the Nasdaq until a new balance is reached. My intuition tells me that there will still be a downturn ahead, and it will happen in a very volatile, volatile and complex market.”expert explained.

Novogratz warned that a negative scenario could happen if the Nasdaq falls below 11,000. [на 5,36% ниже закрытия 9 мая].

On the eve of the main criterion for the behavior of shares of companies in the field of high technologies fell by 4.29%. Against this background, the bitcoin rate dropped below $30,000, Ethereum – near $2200. Key assets of the crypto market have currently lost 8% of their value.

According to Coinglass, liquidation volume in the derivatives market on May 9 exceeded $1 billion, with nearly $800 million in long positions.

Under market turbulence conditions, the algorithmic stablecoin TerraUSD (UST) had a sharp 1:1 divergence to the US dollar. According to CoinGecko, the rate dropped to $0.66 on the night of May 10 and rose to $0.915 at the time of writing.

In an interview, Novogratz did not shy away from what happened with UST. Galaxy Digital, which he headed, became one of the investors of Terraform Labs, which developed the Terra ecosystem.

“They protect [привязку]. Let’s see what will happen. Of course, if things go wrong, it will be bad for the ecosystem as a whole.”explained.

Novogratz noted the emergence of new institutional players with a “long-term focus” such as BlackRock, Blackstone, Citadel and Apollo Global Management. For him, this creates a certain positive attitude towards the future of the cryptocurrency market.

Recall that in April Novogratz said that a pause in tightening the Fed’s policy is a condition for the resumption of growth in Bitcoin.