Mike Novogratz, CEO and founder of Galaxy Digital crypto bank, believes that, unlike traditional US financial market assets, the two largest cryptocurrencies by capitalization are already near the “bottom”. It is reported by Bloomberg.

“Ethereum should hold on to $1,000, it’s currently worth $1,200. Bitcoin is in the $20,000-21,000 range, now at $23,000. Therefore, you are much closer to the bottom of the cryptocurrency market than, say, equities. Novogratz shared his view at a conference organized by Morgan Stanley.

The “barometer of the American economy” – the S&P 500 index – fell 22% from its early-January peaks. Bitcoin and Ethereum prices fell from their all-time highs of 67.6% and 74.9%, respectively.

Until we see the Fed pull back […]If he plans to stop raising the rate or even consider lowering it, I won’t be sure when it’s time to really invest big,” said the head of Galaxy Digital.

Recall that in early May, Novogratz predicted a drop in bitcoin and Ethereum prices below the $30,000 and $2,000 levels, respectively.