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In the last 7 days, Bitcoin, Ethereum, and other cryptocurrencies saw a major decline, except for Chainlink LINK, Cosmos ATOM and some others.
Bitcoin dropped by over 12%, and currently trades at around $42.400. The second largest crypto, Ether, declined by over 14%. Ether's price at the moment is $3.200.
According to the CEO of Galaxy Investment Partners, Mike Novogratz the BTC price may fall to $38.000 before it achieves the support level. On CNBC's Squawk Box program, Novogratz said the reason that he mentioned that amount is that he knows big institutions which are going to the process to put positions on. Novogratz says for those institutions there are attractive prices to buy.
Novogratz mentioned that although there is a pull back, with people selling more than buying, he’s not nervous in the medium term. The businessman assumes there will be a lot of volatility for the following weeks.
The fall happened after the US Federal Reserve released a paper highlighting minutes from the Fed's December meeting. The report noted that the system plans to reduce the number of bonds it holds, and the central bank may raise interest rates near term. The report had an impact on the stock market and prices started to go down.