Galaxy Digital founder Michael Novogratz did not have a great day.

Financial Review:

…Thursday’s reversal prompted one of bitcoin’s biggest proponents, Mike Novogratz, to lament on not having taken more money off the table before the coin lost nearly all its gains. That may have contributed to its swift demise, according to John Spallanzani, portfolio manager at Miller Value Partners.

It’s a very “tight-knit market”, said Spallanzani. “Most likely Novo hitting bids spread like wildfire.”

Bitcoin dropped as much as 18 per cent on Thursday and was trading around $US10,890 as of 2.27pm in New York. Volatility is near the highest levels since early 2018, when the crypto bubble was bursting.

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