Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Crypto Billionaire Investor Says ‘Washout’ Coming for Cryptocurrencies Amid Coinbase Listing

Crypto Billionaire Investor Says ‘Washout’ Coming for Cryptocurrencies Amid Coinbase Listing

Bitcoin's value has skyrocketed in recent years, shaking off its “underground” image and attracting the attention of big investors, including the likes of Tesla.
The cryptocurrency market faces a “washout” after the listing of Coinbase increased the prices not only of Bitcoin but Dogecoin and XRP as well, Founder and Chief Executive of crypto-focused investment company Galaxy Digital – and billionaire investor – Mike Novogratz told MarketWatch in a virtual event.

"I've seen a lot of weird coins like Dogecoin and even XRP have huge retail spikes, which means there's a lot of frenzy right now, " Novogratz said, adding that it “never ends well, and so we'll probably have a washout at one point.”

He said that there could be some volatility next week, due to the excitement around Coinbase.

Cryptocurrency exchange Coinbase made its Wall Street debut on Wednesday, which turned out to be a massive success, giving the company a market value of nearly $86 billion. The exchange listing also propelled the value of cryptocurrencies including Bitcoin, which hit an all-time high of over $64,000. It's now fluctuating at around $63,000.

Novogratz, however, remains bullish on Bitcoin, saying that it could reach $100,000 by the end of 2021 and may even hit $500,000 in three years.

Last month, Co-founder and former CEO of China-based crypto exchange BTCC -and Founder and CEO of crypto wallet startup Ballet – Bobby Lee said that Bitcoin's value could surge as high as $300,000 with possible gains up to $100,000 this summer, but he warned that it could then fall as much as 80 percent to 90 percent of its value from the all-time peak.

Invented by mysterious figure Satoshi Nakamoto, whose identity is still uncertain, and launched in early 2009, Bitcoin is the world's biggest cryptocurrency by market capitalisation and the amount of data stored on its blockchain.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×