Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,175 trillion. Bitcoin has increased by over 6% this week. Ethereum gained almost 17% over the past seven days. XRP is up by nearly 3% this past week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector increased the total value protocols (TVL) to around $44 billion. Crypto…
Galaxy Digital CEO Mike Novogratz revealed that he hasn’t removed his LUNA tattoo following the Terra protocol’s demise and fallout.
Speaking with Squawk Box on Thursday, the CEO said the tattoo makes for a “good reminder that you’re not always right.”
- Novogratz had a tattoo of a howling wolf with the world ‘LUNA’ above it emblazoned across his arm in January. Both LUNA and the TerraUSD stablecoin have since collapsed to worthlessness.
- Terra’s downfall had a contagious impact on the rest of the market, largely contributing to Three Arrows Capital’s future insolvency.
- Regarding the state of the market, Novogratz believes the worst of crypto winter has passed, though lower prices are still possible. “It feels that we’re 90% through that deleveraging.”
The billionaire blasted platforms like Celsius for not understanding how to practice basic risk management. He added that decentralized lending platforms can help protect investors going forwards using their added blockchain transparency.