Bitcoin in consolidation as treasuries eye altcoins: Novogratz

Galaxy CEO Mike Novogratz says Bitcoin could surge again as the US Federal Reserve restarts its cutting cycle, with momentum also coming from regulatory reform.

Bitcoin has likely been trading sideways as corporations have focused on stacking altcoins lately, though there could be an upswing coming later in the year, says Mike Novogratz, CEO of asset manager Galaxy Digital.

“Bitcoin's at a consolidation right now. Partly because you’re seeing a lot of these treasury companies in other coins take their shot,” said Novogratz during an episode of CNBC’s Squawk Box on Thursday.

Blockchain tech firm BitMine Immersion Technologies has been leading the pack among altcoin treasury firms, recently buying $200 million Ether (ETH) and growing its stockpile to over $9 billion in ETH. 

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