Novogratz Delays Crypto Hedge Fund Launch, Warns Of Drop To $8,000 But "Bull Market" Isn't Over

Last week, Mike Novogratz surprised more than a few market participants by telling CNBC's Fast Money that he was bringing forward the launch date of his crypto hedge fund; today he killed those plans.

On December 12th, Novogratz said he thinks bitcoin could hit $40,000 in 2-3 months. The Galaxy Fund was supposed to launch of December 15th.

Today, Novogratz has shelved plans to launch his fund, warning that:

"We didn’t like market conditions and we wanted to re-evaluate what we’re doing...I look pretty smart pressing the pause button right now."

image courtesy of CoinTelegraph

Novogratz tweeted...

Adding that...

Warning traders that Bitcoin may drop as low as $8,000 in the near-term... but the bull market isn't over.

Bitcoin prices are higher since his announcement...