Galaxy Digital founder: The slowdown in institutional investor purchases has led to the recent downturn in the crypto market

ChainCatcher news, Galaxy Digital founder and CEO Mike Novogratz stated in an interview with CNBC that while relatively small retail buyers have added some stability to the market with their moderate holdings, the slowdown in purchases from large buyers and institutional investors has led to the recent downturn in the crypto market.

Novogratz also mentioned in the interview that China's social media app WeChat now offering Bitcoin quotes "is an important milestone." Additionally, he believes that Hong Kong has officially begun to allow retail customers to trade cryptocurrencies on regulated exchanges, indicating an increasing adoption rate in Asia. (Source link)