Mike Novogratz equates crypto crash to Long Term Capital Management crisis

Michael Novogratz, a crypto investor, and CEO of Galaxy Digital, told CNBC that the cryptocurrency market is undergoing the same turmoil triggered by Long Term Capital Management in 1998. #TOGRP

Long Term Capital Management was a highly leveraged hedge fund run by Nobel Prize-winning economists and Wall Street traders. When the company went bust, the U.S. Federal Reserve was forced to bail it out to prevent a collapse of the financial markets because of Wall Street investment banks’ exposure to the fund. Novogratz, who had invested in LUNA, blamed the collapse of the Terra ecosystem and the ongoing Celsius crisis for accelerating the deleveraging in the market.

Source

@CryptoWorldNews