Coinbase IPO ‘monumental’ for crypto industry but has fueled kind of frenzy that ‘never ends well’ – investor Mike Novogratz ...News

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Coinbase IPO ‘monumental’ for crypto industry but has fueled kind of frenzy that ‘never ends well’ – investor Mike Novogratz
The direct listing of the biggest US cryptocurrency exchange, Coinbase, on Nasdaq this Wednesday has generated a lot of euphoria, says crypto enthusiast Michael Novogratz. He warns the market could be in store for “a washout.” Novogratz, founder of cryptocurrency investment firm Galaxy Digital, told MarketWatch that the industry may face something of a short-term reckoning. “In the next week, certainly we could have some volatility because of the excitement around Coinbase,” Novogratz said on Wednesday, adding: “I’ve seen a lot of weird coins like Dogecoin and even XRP have huge retail spikes, which means there’s a lot of frenzy right

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