Bitcoin slumped to a level last seen in July 2021, part of a wider retreat in cryptocurrencies triggered by a global flight from riskier investments.
The world's largest digital token fell as much as 5.1% on May 9 and traded at around $32,630 at 10:47 a.m. in New York. Ether fell as much as 7%, while Solana dropped 7.3% and Avalanche dipped 9.4%.
"Crypto probably trades correlated to the Nasdaq until we hit a new equilibrium," Novogratz said on Galaxy's first-quarter earnings call on May 9.
"My instinct is there's some more damage to be done, and that will trade in a very choppy, volatile and difficult market for at least the next few quarters before people are getting some sense that we're at an equilibrium."
