As Bitcoin (BTC) continues to trade sideways after falling below $ 33,000 on Thursday, Galaxy Digital CEO Mike Novogratz has offered some geopolitical observations regarding the industry.

In an interview with CNBC’s Squawk Box, Novogratz said that the bitcoin price is currently consolidating between $ 30K and $ 35K, indicating that the US crypto community is now leading the market in the midst of a downward trend from Asia.

The Bitcoin bull has long pointed out that China’s repression of the cryptocurrency market is part of a broader market problem, saying:

“We see Asia selling it and then buying the United States again. China has declared war on cryptocurrencies as part of this broader Cold War we are in, and so I think we are still embracing it. ”
Novogratz also pointed to the potential link between bitcoin ownership across diversified portfolios, noting that some investors could sell off some of their cryptocurrencies. “If you are a hedge fund and are hurt by your price position, stock position and oil position, you will probably also sell some of your cryptocurrency,” he said, adding: “It will take time for a more diversified investor to build a starting point.”

RELATED: Mike Novogratz Says Miners Leaving China “Extremely Positive for Cryptocurrency”

After reaching a full-time high of over $ 64,000 in mid-April, bitcoin has been declining steadily in recent months, mainly due to environmental concerns over bitcoin mining, as well as the huge decline in cryptocurrency investment and mining from Chinese authorities. . The general mood in the cryptocurrency markets has worsened to the level of “extreme fear” as global financial regulators take many measures against Binance, the world’s largest cryptocurrency exchange.

However, despite growing market concerns, some major players in the United States continued their efforts to develop the industry in the country. On Thursday, the large American miner Gryphon Digital Mining bought a large quantity of cryptocurrency rigs from Bitmain, a Chinese mining giant that has been forced to stop spot sales due to China’s breakdown of cryptocurrency mining. In June, Miami Mayor Francis Suarez publicly urged miners to consider setting up data centers in the city amid the surrender of Chinese miners.

Source: CoinTelegraph