In an interview with CNBC’s Squawk Box, Novogratz stated that the Bitcoin price is now stabilizing between $30,000 and $35,000, implying that the crypto community in the United States is now surpassing despite a negative trend in Asia.

Novogratz Believe the US Crypto Community Surpassing Asia

As Bitcoin (BTC) trades sideways after falling below $33,000 on Thursday, Galaxy Digital CEO Mike Novogratz offers some geopolitical insights into the sector.

The long-time Bitcoin supporter stated that China’s crackdown on the crypto industry is part of larger market concerns, stating:

“What we’re witnessing is that Asia sells it, and then the United States buys it back. China has declared war on cryptocurrency as part of this wider cold war that we are entering, and I believe we are still processing that.”

Novogratz also highlighted a probable connection in Bitcoin ownership across various portfolios, implying that some investors may be selling a portion of their crypto assets. 

“If you’re a hedge fund and you’re getting pounded in your rate, equities, and oil positions, you’re going to sell some of your cryptos as well,” he said, adding that “it simply takes a while for it to build a more diverse investor base.”

In Mid-April, Bitcoin Surpass an All-Time High of $64,000

Bitcoin has been slowly dropping in recent months after reaching an all-time high of around $64,000 in mid-April, owing largely to claimed environmental worries about Bitcoin mining, as well as a huge crackdown on crypto investment and mining by Chinese authorities. 

As a result of numerous actions taken by global financial regulators against Binance, the world’s largest crypto exchange, the overall mood in the crypto markets has worsened to “severe dread” levels.

Despite the market’s rising fears, several big firms in the US continued to invest in the country’s sector. Gryphon Digital Mining, a prominent US mining firm, acquired a large batch of crypto mining rigs from Bitmain, a Chinese mining powerhouse that had to suspend its spot sales owing to China’s crypto mining crackdown, on Thursday. 

In June, Miami Mayor Francis Suarez officially urged international crypto mining firms to consider locating data centers in the area, citing Chinese miner surrender.