MicroStrategy confidence crisis threatens Bitcoin price, says Galaxy Digital CEO

Galaxy Digital CEO Mike Novogratz attributes Bitcoin's recent sell‑off to a loss of confidence in MicroStrategy’s corporate treasury strategy. He warns that the erosion of the premium investors pay for MicroStrategy’s stock as a Bitcoin proxy could push Bitcoin below the $60,000–$59,000 support zone and toward $45,000.

Novogratz also cites broader headwinds: hawkish U.S. monetary policy, weakening crypto sentiment, and regulatory uncertainty surrounding pending U.S. crypto legislation. He cautions that further drops could trigger liquidations and margin calls linked to MicroStrategy‑related equity‑linked instruments, amplifying the price decline.