Bitcoin has struggled in the past two months, after notching an all-time high in April near $65,000.
“We had China really be much more forceful in their idea to ban cryptocurrency.
“We’ll see if it holds on the day.
“If it’s really breached, $25,000 is the next big level of support.
Bitcoin on Tuesday was down more than 50% from its April all-time high.
Every single bank is working on their own crypto project, how they can get bitcoin to their wealth clients,” Novogratz said.
Some crypto trading platforms in Asia have allowed large leverage ratios up to 100-to-1, for example, Novogratz noted.