During an interview on CNBC's Squawk Box program, a well-known cryptocurrency enthusiast and founder of Galaxy Digital said that the cryptocurrency industry is facing serious difficulties. Michael Novogratz Announces He's Not Surprised by Recent Announcement of Significant Staff Reductions at Coinbase Exchange. According to him, 2022 was a really bad year for both the cryptocurrency industry and technology companies.. And now such firms are trying to cut costs as much as possible, including through layoffs.. The businessman believes that “Brian Armstrong at Coinbase, like any other rational CEO, makes the right decision.” “The prospects for cryptocurrencies aren’t terrible, but they aren’t too bright either.”. We see strong regulatory pressure that the industry has not yet faced. The industry needs time to lick its wounds and regain confidence. Companies are cutting costs and staffing to get through this time.. Cryptocurrencies do not leave the market. But, interestingly, the BTC and ETH rates have been quite stable in recent months, and in recent days they have even grown,” said Michael Novogratz. The CEO of Galaxy Digital believes that the long crypto winter has rid the market of the majority of speculators and led to the closure of margin positions.. Although there are still a few troubled companies like DCG and Genesis, it is unlikely that their bankruptcy will put significant pressure on the market.. Therefore, do not expect a significant fall in cryptocurrencies. But it's too early to talk about a large-scale recovery. In early December, Michael Novogratz said he still believes in Bitcoin at $500,000. However, according to him, it will take a long time to achieve this goal.