Bitcoin and cryptocurrencies have seen significant price fluctuations throughout history. Despite expectations for a bull run in 2026, Bitcoin has dropped more than 21% this year to $60,062.00, marking a nearly 50% decline from its 2025 record high. Galaxy founder Mike Novogratz attributes this to a larger industry shift.

In November 2022, a breakdown in trust occurred after Bitcoin fell 22% in a day following the collapse of FTX. Novogratz notes the wipeout in October 2025 where traders lost $19.37 billion in leveraged positions. He sees the current downturn phasing out the era of speculation in crypto investing.

Novogratz anticipates a shift towards utilizing crypto rails to bring banking and financial services to the world, focusing on real-world assets with lower returns. He highlights tokenized stocks as potential assets with a different return profile. Despite a stall in the crypto market structure bill, he is confident the CLARITY Act will eventually pass.

Senate Minority Leader Chuck Schumer expressed determination to pass the CLARITY Act, with bipartisan support. Novogratz believes the bill is crucial for restoring spirit in the crypto market. He emphasizes the need for the bill for various reasons and expects it to have a positive impact on the industry.

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1. The Dow Jones Industrial Average rose 250 points as investors reacted positively to strong earnings reports from major tech companies.

2. Oil prices surged as OPEC+ agreed to increase production by 400,000 barrels per day in November.

3. Tesla reported record profits in the third quarter, exceeding analysts’ expectations and sending its stock price soaring.: Crypto’s ‘age of speculation’ is over, says Galaxy CEO Mike Novogratz