Why (And When) Crypto Prices Are Going Higher, According To This CEO

After pulling back significantly from its highs, the cryptocurrency market has rallied over the past month. The increasing interest from large companies is helping to fuel the crypto recovery, Galaxy Digital Holdings Ltd BRPHF CEO Mike Novogratz said Wednesday.

Why Crypto Is Rising: Two of the biggest retail companies in the world realized the importance of being a part of the crypto movement, Novogratz told CNBC.

Amazon.com Inc AMZN and Walmart Inc WMT "put up help wanted signs for crypto engineers and heads of crypto," he said, also noting that Visa Inc V bought a crypto punk NFT recently.

Novogratz said he spoke with the head of crypto at Visa and the company's message is that "digital assets are going to be a big part of our business."

Related Link: VISA Buys CryptoPunk NFT For $150,000, Draws Even Bigger Attention To The Marketplace

What's Next: Prices will probably stabilize around current levels for a while, Novogratz said.

"But my guess is fourth quarter, the S&P has a good quarter and crypto has a good quarter," he said. "Usually the winners of the year, when they are that much ahead, just drive on."

BTC Price Action: Bitcoin BTC/USD is up 19.18% over the last month.

Bitcoin was down 1.19% to $47,791 at the time of publication.