Crypto proponent and CEO of Galaxy Digital, Mike Novogratz, commented on the fiasco between two industry participants – Digital Currency Group (DCG) and Gemini – and how it will affect the entire market.

The American investor noted that although the issue “isn’t good news” for the industry, it won’t involve massive selling that will affect crypto prices as it plays out over the next quarter.

Novogratz noted that 2023 would be a year of survival and upturn as the market heals.

“The outlook for crypto is not horrible but it’s not great. We’ve got regulatory headwinds we didn’t have before, we’ve got time to heal and rebuild the narrative and so people are gonna cut costs and survive this transition period,” he stated.