[Galaxy CEO: "There's No Trigger for This Bear Market...Cryptocurrency Industry is in the midst of a Structural Transition"] Galaxy Digital CEO Mike Novogratz, speaking at the CNBC Digital Finance Forum in New York, said, "The recent cryptocurrency market correction isn't a collapse caused by a single negative factor, but rather reflects a structural shift across the industry. While the 2022 FTX incident was clearly driven by a loss of trust, the trigger for this correction is unclear." He continued, "Last October, in a single day, over 1.6 million traders liquidated $19.37 billion worth of leveraged positions, causing significant market turmoil. With individual investors and some liquidity providers leaving the market in the wake of the massive liquidations, it's unlikely the existing narrative will be revived in the short term. The age of speculation is gradually coming to an end. Currently, both the Democratic and Republican parties are forming a consensus on the Cryptocurrency Market Structure Act (CLARITY), which is essential for restoring market confidence and momentum."