Mike Novogratz, founder and CEO of Galaxy Digital, recently shared his mixed outlook for the crypto market in 2023 during an interview with CNBC Squawk Box host Andrew Ross Sorkin.

Novogratz believes that the crypto market had a “washout” in 2022, with companies associated with it taking a hit due to high costs and shrinking revenues.

He applauds CEOs like Brian at Coinbase for cutting costs and taking the necessary steps to survive this transition period.

Novogratz noted that the crypto market is not in great shape, but it’s not horrible either.

Regulatory headwinds have arisen that didn’t exist before, and the prices of Bitcoin and Ethereum have been steady in the last few months and have even gone up recently.

He said that the market is taking time to heal and rebuild its narrative. In 2023, Novogratz expects the crypto market to survive.

He also emphasized that Galaxy Digital is investing in mining and security companies. All in all, Novogratz is hopeful for the crypto market and believes crypto is here to stay.