Michael Novogratz, the former Goldman Sachs Group Inc. and Fortress Investment Group LLC macro trader, said he’s shelving plans to start a cryptocurrency hedge fund and predicted that bitcoin may extend its plunge to $8,000. "We didn’t like market conditions and we wanted to re-evaluate what we’re doing," Novogratz said in a phone interview. "I look pretty smart pressing the pause button right now." Bitcoin dropped Friday to as low as $10,776, before recovering to $13,053 at 12:26 p.m. in New York.