Mike Novogratz Explains Why Bitcoin (BTC) Price Collapsed

Sat, 03/14/2020 - 08:54
Yuri Molchan
The CEO of Galaxy Digital, Bitcoin bull Mike Novogratz, explains why the massive sell-off hit Bitcoin hard and says that was not made by financial institutions
Cover image via www.youtube.com

After Bitcoin got under the wheels of a massive sell-off the other day, many have been sharing their view of the situation and things which may have caused it.

The majority agrees that the crucial factor impacting the Bitcoin price right now is the spread of the coronavirus and the fall of the stock market, along with the gold price, caused by it.

Mike Novogratz Says Confidence in Bitcoin (BTC) Has Evaporated

Bitcoin developer Jimmy Song has taken to Twitter to state that the sell-off was initiated by financial institutions.

The CEO of Digital Galaxy, Mike Novogratz, disagrees, saying that institutions have nothing to do with that. The sell-off, he believes, was a made by leverage traders, since institutions cannot sell that fast.

Novogratz called it a panic selling.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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