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.
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.