Digital Galaxy CEO Mike Novogratzexplained why the big sale hit Bitcoin hard and stated that it wasn’t done by financial institutions. After Bitcoin got a big sales hit the other day, many people shared their opinions about this situation and what could cause it.
The majority acknowledges that the key factor affecting the Bitcoin price at the moment is the spread of coronavirus, the drop in the stock market and the price of gold. Bitcoin developer Jimmy Song entered the discussions, stating that sales were initiated by financial institutions.
That wasn’t institutions. That was a leveraged washout. Institutions aren’t fast enough to sell like that. That wa panic selling from people who bought on margin.
– Michael Novogratz (@novogratz) March 13, 2020
Digital Galaxy CEO Mike Novogratz said that the institutions have nothing to do with it. Novogratz believes that sales are made by leverage investors, because corporations cannot sell so fast. Novogratz simply calls it “panic sale.”
However, Novogratz also said that the decline was a matter of trust with a tweet he made the day before.
$ BTC was always a confidence game. All crypto is. And it appears global confidence in just about anything has evaporated. What brings it back to $ BTC.
– Michael Novogratz (@novogratz) March 13, 2020
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