RATE Group | Mike Novogratz Explains Why Bitcoin Crashed And It Wasn’t Institutions
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Mike Novogratz Explains Why Bitcoin Crashed And It Wasn’t Institutions

14 Mar Mike Novogratz Explains Why Bitcoin Crashed And It Wasn’t Institutions

Posted at 07:39h in Bitcoin News by

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The cryptocurrency world – led by Bitcoin maximalists – is still contemplating the recent crash whereby BTC lost over 50% of its value in a day as the fears of COVID-19 spread across the world. The CEO of Galaxy Digital, Mike Novogratz, weighed in on the debate on what could have caused the crash – “market panic selling, not institutions selling,” he said.

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Mike Novogratz on BTC crash to $3,600: “That was a leveraged washout”

On Mar. 12, the cryptocurrency world witnessed one of its largest drop in history as most of the top altcoins lost about 40% – 50% of their value in hours. A number of analysts have come forward stating the selloff may be mainly caused by institutions selling in light of the markets reacting to the Corona Virus epidemic.

Bitcoin educator, Jimmy Song, is one of the believers that institutions’ mass buying of BTC may have exposed the top currency to risks of a large selloff in such cases. He Tweets

Today proves…

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