The founder of the Galaxy Digital cryptocurrency bank, billionaire Michael Novogratz, declared Bitcoin price cut, which happened on Friday, March 13, was caused by the leverage traders’ panic.
Novogratz answered to Bitcoin Core developer Jimmy Song’s tweet. Song hinted institutional investors to be blame for Bitcoin’s sharp decline by writing the following:
‘Today proves that institutions buying Bitcoin has a flip side.’
(Jimmy Song (송재준) (@jimmysong) March 13, 2020)
Novograts, who spoke time and again about institutional investors to be expected for coming soon in mass to the cryptocurrency market, came to their defense. According to him, they are not to blame for the sale that caused Bitcoin to fall down to the $5000 level and below.
Here is Michael Novogratz’s tweet in his @novogratz account dated March 13, 2020:
‘That wasn’t institutions. That was a leveraged washout. Institutions aren’t fast enough to sell like that. That was panic selling from people who bought on margin.’ Remember, last year, in August, Novogratz proclaimed the leading cryptocurrency will never return to the level of $5,000. In his opinion, the price would rise to $20,000 in the next two or three months and Bitcoin would gain a foothold at this maximum by the end of the year.
