Mike Novograts Named the Reason of Bitcoin Price Drop

Billionaire Mike Novograts — the founder of cryptocurrency bank Galaxy Digital — has claimed that Bitcoin price fall, happened on Friday 13, is connected with panic of traders, trading with leverage.

Mike Novograts Named the Reason of Bitcoin Price Drop

Novograts has responded to the tweet of Bitcoin Core developer Jimmy Song, who has hinted institutional investors are to blame for the sharp subsidence of bitcoin.

“Today proves that institutions buying Bitcoin has a flip side.”, — Song wrote.

Mike Novograts, who has many times told about the imminent mass arrival of institutional investors on the cryptocurrency market, has stood up for them. According to him, they are not to blame for the sale, which led to the fall of BTC to the level of $5000 and below.

“That wasn’t institutions. That was a leveraged washout. Institutions are not fast enough to sell like that. That was panic selling from people who bought on margin.”, — the head of Galaxy Digital considers.

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