Well-known cryptocurrency enthusiast Michael Novogratz expressed his opinion regarding the fallcryptocurrency market. He believes the whole thing is the lack of confidence in bitcoin.
“Bitcoin has always been based on confidence.All cryptocurrency was based on it. And it seems that the world's confidence in anything has simply evaporated. Including Bitcoin,” said Novogratz on the social network Twitter.
According to him, after the US stock marketcollapsed to the maximum value since 1987, all the confidence of traders simply evaporated. People began to believe that the best option is to get out of stocks, gold and cryptocurrencies in cash. In addition, Bitcoin was sold to increase the provision of margin positions in the stock market.
Note that Novograts is only at the beginning of the fallstock markets and bitcoin talked about the correlation of these assets. Then, however, he believed that Bitcoin was sold in order to recapture the losses incurred in the stock markets.
Previously, the founder of Galaxy Digital predicted that by the end of 2020 the rate of the first cryptocurrency would exceed $12,000.
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