Michael Novogratz: “The situation on Wall Street has affected bitcoin”

Well-known cryptocurrency enthusiast Michael Novogratz was surprised to discover that over the past weekstock market and bitcoin prices fell simultaneously.

Analysts generally claim that the course is firstcryptocurrencies do not correlate with any other asset, but last week showed the opposite. It became one of the worst for Wall Street, and indeed the global economy as a whole - the stock indices of developed countries fell together amicably, and bitcoin with them.

“How did BTC cease to be an asset forhedging risks and began to bargain like high-risk securities? When things get worse and worse, people trade with leverage and gain a selling position as fast as they can. They are trying to recover losses. It hurts, ”wrote Novograts on Twitter.

So, according to Novogratz, those traderswho lost in the stock market, began to shorten bitcoin in an attempt to catch up. Recall that Bitcoin has been declining for two consecutive weeks and has lost about 15% of its value. Currently, the first cryptocurrency is trading at $ 8,600.

Late last year, Novogratz announced that in 2020Bitcoin exchange rate will reach at least $ 12,000 a year. Given that in the first months of this year, the first cryptocurrency was trading at $ 10,500, the prediction of a cryptocurrency enthusiast looks very believable.

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